Grinds Coffee Pouches Shark Tank Net Worth 2023
Grinds Coffee Pouches Shark Tank Net Worth
Grinds Coffee Pouches appeared on Shark Tank in February 2013. The company had a valuation of $750,000 at the time and has since grown to a net worth of around $5 million as of 2023.
Pat Pezet and Matt Canepa are the founders of Grinds Coffee Pouches, which is now available in stores nationwide. They plan to open a store in Westfield, with an average salary of $40,000, by 2023.
What is Grinds Coffee Pouches? Who Founded Grinds Coffee Pouches?
Grinds Coffee Pouches is a new technique to quit the cigarette habit by chewing coffee pouches.
Grinds are little pouches containing flavourful coffee, B-vitamins, and taurine, which give you an energy boost.
Grinds Coffee Pouches are available in cans and provide the same amount of caffeine as four to five cups of coffee.
Both Canepa and Pezet were up late at night attempting to finish an economics project.
They put wads of coffee in their mouths, similar to chewing a chaw of chewing tobacco, to fend off the lethargy of sleep.
Canepa and Pezet began to feel energized, and their creative juices appeared to be flowing as well.
It occurred to them that the coffee wads could be turned into a viable product, particularly as a healthy alternative for baseball players who chew tobacco.
Their late-night epiphany resulted in Grinds Coffee Pouches being a thriving business.
The branded coffee pouches may be ordered online and come in a range of tastes. They’re also a fixture in the locker rooms of 20 major league baseball teams.
Matt Canepa and Patrick Pezet, the founders of Grinds, graduated from California Polytechnic State University with degrees in business and finance.
The two founders were both minor league baseball players, which influenced their decision to create Grinds Coffee Pouches. Canepa was a professional baseball player for the Chicago Cubs.
Grinds Coffee Pouches Shark Tank Pitch
Matt Canepa and Pat Pezet presented their Grinds Coffee Pouches on Shark Tank and offered a 10% stake in the business for $75,000, which valued the company at $750,000. Pezet explained that the pouches contain fresh coffee and chemicals that improve alertness and focus.
Canepa distributed product samples, which all the Sharks except Barbara Corcoran tried and were impressed by the taste.
The business had sold $3,500 in the first year, but after receiving an endorsement from Bruce Bochy, manager of the San Francisco Giants, sales reached $135,000 in the second year, and they were projected to hit $300,000 by the time they appeared on Shark Tank.
Although Corcoran admired the duo’s energy, she felt that the product was not relatable to her. O’Leary warned them of the competition from large coffee corporations and offered $100,000 in exchange for a $.25 royalty on every can sold.
Daymond John asked if they were looking for financing or a strategic partner, while Robert Herjavec offered them $75,000 for a 15% stake in the company, with the condition that John provided his marketing expertise. Mark Cuban considered the investment to be mid-sized and opted out of the deal.
Canepa and Pezet countered Herjavec and John’s offer with a request for a larger equity stake, but the Sharks held firm, and the entrepreneurs accepted the initial offer.
Although they did not secure a deal, Grinds Coffee Pouches continued to grow in popularity, with sales of $5 million by August 2021.
The Sharks recognized the potential of the coffee-flavored pouches as a chewing tobacco alternative and as a new product for the Shark Tank success list.
The company’s website and online retailers are selling the pouches exceptionally well, and the business is still in operation.
Grinds Coffee Pouches Net Worth
During the Shark Tank, the owners values their business at $750,000 and accepted a deal of $75000 for 15% stake which values their business at $500,000.
Grinds Coffee Pouches FAQS
What is Grinds Coffee Pouches?
Grinds Coffee Pouches, are small pouches of flavoured coffee that can help you feel sharp and focused throughout the day or night.
They were originally designed as a healthy tobacco-free (nicotine-free) alternative to smokeless tobacco.
How do they use Grinds Coffee Pouches?
Grinds Coffee Pouches are designed to be placed between the cheek and gums just like you would use smokeless tobacco.
Just pop in a pouch or two and let the flavours brew. The energy will begin to flow from the grinds to you in minutes.
Once the pouch loses flavour, simply take it out and throw it away
Can they swallow the juices from the pouch or do they have to spit like regular dip?
In the end, the choice is yours. Swallowing the saliva produced by each pouch is the most efficient way to receive its energy.
You’re effectively making coffee in your mouth when you have a Grinds pouch in your mouth.
You may spit if you so choose. The energy and caffeine will still be absorbed, but at a slower and less intentional pace.
If you are used to spitting, we usually recommend starting with our product in the same way you would with smokeless tobacco so that your habit is not disrupted for the first few weeks.
Can they use Grinds as an alternative to tobacco?
Yes! Grinds Coffee Pouches were originally designed to help smokeless tobacco users kick their habit.
Quitting tobacco can be a long and difficult process.
Grinds Coffee Pouches are a great way to simulate the oral fixation that accompanies chewing tobacco.
Also, the caffeine from the coffee + the B-Vitamins in our product can help combat nicotine cravings.
Are Grinds available in stores?
Yes! We have launched in many stores in the United States, but currently the best way to purchase is through our website.
Did Shark Tank invest in grinds?
Canepa and Pezet appeared on Shark Tank seeking investment to help Grinds Coffee Pouches grow as a business. After some negotiation, they managed to land a deal with two of the Sharks.
Does grinds have fiberglass?
Grinds Coffee Pouches does not contain fiberglass.
How long should they leave grinds in?
Each pouch of Grinds Coffee Pouches can be used anywhere up to 30-40 minutes before the pouch starts losing its integrity.
Can they freeze grinds coffee pouches?
The pouches do not require refrigeration or freezing as this may do more harm than good by causing the pouches to dry and lose their flavour.
Instead, place the cans away from light, moisture, and heat in the pantry or drawer.
What does grinds coffee pouches taste like?
It has a nice cooling mintiness and a hint of chocolate. It’s not terribly strong, unfortunately, and only lasts about 30-45 minutes.
The Mocha flavour has a mild hint of chocolate and coffee. The flavour is good, but not really great.
How does coffee pouches work?
Each pouch has about as much caffeine as a quarter cup of coffee, so you need to suck on quite a few to get a good buzz going.
And yes, caffeine can be absorbed through your gums — quicker than through your stomach.
