FinalStraw Shark Tank Net Worth 2023
FinalStraw is a pocket-sized reusable and foldable straw that was co-founded by Miles Pepper and Emma Rose Cohen. The product started with a Kickstarter campaign which raised $1.8 million.
In October 2019, FinalStraw appeared on the first episode of Season 10 of Shark Tank, seeking an investment of $625,000 for a 5% stake in the company, valuing the company at $12.5 million.
However, they left the show without a deal after Mark Cuban offered them $625,000 for 25% equity in the business.
By 2018, FinalStraw had generated over $4.8 million in revenue, and by 2019 their revenue was estimated to be around $13.4 million. As of 2022, FinalStraw’s founders have a combined net worth of 20 million USD.
What Is FinalStraw? Who Is The Founder of FinalStraw?
The world’s first collapsible, reusable straw is FinalStraw, which aims to reduce reliance on single-use plastics by creating environmentally friendly alternatives.
FinalStraw comes in a compact, keychain-friendly container, making it easy to take with you wherever you go.
FinalStraw is available in five different colors, including “suck-ulent” green, “shark-butt” gray, “healthy” coral, “artic-melt” blue, and “sea tur-teal.” It is made of triple-jointed stainless steel and measures 9 inches in length when fully extended.
When not in use, it folds neatly into a stylish recycled plastic carrying case that is about the size and shape of a typical car key fob (3″ x 1.25″) and weighs less than 3 ounces. The case can be conveniently attached to your keyring or kept in your pocket or purse.
The FinalStraw is constructed of medical grade TPE tubing and includes a mini-squeegee for cleaning the interior of the straw.
It is suitable for use with both hot and cold beverages, as well as thick drinks like milkshakes and smoothies. Additionally, it is dishwasher safe and comes with a lifetime warranty.
Emma and Miles, who are the co-founders of FinalStraw, share a passion for environmentalism. Emma’s upbringing instilled in her a sensitivity towards the environment. During her time at the University of California, Santa Barbara, she actively participated in the anti-plastic bag campaign.
While on vacation in Thailand, Emma noticed plastic straws littering the pristine beaches. Despite her efforts to pick them up, she found more straws washed up on the shore the next day. This experience strengthened her resolve to eliminate plastic straws from the planet.
After earning a Master’s degree in environmental management and sustainability from Harvard, Emma met Miles in 2017. Miles, an environmentally-conscious photographer and inventor, had a vision for a reusable straw. Together, they collaborated to bring Final Straw to life. Miles created the prototype, while Emma conducted market and product research.
Their hard work paid off with a hugely successful Kickstarter campaign, which raised over $1.8 million. Today, Final Straw continues to make a positive impact on the environment.
What Happened To FinalStraw At The Shark Tank Pitch?
Emma and Miles appeared on the first episode of Shark Tank Season 10 seeking a $625,000 investment for a 5% equity stake in their company, which would value the company at $12.5 million.
During their pitch, they demonstrated the issue of single-use straws by having thousands of straws rain down on them, and they distributed samples of their product to the Sharks.
After hearing the pitch, the Sharks had some concerns. Daymond questioned whether customers would be willing to pay such a high price for a straw. Lori mentioned that she had seen many similar straws for sale.
Kevin offered to invest $625,000 for a 10% equity stake, along with a $2 per straw fee until he recouped $1.8 million. Cohen did not like the idea of royalties and insisted on a larger equity stake instead.
Kevin ultimately withdrew his offer, and Mark proposed investing $625,000 for a 25% stake in the company, but Emma and Miles declined the offer, and no agreement was reached.
What happened To FinalStraw After The Shark Tank Pitch?
Prior to the completion of their Kickstarter campaign, the US market was being flooded with cheap knockoffs of Chinese origin. Alibaba had numerous listings for these knockoffs, but after being prompted by CNBC’s Nightly Business Report correspondent Andrea Day, Alibaba removed the knock-off producers from their website.
In September 2020, the International Trade Commission issued a General Exclusion Order for Final Straw, which prevented the importation of items that infringed on their patent.
Emma Cohen filed a lawsuit against Miles Pepper when she discovered that he and someone from Final Straw’s outside marketing firm were covertly trying to create a competing collapsible straw business. Pepper revoked the company’s credit cards and denied Cohen access to the company’s websites.
Pepper left the company in February of this year, as indicated on his LinkedIn page, which implies that the lawsuit was settled and there have been no further updates.
In August 2020, Pepper successfully launched Sanikind, a reusable hand sanitizer dispenser, through a Kickstarter campaign. Despite a challenging period, the company’s fortunes have since improved.
They introduced a folding, reusable fork and Spork, as well as a large, silicon reusable straw suitable for thick milkshakes. As of June 2021, the company is operating well, with an annual revenue of $7 million.
FinalStraw Net Worth
Emma and Miles go on Shark Tank Season 10 Episode 1 in search of $625,000 for a 5% stake in their company. This translates to a $12.5 million valuation.
FinalStraw Competitors
There are no competitors identified for FinalStraw.
FinalStraw FAQS
What is FinalStraw?
FinalStraw is the world’s first reusable, collapsible straw. The objective of FinalStraw is to lessen their dependency on single-use plastics by developing reusable, responsibly manufactured alternatives.
What is the most crucial aspect of FinalStraw?
The collapsible feature allows them to fold up their straw and put it in their bag, pocket or purse when not in use. It can also be used with both cold and hot drinks.
Who founded FinalStraw?
Emma and Miles are FinalStraw’s co-founders.
How much was they seeking in the Shark Tank?
Emma and Miles went on Shark Tank Season 10 Episode 1 in search of $625,000 for a 5% stake in their company. This translates to a $12.5 million valuation.
Did they get the deal from the Sharks?
They did not received any investment.
What is FinalStraw made of?
FinalStraw is 9 inches long, triple-jointed stainless steel, and folds neatly into a stylish recycled plastic carrying case.
Is FinalStraw still in business?
They introduced a folding, reusable fork and Spork, as well as a giant, silicon reusable straw large enough for thick milkshakes.
The corporation is running well as of June 2021, with an annual revenue of $7 million.
Is final straw successful?
Cohen and Pepper launched Final Straw with a massively successful Kickstarter campaign that garnered over $1.8 million! They state that the product will be available in November of 2018.
Where is final straw now?
The straws, which cost $24.50, are now available at Bloomingdale’s stores as well as more than 40 small retailers, and FinalStraw is negotiating an agreement to distribute them in REI stores.
How do they clean final straws?
To clean their FinalStraw, wash the exterior with soap and water, then scrub with a brush dipped in soap.
Rinse well with hot water and repeat as needed. They should deep clean their FinalStraw on a regular basis, just like everything else in their lives, to extend its life and preserve its quality.
Can they put final straw in dishwasher?
Their FinalStraw may be washed in the dishwasher.
How long is the final straw?
FinalStraw is the standard length of a straw—9.05 inches or 23 cm. The diameters are 0.9mm on the outside and 0.5mm on the inside.
The FinalStraw 2.0 case is 7cm in height and 2.6cm in width. It has a cleaning brush with a telescopic handle.
Is FinalStraw safe for hot drinks?
Sure! FinalStraw is not working with liquids at any temperature. Temperatures of up to 250 degrees Fahrenheit may be tolerated by the straw.
What is FinalStraw made from?
Platinum silicone is used to make the inner elastic substance. The casing is constructed of post-consumer recycled plastic.
FinalStraw is free of BPA, latex, gluten, guilt, mermaid cruelty, and is vegan.
Where does Final ship to?
Final ships to all countries, including APO/FPO locations. Customs, tariffs, or taxes may incur additional fees depending on the nation.
Unfortunately, according to USPS rules, they are unable to send to Cuba, Iran, North Korea, Sudan, or Syria.
What is net worth of Emma Rose Cohen?
Emma Rose Cohen’s net worth is unavailable.
