12/12/2023 0 Comments Aura bora shark tank deal![]() ![]() Schreier then reduced their counter to $250,000 when Lubetzky asked if they were willing to increase the equity in the deal. With two great offers on the table, Hamburger made a counter offer to Lubetzky for $300,000 plus a $200,000 line of credit for 10% changed. Mark Cuban also decided not to invest, saying “I think you don’t have that one slam-dunk thing.” Robert Herjavec also opted out, saying “You’re probably the two youngest most impressive people out here, but I don’t like the taste.” Lori Greiner took this opportunity to tell the Quevos founders “I think Daniel is a perfect partner for you, so for those reasons I’m out.” Guest Shark Daniel Lubetzky, who initially said that the founders’ valuation of their company was too high, made his first offer of $200,000 for 10% equity. He explained his plan for when Quevos becomes part of his “Shark Tank Dome of Desire” where he would help them “on digital like crazy.” O’Leary told the duo that they could work with his companies to sell direct to consumer than through Amazon. Kevin O’Leary made his offer of $200,000 for 2.5% plus 10 cents royalty per bag until he makes $400,000. The Quevos founders received two significant offers from two Sharks Kevin O’Leary and Daniel Lubetzky. Their reason for this was the trend that they’ve seen in the food industry where bigger brands either want to buy or knock off the growing competitors. Hamburger revealed that they hope to sell the company five years down the road. Hamburger responded that their monthly marketing expenditure is at $20,000 per month online, which has produced good returns with online sales of $90,000 for the previous month. Shark Mark Cuban asked how much they have spent on marketing and through which channels. Hamburger is currently the CEO and has been working on the business full-time for two years. Schreier has since returned to Williams College to finish his degree but is still part of the company’s board. He took a year off from Williams College and Nick Hamburger dropped out of University of Chicago to focus on the company. Schreier shared that the idea for Quevos began with his search for a healthy snack after he was diagnosed with Type 1 diabetes. They are in talks with co-packers but are still looking into lowering the cost of production as they scale. Schreier explained that since they have a proprietary process of making the chips, they manufacture it all themselves. The Sharks were curious about their production scale and how they make the innovative snack. Hamburger stated that each bag costs $0.88 to make, which they sell to distributors at $1.50, online for $2.50 to $3.00, and retails for $2.49. Schreier went on to discuss that 80% of sales was from online sales and 20% was from retail, which was from 400 stores. The 22-year old entrepreneurs told the Sharks about how they launched Quevos in 2018 and raised $72,000 on Kickstarter. We’ll continue to reject conventional flavours and artificial ingredients, and instead create wild, plant-based combinations made with real ingredients to our consumers.Their amusing entrance brought smiles to the Shark Tank panel that consisted of Mark Cuban, Robert Herjavec, Kevin O’Leary, Lori Greiner, and guest Shark, KIND Snacks founder Daniel Lubetzky. “With the support, guidance, and insights from our accomplished team of investors, we look forward to evolving Aura Bora and the sparkling water category as a whole. “We are excited to see our brand continue to grow at such a rapid pace after our appearance on Shark Tank earlier this year,” said Paul Voge, CEO and co-founder of Aura Bora. Notable investors include actor Scott Eastwood, musician Marley Williams, consumer products accelerator SKU and CPG-focused venture capital fund Balanced Breakfast.Įarlier this year, Aura Bora featured on business reality TV show Shark Tank and secured a deal with Robert Herjavec for $200,000 and 15% equity in the company. The news follows the brand’s latest retail expansion into 7-Eleven, Sprouts, Whole Foods Pacific Northwest and Fresh Thyme as well as the launch of its new subscription service and a new limited-edition Ginger Meyer Lemon flavour.Īura Bora says the capital will be used to grow its team, support brand expansion and strengthen its direct-to-consumer channel. San Fransisco-based herbal beverage brand Aura Bora has raised $2 million in a seed financing round, as it looks to continue its expansion.Īura Bora’s craft sparkling watersare infused with herbs, fruits and flowers, and come in Cactus Rose, Lavender Cucumber, Peppermint Watermelon, Basil Berry and Lemongrass Coconut varieties. ![]()
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