Draft Top Shark Tank Net Worth
Draft Top is a product created by two entrepreneurs, Ryan and Chris, that was featured on Shark Tank in 2021. The product is a beer tap system that allows users to pour their own beer from the comfort of their homes.
Draft Top has been successful since its appearance on Shark Tank, with 16,735 backers ordering the product on Kickstarter. As of February 2023, Draft Top is still in business and taking orders.
The estimated net worth of Draft Top is around $2.7 million as of 2022 sales. This success has allowed Ryan and Chris to expand their business and create new products such as the Draft Top Mini and the Draft Top Pro.
With its continued success, it is likely that Draft Top’s net worth will continue to grow in the future.
What is Draft Top and who is The Founder?
Draft Top is a device that allows you to remove the lid of a can and drink from it without leaving sharp edges.
The co-founders, Armand Ferranti, and Sean Kelly were inspired by their passion for creating things that are functional and transformed the way people consume beverages from a conventional beer can.
The Draft Top removes the top of the can, allowing it to be handled like a cup. The best part is that there is no metallic taste when drinking. The company’s motto is “Drink Topless” because of the way the Draft Top works.
This experience provides a pure flavor to the beer and allows for the easy addition of other ingredients, such as limes or oranges. The Draft Top was fully financed in just 36 hours after the co-founders launched a Kickstarter campaign to raise $75,000, which eventually raised $600,000.
The design was revised multiple times over the years, with the addition of two new partners, Patrick Parizo, and Alex Caracappa. On Shark Tank, Patrick and Armand sought a $300,000 investment for 10% of Draft Top’s stock and hoped to collaborate with a mentor. A new Draft Top costs $25 and can be purchased 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
Draft Top is a one-hand can opener that removes the top of an aluminum can safely and efficiently. The founders and owners, Patrick Parizo and Armand Ferranti, pitched their product on Shark Tank and secured $300,000 in exchange for a 20% equity stake from Daymond John.
The Draft Top is patented and handcrafted, making it the original topless can opener.
Draft Top Shark Tank Updates
Draft Top is a tool that removes the tops of cans, allowing the drinker to enjoy the full aroma and flavor experience within the can. The product was pitched on Shark Tank by Patrick Parizo and Armand Ferranti in episode 1209.
The Sharks were impressed with the product’s sales growth, which was close to $3 million annually at the time of the pitch. Daymond John offered $300,000 for 20% equity, which the entrepreneurs accepted.
Since appearing on Shark Tank, Draft Top has continued to improve its product. The latest generation, Draft Top LIFT, has an updated blade design, a second lever, and engineering changes that improve durability. The company is now selling the third rendition of the Draft Top for $25 apiece.
As of May 2022, the company reportedly sustains $3 million in sales every year. There is no mention of Draft Top on Daymond John’s website, but Shark Tank Blog suspects that the deal with John was finalized at some point.
The Draft Top has received positive reviews for its design and build quality. It is comfortable to use and fits perfectly in the hand. The product has also been praised for reducing plastic waste and promoting topless drinking.
Despite some Sharks struggling with the learning curve of the product, Draft Top has continued to succeed and evolve since its appearance on Shark Tank.
Draft Top Shark Tank Table Summary:
| DESCRIPTION | DETAILS |
| What is Draft Top? | A device that allows you to remove the lid of a can and drink from it without leaving sharp edges. |
| Who are the founders? | Armand Ferranti and Sean Kelly; Patrick Parizo and Alex Caracappa later joined the team. |
| When did it appear on Shark Tank? | Season 12, episode 1209. |
| What was the deal on Shark Tank? | Daymond John invested $300,000 in exchange for a 20% equity stake. |
| What is Draft Top’s estimated net worth? | Around $2.7 million as of 2022 sales. |
| What are the latest updates? | The latest generation of the Draft Top, the Draft Top LIFT, has an updated blade design and a second lever. The company reportedly sustains $3 million in sales every year as of May 2022. |
| Shark Tank Investment | Patrick Parizo and Armand Ferranti secured a $300,000 investment from Daymond John for 20% equity. |
| Sales | As of May 2022, Draft Top sustains $3 million in sales every year. |
| Successes | Draft Top was successful on Kickstarter and has expanded its product line to include Draft Top Mini and Draft Top Pro. |
| Future Outlook | Draft Top’s net worth is expected to continue growing. |
Draft Top Shark Tank FAQs
What Is Draft Top And How Does It Work?
Draft Top is a tool that removes the top of a can, turning it into a cup with no sharp edges, allowing you to drink from it like a glass.
The Draft Top’s patented design uses four rotational blades that sit inside the rim of a can and use pressure to split and fold the lid as it turns.
It takes approximately half a turn or rotating the tool 180 degrees back and forth three times for it to complete the separation. The Draft Top does not grab or hold the can, and it requires the use of two hands.
The Draft Top was created to enhance the experience of drinking from cans by allowing your senses to enjoy the aroma. Cans are infinitely recyclable and can go where glass is not allowed, such as beaches and pools. The Draft Top is a safer and more environmentally friendly alternative to single-use plastic cups.
The Draft Top 3.0 is the latest version of the tool, which is safer than previous iterations and has some quality-of-life fixes. The pressure-regulated handle makes it easier to use, and there’s a magnet so you can stick it right onto your beer fridge.
The Draft Top Lift is the newest version of the tool, which has a lid lift-off feature that removes the top of the can, so you don’t have to fish it out of the beer. The Draft Top Lift is easier to use than prior versions and is almost perfect.
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 Was The Outcome Of Draft Top Shark Tank Pitch?
During their pitch on Shark Tank episode 1209, Patrick Parizo and Armand Ferranti sought $300,000 for 10% equity in their company, Draft Top.
Daymond John offered $300,000 for 20% equity, which the entrepreneurs accepted. However, there is no evidence that the deal closed.
Despite this, Draft Top has continued to improve and succeed as a business. The company has evolved its product, now selling the third rendition of the Draft Top.
The latest generation, Draft Top LIFT, has an updated blade design, a second lever, and engineering changes that improve durability.
Draft Top’s willingness to continually improve its product has contributed to its upward trend since appearing on Shark Tank.
The company’s annual sales ended up close to $3 million, with fast sales growth in the final four months almost equaling the previous eight months.
There is no mention of Draft Top on Daymond John’s website, and it is unclear whether the deal with him was ever finalized. However, Draft Top as a business is alive and well, and the product has continued to evolve and improve.
Did Any Of The Sharks Invest In Draft Top?
Yes, Daymond John invested in Draft Top during their Shark Tank pitch. He offered $300,000 for 20% equity in the company, and the entrepreneurs accepted the offer.
While there was no evidence that the deal closed immediately after the episode aired, Draft Top has reportedly grown and is sustaining $3 million in sales every year as of May 2022, and Shark Tank Blog suspects the deal with John was finalized at some point.
What Happened To Draft Top After Appearance On Shark Tank?
Draft Top is still in business and doing well after appearing on Shark Tank. The product has evolved since its appearance on the show, and the company is now selling the latest version of the tool that removes the tops of cans and lets you drink from it like a glass.
The founders, Patrick Parizo and Armand Ferranti, struck a deal with Daymond John on the show.
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.
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.
