HotShot Shark Tank Net Worth 2023
HotShot Shark Tank Net Worth
HotShot Coffee, founded by Danny Grossfeld, appeared on Shark Tank in October 2015. At the time of the show, no products were available yet and Danny asked for an investment of $300,000 for a 10% equity in his company.
None of the Sharks saw any merit in HotShot as a business and they were wary of investing in Danny as a person since he had spent so much time developing the product without actually testing it.
As of 2023, HotShot’s net worth is estimated to be less than $100k, while its valuation was $3 million when it appeared on Shark Tank.
Despite not getting a deal on Shark Tank, HotShot is still in business and has shifted its focus from “hot coffee at home” to a larger consumer market. Danny Grossfeld has a net worth of 2 Million USD as of 2022.
What is HotShot? Who is the founder of HotShot?
HotShot is a canned coffee beverage available in five flavors: Caramel, Chocolate, Black, Espresso, and French Vanilla. It is brewed at 140 degrees and uses innovative technology to stay hot without burning the user.
HotShot USA was established by Danny Grossfeld, who was already a successful entrepreneur before becoming the President of HotShot USA. He was inspired to start the company at any moment, and this accurately reflects the story of how HotShot USA came to be.
The inspiration for HotShot USA came to Grossfeld while he was retired and seemingly surrounded by cold coffee. However, he soon realized that what he had in his hands was not a cold coffee refrigerator but a can of hot coffee.
HotShot USA, the first ready-to-drink hot beverage brand in the United States, was established in 2009 after Grossfeld’s trip to Japan, where he discovered the popularity of canned hot drinks, which make up a $14 billion industry in Japan. HotShot aims to replicate this market share in the US.
HotShot coffee cans are kept at a consistent 140-degree temperature using a “HotBox,” a “heated refrigerator,” and a unique insulated label over the metal cans. Grossfeld also sells HotBoxes for residential and business use.
The coffee itself is made from perfectly roasted Arabica beans, providing a fresh roasted coffee flavor immediately from the can. In addition to the original flavor, HotShot is available in French Vanilla, Espresso, Caramel, and Hot Chocolate.
Despite investing a million dollars in HotShot, Grossfeld was unsuccessful in his Kickstarter campaign to raise $100,000 last spring.
HotShot Shark Tank Pitch
In episode 704 of Shark Tank, entrepreneur Danny Grossfeld presented his product HotShot, which is hot coffee in a can, to the Sharks. Danny was seeking a Shark’s help with manufacturing and distribution for his company.
He opened his pitch by sharing a personal story about his father’s support for his business ventures and how he discovered hot canned coffee on a trip to Japan. Danny wanted to make HotShot as popular in the United States as it is in Japan and make his father proud.
Danny was looking for a $300,000 investment in exchange for a 10% stake in his company, which was valued at $3 million. He claimed that HotShot was the ultimate in hot coffee convenience, and consumers would never have to prepare coffee again.
He even distributed samples to the Sharks, and Lori was impressed, remarking “Ooh, it’s heated.” However, without the protective label, the coffee was quite hot.
Despite Danny’s efforts, he did not secure a deal from the Sharks. Chris Sacca made a quip about Danny needing counseling instead of pitching, while Kevin used the story of Sisyphus to explain his lack of faith in the business.
Robert and Chris Sacca went out, but Mark expressed interest in distributing HotShot through his Landmark Theaters. However, Lori believed the business was not going to work and advised Danny to stop the bleeding, so she also went out.
After the episode aired, HotShot’s website underwent a complete overhaul, and the company announced that it was accepting pre-orders for its HotBox, which would be available in movie theaters and convenience stores soon.
As of August 2021, HotShot’s HotBoxes could be found in dozens of locations around the country, including Walt Disney World.
Despite not securing a deal on Shark Tank, the company is still in business as of January 2022, with an annual revenue of $2 million.
Competitors of HotShot
HotShot has many competitors in the market space. These are; The SameDayDelivery.com, Expedited Transportation, Shoptomydoor, Aloha Air Cargo, CrossCountry Freight Solutions, Vital Express, Comet Delivery and Windy City Limousine.
Net Worth of HotShot
The company valuation was $3 million during and after the pitch. Since then the company have been performing well in sales with annual revenue of $2 million. This justify that the company net worth had elevated.
HotShot FAQs
What is HotShot?
HotShot is a brand of hot coffee in an aluminum can that maintains a hot temperature that allows users to sip their coffee immediately after opening the can.
Who is the inventor?
HotShot was invented by Danny Grossfeld.
How much was seeking on Shark Tank?
Danny was seeking for $300,000 for 10% stake of his company, which worth $3 million.
Did he have the deal?
No, Danny did not have any deal on Shark Tank.
Is HotShot still in business?
Yes, the company is still in business with annual revenue of $2 million.
How was the company started?
HotShot was founded in 2009 as a result of Danny Grossfeld inspiration to invent a revolutionary hot coffee in an aluminum can.
What are HotShot deliveries?
HotShot trucking is transporting smaller, more time-sensitive LTL cargoes in a short period of time, generally to a single client or location. HotShot cargoes are typically transported by medium-duty vehicles pulling flatbed trailers.
Is HotShot profitable?
When done correctly, hot shot trucking may be a profitable company. One have the option of becoming an owner-operator, which means they own and manage a hot shot business under their own MC number, or leasing with another firm.
Do the cans truly stay hot all the time?
Yes, once customer places the cans in their HotBox, they will remain there until they are ready to drink one.
How long does it take to heat aluminum cans?
It takes roughly 90 minutes to heat cans to ideal temperature (140°F) when an empty HotBox is loaded with 9 cans. To avoid having to wait for cans to heat, keep the HotBox stocked at all times for quick grab-and-go coffee.
How long does Hotshot keep hot while it’s not in the Hotbox?
Outside of the HotBox, Hotshot cans can stay hot for up to 20 minutes, but once opened, they begin to cool after 5 minutes. Hotshot is best consumed immediately after opening.
Is it safe to leave Hotbox running 24 hours a day, seven days a week?
Yes, the Hotbox can be left on 24 hours a day, seven days a week.
Is the Hotbox tested and approved for safety?
Yes, the Hotbox is ETL Approved, which is equivalent to the UL Safety Standards for the United States.
Where is Hotshot manufactured?
Hotshot is being packed in Mexico right now.
How are the cans warmed?
The HotBox “Heat Fridge” appliances heat up cans. Simply switch on the HotBox, insert the cans, and Hot coffee will be ready in no time.
Does the HotBox consume a lot of power?
No, the HotBox is a heating unit rather than a refrigerator with powerful electric compressors. The Hotbox simply warms cans by conductivity without heating the surrounding environment.
How long will the cans keep hot if I disconnect the HotBox while traveling?
Cans will generally stay Heated for up to 1 hour after you disconnect HotBox. When they arrive at their location, it is advisable to connect the HotBox into an outlet.
Can I take the HotBox with me?
Yes, there is a carry handle on the HotBox for convenient travel. Simply disconnect HotBox and carry it.
What is the temperature of the can?
The coffee in the can has a temperature of about 140 degrees Fahrenheit.
How can I hold the can if it’s hot?
To keep the hands safe, cans are insulated with a thermal label. The label has been carefully developed to lower surface heating by 50%.
Is it possible that the heated metal may burn my mouth?
No, the cans are made of aluminum, which heats up rapidly. When customers open the can, air rushes in and cools the rim, making sipping more comfortable.
Is it necessary to shake the can before opening it?
No, although we do like to give it a short shake every now and then. If one shakes the can too vigorously, it will fizz when you open it.
What is the net worth of Danny Grossfeld?
The net worth of Danny Grossfeld is not available.
