Prime 6 charcoal shark tank Net Worth 2023
Prime 6 is an eco-friendly, reusable, sawdust briquette charcoal product introduced in Shark Tank Season 12 Episode 6.
Prime 6 founders Riki Franco and Oren Franco asked for $200,000 at a $2 million valuation in exchange for 10% of their company’s equity.
After the deal with Kevin O’Leary, the company was valued at $800k. According to some extensive research, the firm did $1.3 million in sales in the first three months after they appeared on Shark Tank.
As of September 2022, Prime 6’s net worth is $2.5 million.
Prime 6 has entered into contracts with many food services due to the demand for this charcoal product. It has been made available on many platforms and there are many people who have bought this product.
What is Prime 6 charcoal? Who is the Founder of Prime 6 charcoal?
Prime 6 is a type of charcoal made from recycled hardwood sawdust that is designed for grilling applications for both home and commercial use.
The unique and sustainable aspect of this charcoal is that it is created from scrap hardwood sawdust, which is compressed and carbonized slowly to create a hollow hexagonal pattern without the use of binders or chemicals. This process results in a denser charcoal that burns for a longer time.
The hexagonal shape of Prime 6 promotes air circulation, resulting in a more even and constant heat source for cooking and grilling.
The pure, flame-flavored charcoal can burn for over four hours without the need for additives or chemicals, making it an ideal choice for those who want a natural grilling experience.
Prime 6 was founded in September 2018 by Oron and Riki Franco. Riki earned an MBA from Columbia Southern University in 2012 and has experience coaching startups, while Oron graduated from the International Culinary Centre with a degree in Culinary Arts in 2010 and has extensive culinary expertise. Their passion for cooking and belief that barbecue charcoal should last longer led them to create Prime 6.
The couple has two children and are avid grillers. Prior to starting Prime 6, they had another technology company called FeedMe.
They discovered a similar product to Prime 6 in Vietnam, which inspired them to create their own sustainable charcoal product.
After many trials and errors, the duo approached a manufacturer to create a 100 percent sustainable charcoal product, which eventually became Prime 6.
Before joining Shark Tank, the co-founders marketed their product directly to New York restaurants and renowned pitmasters like Pig Island. Their goal is to ensure their family’s financial independence and leave a legacy for their children.
Prime 6 charcoal Shark Tank Pitch
Prime 6 charcoal can be purchased in three different sizes, which are 9 lb, 18 lb, and 22 lb boxes. The 22 lb version is the most expensive, priced at $49.99. Customers can purchase the product through the Prime 6 website or Amazon.
Oron and Riki appeared on Shark Tank Season 12 Episode 6 and sought a $200,000 investment for a 10% stake in their company, valuing it at $2 million. They shared their story, provided samples, and engaged in discussion with the Sharks.
The Sharks were impressed with the fact that Prime 6 is patented and is already available at major retailers like Walmart. They also appreciated the company’s social objective of planting a tree for every bag of charcoal sold.
Although some of the Sharks owned competing businesses and were hesitant to invest in Prime 6, Kevin O’Leary and Daymond John both presented identical offers to invest $200,000 for a 25% stake.
Ultimately, Riki and Oron accepted Kevin’s offer because of his shared objective of growing their direct-to-consumer business in the face of retail industry volatility.
Prime 6 is excited to partner with Kevin O’Leary and expand their direct business. As of August 20, 2021, the product is available at numerous big stores including Western Beef, Piggly Wiggly, The Fresh Market, Krogers, Lowe’s, Walmart, and Albertsons.
Although the transaction has not been confirmed, the company received an update on episode 1219 of “how we survived the Covid-19 epidemic with Kevin’s aid.”
Prime 6 charcoal Net Worth
Oron and Riki appear on Shark Tank searching $200,000 in exchange for a 10% stake in their firm. This indicates a $2 million value. They accepted an offer from Kevin of $200,000 for 25% stake thus valuing it at $800,000.
Prime 6 charcoal Competitors
InstaFire is a competitor of Prime 6 charcoal.
Prime 6 charcoal FAQS
What is Prime 6 charcoal?
Prime 6 is a hardwood product made from recycled sawdust. It is intended for grilling applications for both home and commercial clients.
What distinguishes this charcoal as unique and sustainable is that it is derived from scrap hardwood sawdust.
They compress it and carbonize it slowly to create a hollow hexagonal pattern without using binders or chemicals. This results in a charcoal that is denser and burns longer.
Who is the founder of Prime 6 charcoal?
The company is founded by Oron and Riki Franco in September 2018.
How much was they asking in the Shark Tank?
Oron and Riki were asking $200,000 for a 10% stake in their firm.
Did they get the deal?
Yes.
How much was the deal?
They accepted an offer from Kevin of $200,000 for a 25% stake.
Prime 6 charcoal comes in which sizes?
Prime 6 is available in three different sizes: 9 lb boxes, 18 lb boxes, and 22 lb boxes. The 22 lb version is the most costly, retailing for $49.99.
All of the goods are available online through the Prime 6 website, as well as on Amazon.
Can prime 6 be used in a smoker?
Yes, any smoker model, size, or shape is acceptable.
Is Prime 6 charcoal safe?
Prime 6 is 100% natural and contains no additives. It is made from recycled hardwood waste sawdust that has been compressed and slowly carbonized into dense charcoal.
That is all. Pure charcoal and a clean burn ensure that their food is not contaminated with chemical smoke.
What is Prime 6 made?
Sawdust from hardwoods.
Where do the owners of the prime 6 come from?
Prime 6’s founders are based in New York.
Is it possible to use Prime 6 charcoal in a fireplace?
Suitable for use with charcoal grills, fireplaces, fire pits, camping, and wood stoves. It works exceptionally well with charcoal and fire logs.
Can they use prime 6 charcoal in a green egg?
Indeed, in a wood-fired pizza oven. Is it compatible with a Green Egg or Kamado Joe grill? Without a doubt, it works wonders.
Is it chemical free?
Yes! It is 100 percent chemical free Meaning 100 percent natural and healthful.
How is it reusable?
Prime 6 burns longer and hotter than any other charcoal they have ever used. The reason its reusable is very simple, they can literally “turn it off” when they are done grilling for the day and relight it next time.
What makes it sustainable?
Prime 6 is built entirely of reused sawdust. They contribute to the planet’s garbage reduction and tree preservation efforts by doing so.
How are they going to ignite it?
The recommended method is to ignite a chimney with a chimney starter. Vertically stack the briquettes in the chimney.
Fill the bottom of the chimney halfway with a thick paper/carton fire starter and light.
Once the bottom portion of the briquettes becomes red, they will continue to catch even after the starter is removed.
It should take between 10-15 minutes, depending on the weather (temperature+wind).
How do they turn it off?
Charcoal is an oxygen-based material. If they’re using a grill with vents and a lid, close them all to prevent the charcoal from choking.
Additionally, they can transfer their charcoal (carefully) to a cast iron pot and cover it. As long as they can deprive the charcoal of oxygen, it will die.
How long does it take to light?
Prime 6 takes approximately 10-20 minutes to light and remains lit for hours due to its high density.
How do they know it’s ready?
Once the bars’ colour has changed from black to a lovely reddish glow, they are ready to use.
What temps does it get to?
When piled, Prime 6 burns extremely hot, reaching temperatures of over 1,400 degrees Fahrenheit.
What kind of grill do they need for Prime 6?
Any charcoal barbecue, regardless of size or shape.
