Coffee Joulies Shark Tank Net Worth
Coffee Joulies, a company founded by Dave Jackson and Dave Petrillo, appeared on Shark Tank in 2023.
At the time of their appearance, Coffee Joulies was valued at around $3 million, and the founders had a combined net worth of $4.3 million.
Since then, their estimated net worth has increased to $5 million as a result of new investments and strategic alliances.
What is Coffee Joulies and Who founded Coffee Joulies?
Coffee Joulies are small capsules made of stainless steel that contain material capable of changing phases.
These capsules are placed in a cup of coffee to cool down overheated coffee and then slowly release the heat to maintain a consistent temperature, resulting in a consistently satisfying coffee-drinking experience with each cup.
The Joulies function by quickly absorbing heat and cooling down the coffee to a drinkable temperature of 140 degrees Fahrenheit.
Once the coffee reaches 140 degrees Fahrenheit, the Joulies gradually release heat, keeping the coffee at a steady temperature for several hours.
The creators of Coffee Joulies are Dave Petrillo and Dave Jackson, who worked together on the product.
Dave Petrillo earned a degree in mechanical engineering and worked as a design and development engineer at Lutron Electronics before becoming the President of Coffee Joulies in 2011, a position he still holds today. Alongside his leadership of Coffee Joulies, Petrillo continues to work as a design engineer.
Dave Jackson, who also has a degree in mechanical engineering, graduated with Petrillo and is a partner in Coffee Joulies while continuing to work as a mechanical engineer.
Therefore, the founders of Coffee Joulies are Dave Jackson and Dave Petrillo.
Coffee Joulies Shark Tank pitch?
David Jackson and David Petrillo, the founders of Coffee Joulies, brought their product to Shark Tank in season 4 episode 15. They asked for a $150,000 investment in exchange for a 5% stake in their business. Coffee Joulies are small capsules made of a unique polymer that can maintain coffee at 140 degrees for up to 5 hours.
The Sharks were impressed with the product and offered various deals. Eventually, the founders accepted a deal from four Sharks, including Kevin O’Leary, Lori Greiner, Robert Herjavec, and Daymond John. However, it appears that the deal made on the show never closed.
Despite this, Coffee Joulies are still available on their website and other online shops. The company’s Facebook profile hasn’t been updated since 2017, and the items are currently “sold out” on their website.
David Petrillo has been working for Peloton as a product designer since May, but both founders still represent the company as open on their LinkedIn profiles.
Joulies Net worth
Joulies valued their company at $3 million
Coffee Joulies Shark Tank Updates
Coffee Joulies is a reusable stainless steel coffee bean designed to maintain coffee at the perfect drinking temperature. It was created by Dave Petrillo and Dave Jackson, both mechanical engineers from New Jersey.
The Joulies are small, stainless-steel capsules that include a proprietary material that cools down hot beverages to an ideal drinking temperature in a short amount of time. The capsules then release the stored heat back into the coffee to keep it warm.
In 2013, Coffee Joulies appeared on Shark Tank, offering a 5% stake in their business for a $150,000 investment. Although the Sharks expressed interest in the product, they couldn’t come to an agreement on the best marketing strategy.
The founders ultimately accepted a deal from four Sharks, but the deal was never finalized. Despite this, sales increased after their appearance on the show, and the product was made available on Amazon.
As of 2021, Coffee Joulies remains in operation and sells its products online and in select retail stores. The company is profitable, earning $575,000 in revenue in the past year with a $50,000 profit.
They anticipate sales exceeding $1 million in the upcoming year, with contracts pending with Bed Bath and Beyond and OfficeMax. Coffee Joulies had a valuation of $3 million during its Shark Tank appearance, and its net worth surpassed $5 million as of 2022.
Coffee Joulies Shark Tank Table Summary:
|Founders||Dave Jackson and Dave Petrillo|
|Shark Tank appearance||Season 4, Episode 15|
|Valuation at Shark Tank||$3 million|
|Net Worth at Shark Tank||$4.3 million|
|Description||Small capsules made of stainless steel to maintain consistent coffee temperature|
|Revenue (past year)||$575,000|
|Profit (past year)||$50,000|
|Investment sought||$150,000 in exchange for a 5% stake in the company|
|Sharks’ deal||Four Sharks offered a deal, but it was never finalized|
|Sales after Shark Tank||Increased and products made available on Amazon|
|Estimated net worth||$5 million as of 2022|
|Current status||Still in business and selling products online and in select retail stores|
|Recent revenue||$575,000 in revenue in the past year with a $50,000 profit|
|Contracts pending||Bed Bath and Beyond and OfficeMax|
What Happened to Coffee Joulies After Shark Tank?
Coffee Joulies, a product that helps maintain a consistent temperature for coffee, made an appearance on Shark Tank in February 2013. The founders, Dave Jackson and Dave Petrillo sought a $150,000 investment in exchange for a 5% share of the company.
The Sharks showed interest in the product, and the pair ultimately accepted a four-Shark deal. However, the deal never materialized.
Despite the lack of a deal with the Sharks, Coffee Joulies’ popularity and sales have skyrocketed since their appearance on Shark Tank. As of 2021, Coffee Joulies is still in business and continues to sell its products online and in select retail stores.
The estimated net worth of Coffee Joulies has increased to $5 million as of 2022. However, it is worth noting that some sources report that the company’s website is still live but everything is “sold out” and that the product is “currently unavailable” on Amazon.
What Was The Valuation Of Coffee Joulies When It Appeared On Shark Tank?
When Coffee Joulies appeared on Shark Tank in 2013, the owners claimed that their business was valued at $3 million.
During the episode, the Sharks offered a $150,000 investment in exchange for a $6 per unit royalty until the initial investment was paid in full, after which the Sharks would deduct $1 from each Coffee Joulies sale. The deal was made for 5% of the company.
How Much Investment Did Coffee Joulies Receive On Shark Tank?
Coffee Joulies received a $150,000 investment in Shark Tank. The Sharks offered a $150,000 investment with a $6.00 return on each sale. The Sharks would claim $3.00 per wholesale and deduct $1.00 from each Coffee Joulies sale after the initial investment was paid in full.
The founders of Coffee Joulies, Dave Petrillo and Dave Jackson, did not give up any of their equity.
Did The Deal With The Sharks Ever Close?
Deals made on Shark Tank do not always close. About 50% of the deals may not be finalized. Slidebean.com found that on average, only 27 companies close out the deal per season, and paperwork seems to be the biggest hurdle.
The main reason why deals on Shark Tank fall through is usually that the entrepreneur wasn’t completely honest during their pitch.
Sometimes, entrepreneurs change their mind about the deal after negotiations, and deals fall through. Another reason some deals don’t close is that the terms change after the show.
In some cases, entrepreneurs do not agree to the deal offered by the sharks, even though they are not obligated to agree to any deal.
There have been instances where companies disappeared shortly after the deal was made. For example, a company called Ionic Ear made a deal with Kevin O’Leary, but the company disappeared soon after the deal was done.
While deals made on Shark Tank can be a game-changer for entrepreneurs, they do not always come to fruition. The reasons for deals falling through can vary from dishonesty during the pitch to changing terms after the show.
What Is The Current Status Of Coffee Joulies?
Coffee Joulies is a thermal beverage regulator that can keep coffee and other hot liquids at the perfect drinking temperature for up to three hours. The product was created by two mechanical engineers named Dave Petrillo and Dave Jackson from New Jersey.
The Coffee Joulies themselves are small, stainless-steel capsules that have a special material inside that can absorb heat from hot beverages. This allows the drink to reach the ideal temperature within a matter of minutes.
Once the drink has reached the perfect temperature, the Joulies release the stored heat back into the drink, keeping it within the optimal drinking range.
In 2013, Coffee Joulies appeared on the television show Shark Tank and received interest from the Sharks, although a deal was never made. Despite this, the company saw an increase in sales after the show and was able to secure deals with OfficeMax and Bed Bath & Beyond to sell their products in select stores.
As of 2021, Coffee Joulies is still in operation and sells its products online and in certain retail locations. However, their website has not been updated since 2017, and their products are currently out of stock on Amazon.
Despite this, Coffee Joulies has gained a devoted following among coffee enthusiasts and has expanded its product line to include various sizes and materials for Joulies, as well as coffee cups and other accessories.
Where Can I Purchase Coffee Joulies?
Coffee Joulies are available for purchase from various online retailers including the official website, joulies.com, which exclusively sells Coffee Joulies. They offer a set that includes 5 Coffee Joulies, 1 glass mug, and 1 lid for $59.95.
Amazon and Bed Bath & Beyond also sell Coffee Joulies online. Shark Tank Shopper is another online retailer that sells Coffee Joulies for $60.00, while Droold.com offers a set of 5 for $73.95.
It’s important to keep in mind that prices and availability may vary depending on the retailer, so customers should compare prices and read reviews before making a purchase.
How Do Coffee Joulies Work?
Coffee Joulies are small stainless steel shells filled with a food-grade phase change material (PCM) that melts at 60°C (140°F). The PCM quickly absorbs heat from hot coffee or tea, cooling it to the perfect temperature.
This heat is then stored in the PCM and slowly released as you drink, keeping your beverage in the ideal temperature range for a longer time. Unlike batteries, Coffee Joulies work using physical chemistry and can be used over and over again with no need for recharging. The PCM never wears out, so Coffee Joulies last forever.
Coffee Joulies function similarly to ice cubes in a drink, but at a higher temperature. The PCM has a latent heat of fusion of 220 J/g, which is 66% as effective as ice at absorbing thermal energy. As you drink, the stored heat is slowly released, allowing you to enjoy your favorite hot beverage for a longer period of time.
Coffee Joulies are designed to improve the temperature profile of your hot beverage and improve your overall experience. They absorb heat to cool down coffee fast and store it in the PCM, which is released back into the coffee later.
However, only heat that is absorbed while the coffee is above 140°F (60°C) will be able to be released back into the coffee later.
Coffee Joulies were featured on Shark Tank in 2023 and received interest from the Sharks. However, some customers have reported that the product does not perform as advertised. Once the coffee or tea reaches 60°C (140°F), the process reverses.
What Is Inside Coffee Joulies?
Coffee Joulies are small stainless steel shells filled with a food-grade phase change material that is sealed inside. The PCM absorbs heat from hot coffee or tea, quickly cooling it to the perfect temperature.
The stored heat is slowly released as you drink, giving you extra time to enjoy your favorite hot beverage. The PCM is a high heat of fusion material that melts when heated to over 140°F.
The PCM is white when solid and turns into a clear runny liquid when heated. The silver stainless steel shell is cut in half to show the inside of the Coffee Joulie.
Coffee Joulies are designed to improve the temperature profile of hot beverages and improve the overall drinking experience. They absorb heat to cool down coffee fast and store the heat in the PCM. The only heat that is absorbed while the coffee is above 140°F will be able to be released back.
Coffee Joulies work best in a vacuum-insulated travel mug, where all the heat trapped inside goes right into the Joulies instead of disappearing into the environment. The more heat you feed your Joulies, the longer they’ll keep your coffee warm.
Coffee Joulies are made of 18/10 stainless steel, the same metal used in high-quality silverware. They are manufactured in a factory that has been making silverware for over a century. The factory uses machines up to a century old that used to be making silverware 24 hours a day.
The safety of the material is a top priority, and the Joulies are tested using a helium leak tester, the same technology NASA uses to test parts used on the space shuttle.
How Long Do Coffee Joulies Last?
Coffee Joulies are stainless steel shells filled with a food-grade phase change material that melts at 140°F and absorbs heat from coffee or tea, quickly cooling it to the perfect temperature.
The stored heat is slowly released as you drink, giving you extra time to enjoy your favorite hot beverage. Coffee Joulies work best in a vacuum-insulated travel mug.
The control mug fell below 110°F at 111 minutes, and the mug with Joulies fell below 135 minutes. The effect is present but weak, and it’s nowhere near their claims that the drink “will be ready to drink three times sooner”.
However, a customer review on Amazon states that the Joulies work as advertised, bringing the hot liquid down to temperature very quickly and holding it there for quite a long time.
Coffee Joulies can keep your coffee warm for a longer time, but the effect is not very strong and may vary depending on the conditions. It is recommended to use them in a vacuum insulated travel mug for best results.
What happened to Joulies at the Shark Tank pitch?
Kevin O’Leary, Lori Greiner, Daymond John, And Robert Herjavec made a deal of $150,000 for $6 Per Unit Royalty until $150,000 Is Repaid.
Where is Joulies located?
Joulies is located in New York, United States.
How much do Joulies cost?
Joulies cost $3.60.