Blendtique Wine Company Shark Tank Net Worth 2023
Blendtique Wine Company Shark Tank Net Worth
As of February 22, 2023, it is unclear what the net worth of Blendtique Wine Company is.
According to Geeks Around Globe, Blendtique Wine Company’s founder Billy Dim had a net worth of 8 million USD as of 2022. The company was featured on Shark Tank USA in March 2017.
According to Shark Tank Blog, Blendtique Wine Company has an estimated annual revenue of $4 million as of October 2022. Billy Dim pitched the company on Shark Tank, seeking $250,000 for 10% equity.
Lori Greiner was the only Shark willing to take a bite, but the deal did not end up going through.
However, Blendtique Wine Company has since partnered with Celebrity Cruise Lines and conducts wine blending on board while making $4 million every year.
What is Blendtique Wine Company? Who is the Founder of Blendtique Wine Company?
Blendtique Wines is an online platform that empowers wine lovers to create their unique wine blends from the comfort of their own homes.
Through the site, customers can choose their preferred blends, mix them, develop a recipe, create a personalized label, and have the final product delivered to their doorstep.
This service is especially convenient for large events, such as weddings or parties, or for restaurants seeking a house wine.
Although other pre-made blends are available in the market, Blendtique Wines offers a one-of-a-kind experience that enables wine enthusiasts to participate in the winemaking process.
Billy Dim, a trained sommelier and University of Texas at Austin graduate, developed Blendtique Wines in partnership with First Choice Beverage, a company that supports individuals in starting their alcoholic beverage businesses.
With over eleven years of experience in the wine industry in Santa Ynez Valley, Dim wanted to democratize the wine experience and allow anyone to create their own wine blends.
Before founding Blendtique Wines in 2013, Dim worked as a sales director and manager at several wineries, including Los Olivos Wine Merchant & Cafe, and later founded The Wine Apothecary, a wine distributor serving the restaurant, hotel, and corporate gift industries.
As the current CEO of Blendtique Wines, Dim aims to make the winemaking process more participatory by enabling wine enthusiasts to taste, mix, design labels, and package their unique blends.
Dim is dedicated to helping wine enthusiasts discover their creative potential and experience the art of winemaking.
He has already demonstrated his leadership skills and ability to drive marketing, sales, and customer service success in the wine and hospitality industries.
Blendtique Wine Company Shark Tank Pitch
Billy went on Shark Tank season 8 episode 19 to request $250,000 in exchange for a 10% stake in his company, which valued his company at $2.5 million.
During his presentation, he explained the details of his company and invited Barbara and Kevin to participate in a wine mixing competition. Barbara emerged as the winner of the blind tasting test conducted by the Sharks.
Billy disclosed that his company had generated $200,000 in sales over the past two years by selling blending kits for $99 each, which cost him $35 per kit.
However, Mark walked out after Billy mentioned conducting blending seminars for business events, and Robert left because he believed Billy was not paying attention.
Kevin O’Leary expressed doubts about the potential success of the business, stating that 97% of wine sells for less than $13 per bottle, and he did not believe Billy could sell his wine for more than $14 per bottle.
Barbara Corcoran was curious about the cost of a case of wine after development, which turned out to be $300 for 12 bottles.
She was also interested in the conversion rate of people who order wine at house gatherings, which was only 15%, making it inadequate for her to invest.
Lori appreciated Billy’s products but requested that he reduce the price to $9 per kit. Billy agreed to the proposal, and Lori countered with an offer of $250,000 for 30% ownership.
However, Billy admitted that he had a partner, leading Lori to suggest a 25% stake. Billy then revealed that he only owned 49% of the company, so Lori proposed a $250,000 loan at 8% interest for a 10% stake, which Billy accepted.
Ultimately, the deal with Lori fell through, but Blendtique managed to secure an agreement with Celebrity Cruise Lines to host wine mixing events on their ships. As of May 2021, the company is still in operation and expects to generate annual revenues of $4 million.
Blendtique Wine Company Net worth
On Shark Tank Season 8 Episode 19, Billy Dim entered the Tank seeking $250,000 for a 10% share, bringing the valuation to $2.5 million, but instead took Lori Greiner’s offer of a $250,000 loan at 8% interest for a 10% stake, resulting in the same valuation.
Blendtique Wine Company Competitors
Blendtique Wine Company has competitors in its market space which includes;
Global Wines, Scott Harvey Wines, Savvy Cellar Wines, The Mara Wine Group and Windsor Vineyards
Blendtique Wine Company FAQ
What is Blendtique Wine Company?
Blendtique Wines is a platform that allows wine enthusiasts to create their own wine blends from the comfort of their own homes.
Wine fans may select their blends from the site, mix them, publish a recipe, create a unique label, and have the finished product mailed to them.
It’s ideal for weddings, large parties, or restaurants looking for a quick method to obtain a house wine.
Who is the founder of Blendtique Wine Company?
Billy Dim developed Blendtique Wines with the assistance of First Choice Beverage, a company that supports individuals in establishing alcoholic beverage businesses.
How much was he seeking in the Shark Tank?
Billy was seeking $250,000 for a 10% stake in his company. This translates to a $2.5 million valuation.
Did he get a deal from the Sharks?
Lori Greiner offered a $250,000 loan at 8% interest for 10% ownership.
How much has he already made in sales?
He has made $200,000 in sales the last two years. He sells each blending kit for $99 and pays $35 for them.
Is Blendtique Wine Company still in business?
Blendtique Wines is still in business and doing well. By May 2021, it was expected to generate $4 million a year.
What episode was Blendtique Wine Company featured on Shark Tank?
Blendtique Wine Company was featured on Shark Tank season 8 episode 19.
Where is Blendtique Wine Company based?
Blendtique Wine Company is based in Los Olivos, California.
Do they shipped?
Blendtique Wines ships throughout the country.
What is the business model for Blendtique Wine Company’?
Blendtique Wine Company is a subscription service. It ships a kit to the customer and requires them to follow the instructions on how to create the custom blend they have ordered.
Once they complete mixing and labelling, they mail it back, and Blendtique will ship it separately along with full instructions for each bottle’s recipe.
How long have they been in business?
They started the business in 2013.
What is net worth of Billy Dim?
Billy Dim’s net worth is unavailable.
Who is the target audience for Blendtique?
Their target demographic spans in age from the early twenties to the late seventies. Although their wine kits appeal to all genders, ladies are the primary purchasers of experiential retail and gifting items.
When was Blendtique Wine Company aired on Shark Tank?
Blendtique Wine Company was aired on March, 3rd 2017.