Snactiv Shark Tank Update: Where Are They Now After Landing a Deal?
In the world of Shark Tank’s daring dreams and entrepreneurial flair, one name soared above the rest. This was Snactiv, a venture that turned a simple pitch into the grand stage of this show.
So, what is the latest Snactiv Shark Tank Update? Well, since this venture appeared on Shark Tank, it has transformed the snacking landscape. Snactiv is also profitable and has set new benchmarks in this industry. Further, the company has even expanded to reach Asian markets like South Korea, Hong Kong, and Taiwan.
This article will take you on a journey that unveils the story of this giant. We will tell you everything you need to know about the deal they got, their current financial status, and much more.
Snactiv Shark Tank Profile
You already know the answer to the question, was Snactiv on Shark Tank? But do you know anything about the company? Well, here is a sneak view of their profile:
| Detail | Description |
|---|---|
| Company Name | Snactiv (Inoobi, Inc.) |
| Founders | Edwin Cho and Kevin Choi |
| Founding Year | 2021 |
| Main Product | Snack eating tool that makes multitasking easier |
| Asked for | $200k for 10% equity |
| Final Deal | $200k for 20% equity |
| Sharks | Lori Greiner and Kevin Hart |
| Episode | Season 13, Episode 10 |
| Air Date | January 7th, 2022 |
| Business Status | In Business |
| Website | https://snactiv.com/ |
| Headquarters | Los Angeles County, California State, US |
| Lifetime Worth (Sales) | $1M (estimated as of 2022) |
| Byt Product on Amazon | Buy Now |
| Watch Episode | Amazon Prime |
Snactiv Before Shark Tank
Snactiv was founded by Kevin Choi and Edwin Cho. The main focus of these two wizards was to make your snacking experience more efficient. They sought to address a common conundrum of how you can snack without having the mess that accompanies the exercise.
The answer was a clever concept – a multi-tasking snacking tool that blends style and functionality seamlessly. The gadget is attached to your index finger to add an extra finger that you will use for snacking.
This was specifically a godsend equipment for gamers, binge-watchers, and other professionals alike. They loved how it eliminated post-snaking hand-cleaning rituals.
However, the founders never had enough capital to steer this product to the next level. They secured a total of $41,700 in funding from Kickstarter. This helped them tweak their product design before joining Shark Tank.
Snactiv on Shark Tank
Kevin and Edwin stepped onto Episode 10, Season 13 of Shark Tank to captivate investors and secure partnerships. Negotiations unfolded after the demonstration of the product. In the Snactiv Shark Tank episode, these negotiations were full of enthusiasm and scrutiny.
They had an opportunity to choose between multiple offers from sharks. One was from Kevin O’Leary, who offered 200,000 dollars for 10% and a royalty fee of $1 per item sold. O’Leary further lowered the terms of royalty to 50 cents with a 5% stake till the company had sales of $1 million.
In the end, it is a joint proposal from Shark Lori Greiner and Kevin Hurt that proved to be too enticing for the two to pass. The final deal, a $200,000 investment for 20% ownership, sealed the fate of this company.
What Happened to Snactiv After Shark Tank?
The strategic alliance forged with Snactiv, Kevin Hart, and Lori Greiner has proved to be a catalyst to their growth. Emboldened by the funding they got, the two founders wasted no time capitalizing on these funds and mentorship.
First, their strategy was to expand to other areas. And they did that by collaborating with established partners in Taiwan, South Korea, and Hong Kong.
In Hong Kong, they collaborated with HOMELESS.hk. For Taiwan, it was with NNNN Studio. And for South Korea, partner with OhUsBox. These three companies opened their distribution to new markets.
In the latest Snactiv update, they even sell snacks-related branded t-shirts to their audience. What’s more, they have obtained a utility patent for their product.
Currently, the company is focusing on expanding to Asian markets. Their finger-chopping sticks seem to have more orders in Asian countries. These countries are synonymous with using chopsticks to eat most of their snacks.
Snactiv Net Worth
From its inception, this company’s net worth has transformed. Originally, they entered Shark Tank with a valuation of about $1 million. Later, with each collaboration and international expansion, their net worth surged too. The specific net worth of this company is currently unavailable.
Snactiv Sales Data
Snactiv had a landmark early success. After their launch, they recorded $187,000 in sales within 5 and a half months. They also penetrated international markets post Shark Tank and reportedly had purchase orders of $50,000.
In 2022, their estimated revenue for the year was $1 million. Sales data for 2023 is unavailable or yet to be made public. However, judging by their 2022 success, in 2023, they are really making lots of sales, especially from their expansion to Asia.
Is Snactiv Profitable Now?
Absolutely. This venture has not only cracked the code to create a useful snaking tool. It has also achieved profitability. As mentioned above, their sales for the year 2020 were estimated to be $1 million. While we do not know their actual profit from those sales, Snactiv today is sure on a positive trajectory.
Conclusion
The above Snactiv Shark Tank update puts all your questions to bed. The journey of this venture from concept to profitability has been nothing short of extraordinary. Their innovative snacking tool has captured the attention of consumers not only in the US but also in Asia.
Their profitability has transcended borders with international partnerships in key markets like South Korea, Hong Kong, and Taiwan. These latest developments have positioned Snactiv as a game-changer and a financially viable venture.
