Loliware Shark Tank Update | Loliware after Shark Tank
What is Loliware? Who is the founder of Loliware?
Loliware is a company that produces and sells edible and biodegradable drinking cups. These cups are made with seaweed, organic fruits and veggies, and come in Matcha Green Tea, Yuzu Citrus, Tart Cherry, and Vanilla Bean flavors.
The founder, Chelsea Briganti, a Hawaiian surfer, started the company with the aim of reducing our reliance on single-use plastic items.
Loliware’s cups are designed for short-term use (24 hours) and biodegrade within 60 days. The company was established in 2015, after receiving $10,000 on Kickstarter and a $1 million offer from a New York events firm.
Briganti, motivated by her concern for plastic waste in the ocean, co-founded Loliware with a fellow designer after they submitted a proposal for the edible cups to a Jell-O competition and won.
What Happened to Loliware at Shark Tank pitch?
Chelsea and Leigh pitched their business, Loliware, on Shark Tank, seeking $150,000 for a 10% stake valued at $1.5 million.
They demonstrated the edible nature of their cups, made with vegetable gelatin, and their goal of starting a plastic-free revolution.
The Sharks tasted the cups and seemed to enjoy them. They revealed a $1.3 million letter of intent from a party supply company, their cost of 97 cents per $1.50 cup and $20,000 of their own investment and $100,000 from friends and family.
Robert offered $600,000 for 25% equity, but Mark, Kevin, and Barbara also showed interest. Lori dropped out, and Chelsea and Leigh ultimately chose a deal with Mark and Barbara for $600,000 for 25% of the business, valued at $2.4 million, with Robert no longer involved.
What Happened to Loliware after Shark Tank?
Loliware’s deal with Mark and Barbara was completed and their product was added to their portfolio. The edible cups were no longer available and the business seemed to have stopped working on the project.
Despite low sales and negative feedback, the company raised an additional $1 million in 2017 and over $122,000 through crowdfunding.
The company underwent several changes since appearing on Shark Tank, from edible cups to edible straws to non-edible straws.
In 2020, they secured $6 million in seed funding. However, LoliStraws are not available for purchase and there have been issues with fulfilling orders.
The focus has shifted to direct sales to businesses for a greater impact. In 2021, the company had 26 employees and an annual revenue of $4 million.
Net Worth of Loliware
Loliware’s valuation was $1.5 million during its pitch on Shark Tank, which increased to $2.4 million after investment from two Sharks. The company’s sales could have led to an increase in its net worth by 2021.
Loliware FAQs
What is Loliware?
Loliware is a company that manufactures and sells disposable, edible drinking cups. These cups are edible and biodegradable, so they decompose in the ocean.
When the cup is consumed, it releases sweet raspberry stem cells, which nourishes coral reefs.
Who is the founder?
Loliware was founded by Chelsea Briganti and Leigh Ann.
How much was asking on Shark Tank?
They were asking for $150,000 for 25% of the company.
Did they get the deal?
Yes, they got the deal.
Who are the investors and how much was the deal?
Mark Cuban and Barbara Corcoran invested $600,000 for 25% equity shares the company at valuation of $2.4 million.
Is Loliware still in business?
Yes, Loliware is still in business.
Is Loliware still in the process of selling their cups?
Yes, they are still working on it, however.
They have recently sold them to a company that allows corporations to sell their products for marketing purposes, but then this company can resell them to individual customers through Amazon and such.
The biodegradable cups are no longer for sale on their website and there are also no more images on Instagram promoting the drink ware.
How much money did Loliware raised on Indiegogo?
They rose over $49,000 on Kickstarter with 1083 backers and over $73,000 on Indiegogo.
What Is Loliware Products?
Loliware products include three varieties of cups: (1) Stem Cell Cup – This cup comes with a stem cell packet that contains sweet raspberry stem cells to nourish coral reefs when consumed.
Where is Loliware located?
Loliware Biodegrade (Edible), Beacon, New York, United States of America Startup.
How can I buy Loliware?
According to a June 2015 report on Yahoo Food, the cups are available solely through Loliware website. They’re available in a number of flavors there, including Citrus, Matcha, Tart Cherry, and Madagascar Vanilla.
How do I pay?
You can use credit card, debit card and PayPal to purchase their products.
Is Loliware safe for children?
While the cups are edible, kids must be supervised when eating them. According to a report in Health line, “they should not be consumed by anyone who has food allergies or is sensitive to the ingredients in them, including polyethylene terephthalate (PET) plastic.”
The sweet raspberry stem cells have been tested on sea animals and shown to be nontoxic.
How Loliware does make money?
According to a June 2015 report on Yahoo Food, the cups are priced at $12 each. They’re sold online and to retailers, hotels, wedding and event planners, caterers, bartenders, and specialty stores.
How big is the bottle?
According to the website, this cup can hold 12 ounces of liquid.
What is the best soft drink for Loliware?
They are specifically designed for water. So it’s wiser to choose bottled water rather than soda or juice. Do not put hot liquids in them as they will melt the cup.
What is the net worth of Chelsea Briganti?
Chelsea Briganti’s net worth is unknown.
What is the net worth of Leigh Ann?
Leigh Ann’s net worth is unknown.