Snacking at your desk can be a nightmare, particularly if you like messy snacks. To solve this, entrepreneurs Kevin Choi and Edwin Cho brought Snactiv, the snacking tool solution, to the Shark Tank Season 13. After the sharks stopped laughing, they quickly got down to business. Here’s a full recap of the pitch and a Snactiv update.
Shark Tank Snactiv Update
- Entrepreneur: Kevin Choi and Edwin Cho
- Business: Mess-free snacking tool
- Ask: $200,000 for 10% equity
- Result: $200,000 for 20% equity
- Shark: Kevin Hart and Lori Greiner
Kevin Choi was a very messy snacker, a fact that often annoyed his coworker Edwin Cho. Together, they created the solution, Snactiv. It’s a chopstick-like utensil that fits between your fingers and allows you to pick up messy snacks without getting your fingers, and in turn, devices, dirty.
- GENUINE - The original patent pending snacking tool seen on Shark Tank...
- COMFORTABLE - Flexible, soft touch ergonomic finger slots ensure a...
The sharks initially laughed at the new utensil but were surprised to learn that Snactiv already had $187,000 in sales. They also had $50,000 in international purchase orders and a utility patent for the device.
Kevin O’Leary was the first to make an offer: $200,000 and a $1 per unit royalty until he made back $1 million. He also wanted 10% equity.
Guest shark Kevin Hart and Lori Greiner made a combined offer next. With Kevin’s personality marketing and Lori’s QVC connections, they thought they could really blow the product up. They made a combined offer of $200,000 for 20% equity since the entrepreneurs were getting two sharks.
They tried to haggle Kevin and Lori down to 15% equity, and Mr. Wonderful stepped in to lower his equity ask to 5% as well. After a lot of heated debate between the sharks, the entrepreneurs decide to choose Kevin and Lori’s deal.
Where is the company now? Find out in our Snactiv update.
Since appearing on Shark Tank, Snactiv seems to be doing well. According to their Kickstarter updates, the initial orders were shipped in October 2021 to a bunch of happy backers. Now, with Kevin Hart and Lori Greiner on their team, we won’t be surprised if Snactiv becomes a household name.
With the episode just airing, we don’t have any additional info on a Snactiv update, but when we do, we will be sure to let you know!
For more company updates from Shark Tank Season 13 Episode 10, look below:
Before you go, check out the other company updates from Season 13 on our Season 13 products page.