People who don’t know what happened to snactiv after the shark tank then you must read this whole guide and know the current snactiv shark tank update in 2023.
Snactiv is one of the unique chopsticks which allow you to simply eat foods without getting your hands dirty. This chop stick will attach perfectly to the finger and easily eat any type of snacks like chips, popcorn, and much more. It is tough to eat foods like rakes with finger chopsticks.
If you are busy with any type of work on the laptop or on the mobile and feel like eating something salty then you can be able to enjoy salty snacks by using the snactiv chopsticks without making your hands dirty.
This stick will fit easily on any of the fingers and it will easily grab the food properly. The founder of this unique product Kevina and Edwin comes from a product launching background.
What Happened To Snactiv After The Shark Tank?
Both of them mainly worked for big companies like Mattel, Disney, Marvel, and ZipRecruiter. They invented the SNACTIV prodigy and it is a fun product and easily gets used as a social snacking tool. Kevin Choi and Edwin Chp appear in the shark tank season 13 episode 10 and ask the sharks for $200K for the 10% equity at the volition of $2 Million.
What is Snactiv?
Snactiv is one of the finger chopsticks and it is known as a snacking tool. With the help of this tool, we will be able to eat the snacks only. Sunactive is one of the brands of the California-based Inoobi, Inc manufacturer company and it was launched in the year 2021.
This tool is BP free and Phthalates free and it is mainly designed in a manner that it doesn’t touch the surface while being on the finger.
It is having a flexible rubber to simply avoid pain to the finger and presently, this product is mainly available in two colors light and dark. Its price is $14.99 and at the time gaming, reading, and working, we can be able to eat snacks by using this snacking tool without making our hands dirty.
You can be able to buy this snacking tool from amazon or also from the official website of the company.
- Company Name: innbi, Inc. (Snactiv)
- Founder: Kevin Chou and Edwin Cho
- Founded: 2021
- Product: A multi tasking snacking tool
- Asked For: $200,000 for 10% Equity
- Final Deal: $200,000 for 20% Equity
- Shark: Kevin Hart and Lori Greiner
- Episode (Shark Tank USA): Season 13 (Episode 10)
- Air Date: 7th Jan 2022
- Business Status: In Business
- Headquarters: Los Angeles, California, United States
Who is The Founder of Snactiv?
Snactiv is one of the subsidiaries of the Innobi, Inc manufacturing company. Inoobi, Inc was started in 2021 and the inventors of Snactiv are Kevin Chou and Edwin Cho.
Kevin is a product designer and also he is the founder and president of the Innobi, Inc manufacturer company. Kevin has done product design work for lots of companies like Magic Jump Mattel and so on. As of December 2022, Kevin is one of the self-employees of the WKC designs company with the founding of Innobi.
Edwin is the co-founder of the Innobi, Inc manufacturer company and he worked in marketing for Mattel, ZipRecruiter, and Fuhu Company.
Snactiv Before Shark Tank
After the invention of this snacking tool, they launched the crowdfunding campaign on Kickstarter on 30th march 2021 which will run for nearly 30 days. The campaign goal is $20,000 but after 30 days, it managed to raise $41,700 from 911 backers.
In December 2021, the company shipped this snacking tool to all the bakers, and people who use thai products will like it so much. Both Kevin and Edwin decide to quit their jobs to simply focus on this company full-time. They decide to go on the Shark Tank to simply take their product SNACTIVs global.
How Was The Shark Tank Pitch Of Snactiv?
Edwin and Kevin enter the shark tank and ask for the shares for $200K for the 10% equity. They gave a live demo of the snacking tool and showcased its working. Seeing Kevin Chou eating the snake with the snacking tool, all the sharks started laughing.
The landed cost of Snactiv is $2.60 and the cost of Snactiv with the case is $2.82. Barbara told Kevin chou that they can be my next husband and Kevin said that he didn’t come to deal here today and came to marry Barbara.
The business is in business for months and has a total sale of $187,000. They are mainly planning to take this product into retail as there is a high demand for the product in Asia.
They are presently working with international distributors for this product like Korea, Taiwan, and Hong Kong. They sold $50,000 so far in international POs and they presently have a utility patent for this product.
Kevin O’Leary said that he likes the prodigy and it is a perfect fit for his portfolio so Kevin offered $200K for the 10% equity and a royalty of $1 per unit sold until $1 Million gets paid.
Kevin Hart and Lori Greiner offered $200K for the 20% equity and Mark Cuban said yes to this deal before anything changed. Kevin Chou counter offers 15% equity to Kevit Hart & Lori. Kevin O’Leary drops 5% equity and then Kevin O’Leary reduces his royalties from $1 to $50 cents. Edwin and Kevin Chpoi accept Kevin Hart and Lori’s offer. Kevin Hart and Loru Greiner invest $200K in Snactiv for 20% equity.
What Happened To Snactiv After The Shark Tank?
Snactiv got a deal on Shark Tank and Kevin Hart and Lori Greiner invested $200 in exchange for 10% equity in this finger chopsticks business. This snacking tool is the most successful product to appear on the shark tank.
It was the portfolio before the shark tank and it is expanding internationally. As of December 2022, the company’s annual revenue is mainly estimated at $1 million and by the end of 2023, this company focuses on expanding the product in Asian countries.
Is Snactiv Still in Business?
This snactiv product is available on the Amazon website and also in some of the other retail stores in Singapore and Canada. Kevin Choi and Edwin Cho presently working full-time in this business and they focus to expand the business internationally in Asian countries.
The headquarters of Innobi. Inc is in Los Angeles, California, United States and 10 to 50 people are working in this company. Yes, Snactiv is still in business as of December 2022.
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So now you know what happened to snactiv after the shark tank.