Lollacup Shark Tank Update | Lollacup after Shark Tank
What is Lollacup?
Lollacup is a unique and patent-pending Sippy cup designed to give youngsters with a safer product and parents with less messes to clean up.
Lollacup was invented by Hanna Lim in 2011. It is used as a drinking straw and is meant to be simple to use, safe (BPA and phthalate-free), and easy to clean.
The straw in the Lollacup is constructed of long-lasting, soft materials, but there is one drawback: the Lollacup may stain. Chemists are striving to develop stain-resistant polymers that do not include hazardous chemicals.
Until then, Lollacup sells straw replacement packets to replace straws soiled by pasta sauce, liquids, or whatever else the kids get their hands on.
Hannah and Mark Lim juggled the rigors of motherhood in order to develop the Lollacup, a brand-new product for newborns and toddlers.
Who is the founder of Lollacup?
Hanna Lim founded the Lollacup in 2011. It is intended to be simple to use, safe (BPA and phthalate-free), and easy to clean as a drinking straw.
Mark and Hanna Lim, the founders of Lollacup, designed this one-of-a-kind and patented Sippy cup to give youngsters with a safer product and parents with less messes to clean up.
The husband and wife pair has children and dislike the way Sippy cups spill all over everything; they also dislike the plastics that most Sippy cups are made of.
When they designed Lollacup, they needed BPA-free polymers and opted to produce it in the United States for greater quality control. Since the Lollacup is made of a single piece of material, they were able to reduce potential leaks and spills.
The straw in the Lollacup is constructed of long-lasting, soft materials, but there is one drawback: the Lollacup may stain. Chemists are striving to develop stain-resistant polymers that do not include hazardous chemicals (Lim).
Hannah and Mark Lim are parents and entrepreneurs who found a need for a safer sippy cup and created one.
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What Happened to Lollacup at Shark Tank pitch?
Mark and Hanna chose to pitch their firm to Sharks in episode 12 of Season 3 of Lollacup on Shark Tank in order to help them scale their business.
Mark and Hanna came to Shark Tank looking for $100,000 in exchange for a 15% stake in their company, which was valued at $666,667.
They had around $30,000 in sales over the previous four months as of the recording date. The Lims admit that they made an agreement with a sales agent who is paid 15% of sales; this might be a deal breaker.
Lori adores the product, but she does not work in the baby goods industry, therefore she is out. Kevin offers $100,000 in exchange for 50% ownership of the company, but he wants to move Lollacup production offshore.
That doesn’t sit well with the Lims, who are determined to retain the Sippy cups created in the United States.
Daymond offers $100,000 for a 50% ownership in exchange for terminating the arrangement with the sales agent. The Lims counter Daymond and Kevin’s bids with $100,000 in exchange for 40% stake.
Robert thinks about the offer, but Mark does as well, and he starts his famous “24-second clock.” Daymond reduces his offer to 30% but withdraws when Mark’s clock runs out and no settlement is reached.
Mark Lim expresses a desire to collaborate with winners, and Robert examines the 40 percent stock share agreement. Mark reconsiders going out and eventually joins forces with Robert.
Finally, Lim accepts Robert and Mark’s offer of $100,000 for 40% stake in the firm and exits the presentation with a deal.
What Happened to Lollacup after Shark Tank?
The deal with the two Sharks was finalized about three weeks after the intended air date, and Lims were shipping Lollacup from their garage around the clock.
They made a ton of money in the wake of Shark Tank. On Amazon, the product is a best-seller in the Baby items category.
They have moved to their own warehouse and have people assisting them with product shipping. Lollacup is still proudly manufactured in the United States. Lollacup is another Shark Tank success story!
The Lims expanded their product line over time. The first was a “meal time set,” which included bowls and plates.
There is also a pacifier, heat and cold packs play mats, and other items. The firm is still in operation as of December 2021, with yearly sales of $2 million.
Net Worth of Lollacup
The company was valued at $666,667 during the pitch, after the investment done by two Sharks the company valued at $250,000. Following the amazing exposure on the show, the firm has amassed a net worth in excess of $10 million.
Lollacup FAQs
What is Lollacup?
Lollacup is a unique drinking straw designed to be used as a Sippy cup that is BPA-free, drip-proof, spill-proof, formula-safe, and dishwasher safe.
Who Created Lollacup?
Mark Lim is the founder of Lollacup. He and Hanna Lim sat down in her garage in Idaho and created the product with their two young children as inspiration.
How much were asking on Shark Tank?
They were asking for $100,000 for 15% stake of their business.
Did they have the deal?
Yes, they have the deal with Robert and Mark during the pitch.
How much was the deal?
They offered $100,000 for 40% ownership of the company.
Is Lollacup still in business?
Yes, it is still in business as of December 2021 with annual revenue of $2 million.
Is Lollacup dishwasher safe?
Users are supposed to put Lollacup parts in the top rack of the dishwasher. Check user manual in order to see required steps to be taken for cleaning process.
Is Lollacup BPA Free?
Yes, it is BPA-free product designed for children.
Where you can buy a Lollacup?
Customers can purchase Lollacup on Amazon, Wal-Mart, or directly from the seller’s website.
When Were They On Shark Tank?
Lollacup was featured on Season 3 of Shark Tank in 2012.
How did Lollacup get on Shark Tank?
Mark and Hanna went on the show to find a partner who could help them scale their business.
Is Lollacup Safe?
Yes, Lollacup is BPA-free and free of all other chemicals that are potentially harmful. It can be cleaned in the dishwasher or by hand during its lifetime.
How much money has Lollacup made?
Because none of the existing Sippy cups with straws were functional or made of safe materials, they created their own, the Lollacup. Since collaborating with Mark Cuban and Robert Herjavec, the firm has surpassed $2 million in sales and expanded into additional newborn and toddler items under the Lollaland brand.
Where is Lollacup manufactured?
Lollacup has evolved into Lollaland, and we strive to offer unique and sophisticated infant/toddler products that are both useful and enjoyable. Their award-winning products are BPA/BPS-free, PVC-free, and phthalate-free, and are proudly created in the United States or Germany.
How do you clean a Lollacup?
The Lollacup is simple to clean, either by hand or in the dishwasher. It comes with a brush to clean the straw, but it’s also simple to wash without it because the straw is broken down into two parts.
How can I educate my infant to play Lollacup?
Using Lollacup, place the straw’s bottom in your child’s mouth. She should naturally lock her lips around the straw and start sucking.
She will learn to suck fluids through the top of the straw on her own after this introduction and some practice.
What is the net worth of Hanna Lim?
Hanna Lim net worth is $12 Million.
