Peanut Butter Pump Net Worth
Andy launched an IndieGoGo campaign to raise funds for his Peanut Butter Pump invention, which proved successful, raising $133,790. However, despite the promising funding, the product has not yet been shipped to customers as it is still in the final stages of production.
During his presentation on Shark Tank, Andy stated that his company was valued at $1.3 million, based on his request for $200,000 for a 15% stake in the company.
What is Peanut Butter Pump and Who is the Founder of Peanut Butter Pump?
A peanut butter Pump is a nozzle that can be attached to a jar of peanut butter to dispense the spread in a more organized and efficient manner.
By eliminating the need for extra utensils, it reduces the number of dishes to wash. This pump is made of silicone and plastic and is compatible with most peanut butter jars, including crunchy varieties.
The Peanut Butter Pump releases three tablespoons of smooth peanut butter or three teaspoons of crunchy peanut butter with each pump. The cleaning process is simple and easy.
Andy Scherer, a resident of Burbank, California, invented the Peanut Butter Pump in 2016 after losing his job in the financial services industry.
He wanted to simplify the process of making a peanut butter sandwich and realized that there had to be a better way. He launched an IndieGoGo campaign in April 2019 to raise funds for the project, which was successful, raising $133,790.
As of October 2019, the Peanut Butter Pump had not yet been produced, but Scherer was in Taiwan to finalize the prototype and begin production. In addition to the Peanut Butter Pump, Scherer has created a second invention, the Nutternado, which is currently in the pre-order stage.
Peanut Butter Pump Shark Tank Pitch
In season 11 episode 7 of Shark Tank, Andy Scherer pitched his company, Peanut Butter Pump, to the sharks in hopes of securing a $200,000 investment for a 15% stake in the business, valuing it at $1.3 million.
However, the sharks did not seem particularly interested in the product, and Kevin even questioned whether or not peanut butter should be refrigerated. Andy explained that the product was not designed for refrigerated or chunky peanut butter, which only added to the sharks’ skepticism.
Things only got worse for Andy when he revealed that he had missed the delivery date for his IndieGoGo campaign and had used some of the funds for personal reasons.
John, Lori, and Robert all passed on the opportunity, with Robert stating that he didn’t see a big enough need for the product. Kevin, on the other hand, took issue with the valuation of the company, calling it “insane.”
Despite the negative feedback, Andy remained optimistic and assured the sharks that he would continue to pursue his entrepreneurial goals.
As of August 2020, the Peanut Butter Pump was still listed as “pre-order” on the company’s website, with a projected shipment date of 3/15/2020. However, as of that same month, Andy had not fulfilled the IndieGoGo orders either.
The campaign was later updated in June 2021, with Andy waiting for a piston ring to arrive. Although he has received proof that the product works, it had not yet been sent as of November 2021.
What is the Net Worth of Peanut Butter Pump?
Andy’s IndieGoGo campaign raised $133,790. The product has not yet been sent since it is currently in the final stages of manufacture. According to Andy’s Shark Tank presentation, the firm is worth $1.3 million.
Who are the Competitors of Peanut Butter Pump?
There are no competitors identified for Peanut Butter Pump?
Peanut Butter Pump FAQS
What is Peanut Butter Pump?
The Peanut Butter Pump is a nozzle that connects to a jar of peanut butter and dispensing the sticky sandwich spread.
It’s made of silicone and plastic and fits most peanut butter jars, so nothing goes to waste.
Pumps dispense the crunchy peanut butter in a streamwise fashion, delivering three tablespoons at a time. The cleaning procedure is also simple.
Who founded Peanut Butter Pump?
Peanut Butter Pump was developed by Andy Scherer of Burbank, California.
How much was he seeking in the Shark Tank?
Andy was seeking $200,000 for 15% of his start-up in the Shark Tank.
Did he get the deal from the Shark Tank?
Andy walked away from the Shark Tank without a shark deal.
When was Peanut Butter Pump aired on Shark Tank?
Peanut Butter Pump aired on, November 10th, 2019.
What happened to Peanut Butter Pump before the Shark Tank?
Before its appearance on Shark Tank, the Peanut Butter Pump got an enormous response and amount of orders through its IndieGoGo campaign.
Andy, on the other hand, used part of the campaign cash for personal purposes.
How does Peanut Butter Pump make money?
Andy participated in the IndieGoGo campaign and earned $133,790 in 2019.
However, he did not deliver the goods and spent some of the money on himself.
The pump is $25, which does not include shipping and handling.
How is peanut butter pump doing?
The Sliding Airlock Mechanism on the Peanut Butter Pump ensures a flawless pump every time.
Their patent-pending technology operates by sucking the airlock below.
The mechanism prevents air from entering the jar, providing a good pump all the way to the bottom.
Will it work on any size jar?
No, the pump is only compatible with 40-oz and 48-oz containers.
Can they use it for measuring?
Currently, 1 spoonful of peanut butter is considered a complete stroke.
Can they refrigerate after they have open the butter?
The best way to keep peanut butter is at room temperature.
The pump is intended to operate at room temperature and will not function effectively if refrigerated or used with refrigerated or frozen peanut butter.
How do they clean?
This resulted in several design improvements aimed primarily at cleaning capabilities, such as rapid disassembly to give straight tubes for simple cleaning and easy-to-remove valves.
Furthermore, all pieces will be dishwasher safe.
How do they keep it?
Once placed, the pump should remain in place on the jar until it is empty.
What is the net worth of Andy Scherer?
Andy Scherer’s net worth is unavailable.
Does the product works crunchy?
Yes! The pump is effective on crunchy. Because the creator enjoys crispy sandwiches, this was a must-have feature.
What is the website address of the Peanut Butter Pump?
The website address of the Peanut Butter Pump is www.thenuttyinventor.com
How much does it cost?
The $25 pump does not include shipping and handling fees.
What methods of payment do they accepts?
They accepts PayPal, MasterCard, Amex, Discover, Venmo, Apple Pay and Visa.
