Sometimes, the best ideas are born between a couple of friends who just want a way to relax. This is exactly what Mikey Bashawaty and Jeremy Quillico had in mind when the two of them headed to Shark Tank to pitch Float ‘N’ Girl, asking for $200,000 for 20% equity. The two ended up catching a deal from Daniel Lubetzky, which you’ll find out more about in our Float ‘N’ Grill update.
Shark Tank Float ‘N’ Grill Update
- Entrepreneur: Mikey Bashawaty and Jeremy Quillico
- Business: Floating grill
- Ask: $200,000 for 20% equity
- Result: $100,000 investment for 22.5% equity and $100,000 loan at 7% interest and a 50% licensing deal
- Shark: Daniel Lubetzky
The basic idea for Float ‘N’ Grill is simple: It’s a grill that floats. However, as Mikey and Jeremy found out, the execution was not as simple as it sounds. The two even found it more difficult to get funding as they were only able to raise less than $1,000 (of a $200,000 goal) on their failed Kickstarter campaign.
Not to be deterred, the two did not relent and went ahead and had their final product made. By July 17, 2018, the two had gone viral with far more reach than they could have ever hoped for. Then, in February 2019, the two officially launched Float ‘N’ Grill at the Detroit Boat Show, even going as far as to appear on local TV with their ingenious product.
- Manufactured in the USA with materials rated for high temperatures - Designed to be flip resistant and safe to use
- The grill detaches for easy cleaning and storage
- Engineered with materials that resist rust and fading
Unfortunately for the energetic entrepreneurs, the sharks were less than impressed with their measly sales numbers, which added up to less than $20,000. Further, the sharks weren’t too enthusiastic about their product. Kevin O’Leary commented that “nobody in the sandbar community gives a poo poo about this thing.”
But, just when you thought that was it for our Float ‘N’ Grill update, Daniel Lubetzky decided to save the day. His initial offer was for 50% of the company, telling the two good friends that he was also chummy with the guys who made the Weber grills.
After going back and forth, Lubetzy’s final offer was a $100,000 investment for 22.5% of the business with a $100,000 loan at 7% interest and a 50% licensing deal, which Mikey and Jeremy accepted.
As for our Float ‘N’ Grill update after swimming with the sharks, Bashawaty revealed in later interviews that securing the deal was a great move. It led to Float ‘N’ Grill securing a deal with a major grilling company and the sales just seem to continue pouring in.
According to the product’s official website, the Float ‘N’ Grill has received 22 five-star reviews. The product, as well as its two owners, have also since appeared on shows and websites like The Guy Gordon Show, Today, and more, all of which suggesting that the product is doing well.
For more updates on companies featured on Shark Tank Season 12 Episode 24, be sure to check out:
For more on Shark Tank Season 12, be sure to check out our Season 12 Products page!