Draft Top Shark Tank Update | Draft Top after Shark Tank
What is Draft Top?
The Draft Top is a gadget that allows users to remove a can’s lid and drink from the opening without leaving any sharp edges behind.
The device was developed by the co-founders Armand Ferranti and Sean Kelly inspired by love of making things.
The two has a long history of transforming everyday things into something more functional, and they ultimately unveiled the draft top, which transforms the way a conventional beer can is generally used.
Draft Top detaches the can’s upper surface, allowing it to be handled like a cup.
The nicest part about the product is that the consumer will not taste any metal when they take a swig.
Because of the way the Draft Top works, the motto is “Drink Topless,” according to the business website.
The experience demands for a pure flavor of the beer and allows customers to effortlessly add limes, oranges, or whatever else they wish while drinking.
The two launched a Kickstarter campaign with the goal of raising $75,000, but they were fully financed in just 36 hours, demonstrating the product’s potential.
The co-founders Armand Ferranti and Sean Kelly launched a Kickstarter campaign with the goal of raising $75,000, but they were fully financed in just 36 hours, demonstrating the product’s potential.
The design was revised multiple times throughout the years as they added two additional partners, Patrick Parizo and Alex Caracappa.
On Kickstarter, the product raised about $600,000 in funding.
Patrick and Armand also appeared on the shark tank looking for $300,000 investment in return for 10% stock in Draft Top.
They hoped to collaborate with a Shark who can mentor them as well.
A new Draft Top costs $25 and can be found on Amazon.
Draft Top after Shark Tank
Draft Top appeared on the show Shark Tank Season 12 and struck a deal with Daymond John.
Patrick Parizo and Armand Ferranti came to the shark tank show seeking a $300,000 for 10% equity.
According to the founders, since they are expanding at such a rapid pace, they want financial support to help them keep up with inventories.
They claimed that the product sales have surpassed manufacturing, with $1.6 million in Draft Tops sold in 8 months.
The Sharks were apprehensive about the value until they learned about the product’s sales and good margins.
A Draft Top costs $24.99 retail and $4.13 to manufacture at the time of the pitch.
Finally, Daymond decided to make a $300,000 investment in return for a 20% stake in the firm.
The Draft Top Tool has teamed with NASCAR, according to the website. The product will be shown during the NASCAR Playoffs Weekend, which will air on NBC in October 2020.
Summary of Draft Top
The Draft Top is the original topless can opener, fully patented and handcrafted to be the ideal one-hand can opener.
Patrick Parizo and Armand Ferranti are the founders and business owners. They are used to remove the top of an aluminum can quickly and easily.
Patrick Parizo and Armand Ferranti delivered the final pitch on Shark Tank Season 12 Episode 13. The founders went to the shark tank asking for $300,000 for 10% equity.
Finally, $300,000 was obtained for a 20% stock stake from Daymond John.
Draft Top Shark Tank FAQs
What is Draft Top?
Draft Top is a proprietary bar tool for removing the top of a canned beverage and converting it into a cup.
When you remove the top from the can’s inner rim, there are no sharp edges or safety issues, simply a tasty beverage every time.
How do you use Draft Top?
The Draft Top Tool, according to the company website, is simple to use, however there is a learning curve.
The consumer opens the tool, sets it flat on the can, presses the tool down, and squeezes the handle to use it. The top of the can can finally be popped off by twisting it all the way around.
Customers may also view videos on the company website that demonstrate how to utilize the equipment. After each session, the tool must be washed, and it is not dishwasher safe.
What was Daymond’s proposal?
Daymond offered Draft Top $300,000 in exchange for 20% stock, and they accepted.
What exactly are the components of the Can Cutter?
It consists of four rotating blades contained within a handle that fits on top of an aluminum can.
The current Draft Top design has improved splitters made of wear-resistant materials and a softer handle to avoid over-squeezing, ensuring that the original topless can opener performs smoothly as your favorite can opener bar tool!
What is the price?
A Draft Top costs $24.99 retail and $4.13 to create at the time of the pitch.
What are the figures?
They’ve made around $1.6 million in total sales and are looking for a Shark as a strategic partner to help them develop.
What was the total amount raised by Draft Top?
The Draft Top Tool collected a total of $595,789 on Kickstarter, surpassing its $20,000 target.
What is the Draft Top Tool and how do I utilize it?
To use, the client opens the tool, flattens it on the can, presses it down, and squeezes the handle.
Who are the Draft Top founders?
The company website provides information on the backgrounds of the firm’s executive board, which includes cofounders Armand Ferranti and Sean Kelly.
Their product is a revolutionary 4-blade design swiftly and easily removes the top of most 8 to 16 ounce aluminum cans.
The Draft Top quickly and cleanly opens cans, leaving a smooth edge so you can enjoy your beverage without fear of jagged edges or metal slivers.
What are the advantages of a can with no lid?
The Draft Top enables consumers to remove the lid of a can and drink from the aperture without leaving any sharp edges.
Aside from the apparent benefit of improving the drinking experience from a can, a topless can: Provides a smooth, continuous pour the right method to pour beer.
How can I make use of the Draft Top?
Place the Draft Top flat on the can and gently press and squeeze the handle.
What is the top pick in the draft?
The Draft Top has four purposefully dull blades (“splitters”) that are meant to use pressure to quickly remove the top of the can while leaving no sharp edges behind.
How big is the Draft Top?
It is constructed in the United States of stainless steel and high impact ABS and is 4.5 inches x 3 inches x.5 inches, making it small enough to fit in your pocket.