Snactiv Snacking Tool Shark Tank Net Worth 2023
Snactiv Snacking Tool Shark Tank Net Worth
As of February 2023, Snactiv is estimated to be worth $2 million. Edwin Cho and Kevin Choi, two design professionals from Los Angeles, California, launched Snactiv in 2020 under Inoobi, Inc.
The product was well-received and they made $187,000 in sales before appearing on Shark Tank in early 2022.
On the show, Kevin O’Leary offered Snactiv $200,000 for a 10% stake and a $1 royalty per unit sold until $1 million was made.
After much negotiation, the deal was signed for Snactiv Worth $1 million with Lori Greiner and guest Shark Kevin Hart investing $200,000 for a 20% stake.
What is Snactiv Snacking Tool? Who is the founder of Snactiv Snacking Tool?
Introducing Snactiv, the innovative snacking tool that promises to revolutionize the way you snack. With its multi-tasking capabilities and focus on cleanliness, Snactiv is the snack gadget of the future.
This utility patent-pending device is a game-changer for anyone who loves to snack but hates the mess that comes with it.
Snactiv has been designed to make snacking easier and cleaner, without interfering with your activities or contaminating your surroundings with oil or snack debris.
If you’ve ever snacked on greasy foods like potato chips or Cheetos, you know how messy they can be. With Snactiv, however, you can easily snack while working on your computer or playing games without worrying about smearing your keyboard or console.
The Snactiv Snacking Tool was created by designers and engineers Kevin Choi and Evans Cho, who have extensive experience developing a wide range of products.
Their product has been a huge hit with gamers, computer users, and anyone who wants to snack without getting their hands dirty.
Originally launched on Kickstarter in April 2021, Snactiv quickly gained popularity and raised $41,700 in funding. However, knockoff products began appearing online before the original product was even released in October 2021.
Snactiv is available in two modes, “dark mode” (all-black) and “bright mode” (white), and is dishwasher safe and BPA-free. A single Snactiv device costs $15, or $18 if purchased with a case.
In summary, Snactiv is a must-have snacking tool that allows you to munch on your favorite snacks without the mess, making it the perfect choice for anyone who values cleanliness and convenience.
Snactiv Snacking Tool Shark Tank pitch
Kevin Choi and Evan Cho pitched their product, “Snactiv”, on Shark Tank episode 1312, hoping to secure a deal with a Shark who would invest in their business and help them combat counterfeit goods.
Snactiv is a set of “finger chopsticks” that allows users to snack without getting their hands dirty. The entrepreneurs asked for $200,000 in exchange for a 10% stake in their $2 million company.
During their presentation, Kevin demonstrated the product by eating cheese balls messily and stated his desire to be less of a slob.
The Sharks found the concept amusing and the entrepreneurs went on to reveal that the product costs $2.60 without a case and $2.80 with a case, and can be used for typing.
Kevin and Evan started the business during Covid lockdowns and had already generated $187,000 in revenue over five and a half months.
The entrepreneurs planned to expand their business by entering the retail market and partnering with Asian distributors, while also pursuing a utility patent.
Several Sharks made offers, with Mr. Wonderful proposing $200,000 in exchange for a $1 royalty per unit until he recouped $1 million, after which the royalty would cease and he would keep a 10% equity stake.
Kevin Hart and Lori also offered $200,000, but in exchange for a 20% equity stake.
Mark urged the entrepreneurs to accept one of the offers and eventually, they agreed to partner with Kevin Hart and Lori for a 20% stake in the company.
After the episode aired, the deal was still under due diligence as of February 2022, but the company remains in business.
Competitors of Snactiv Snacking Tool
The competitor of Snactiv is every other hand-free munching gadget. Snactiv Snacking Tool competing with standard chopsticks.
Net Worth of Snactiv Snacking Tool
The company valuation was $2 million during the pitch, after the investment done by two Sharks the company worth $1 million.
Since then the company is still operating and hence the company net worth might have been higher than that of pitch.
Snactiv Snacking Tool Shark Tank Update
Snactiv is a snacking tool that allows people to eat snacks without getting their hands dirty. It is a finger chopstick that fits between the fingers and allows people to pick up messy snacks without getting their fingers dirty.
Snactiv appeared on Shark Tank in season 13, episode 10, where entrepreneurs Kevin Choi and Edwin Cho asked for $200,000 for 10% equity.
They received an offer from Kevin Hart and Lori Greiner for $200,000 for 20% equity, which they accepted.
After securing a deal with Kevin Hart and Lori Greiner, Snactiv continued to enjoy success. In addition to selling the snacking tool in the US, Snactiv now works with third parties in Hong Kong, Taiwan, South Korea, Singapore, and Canada.
Snactiv also began working with different influencers from the gaming world, including SNACCDaddyTeej, Darkraizard, and Jessimama.
The value of Snactiv was $1 million on Shark Tank, and the agreement with Kevin Hart and Lori increased its net worth.
In conclusion, Snactiv is a snacking tool that allows people to eat snacks without getting their hands dirty.
After appearing on Shark Tank, Snactiv secured a deal with Kevin Hart and Lori Greiner and continued to enjoy success.
Snactiv is now available in several countries and has partnerships with influencers from the gaming world.
Table Summary:
| ASPECT | INFORMATION |
| Company Name | Snactiv |
| Founders | Kevin Choi and Evan Cho |
| Launch Year | 2020 |
| Company Worth (February 2023) | $2 million |
| Sales before Shark Tank | $187,000 |
| Competitors | Hand-free munching gadgets |
| Snactiv Price | $15 for a single device or $18 with a case |
| Shark Tank Season and Episode | Season 13, Episode 10 |
| Other Achievements | Successful Kickstarter campaign, third-party collaborations in several countries, and working with gaming influencers. |
| Shark Tank offer | $200,000 for a 10% stake and a $1 royalty per unit sold until $1 million was made |
| Deal signed for | $1 million with Lori Greiner and guest Shark Kevin Hart investing $200,000 for a 20% stake |
| Available modes | Dark mode (all-black) and bright mode (white) |
| Price per device | $15, or $18 if purchased with a case |
| Competitor | Every other hand-free munching gadget, with chopsticks as the closest competitor |
| Update | Snactiv continues to enjoy success, working with third parties in Asia and gaming influencers |
Snactiv Snacking Tool FAQs
What Is Snactiv And How Does It Work?
Snactiv is a patented, ergonomic snacking tool that allows people to snack without getting their fingers dirty.
It is a chopstick-like utensil that fits between the fingers and can be used to pick up messy snacks without getting one’s fingers, and in turn, devices, dirty.
The founders of Snactiv are Kevin Choi and Edwin Cho, who created the product as a solution to messy snacking at work.
The snacking tool is designed to be dishwasher-safe, BPA-free, and FDA compliant. It stands on its own and has a patented design and utility.
The founders thoughtfully designed the product to be fun, super useful, and totally unnecessary yet shockingly needed at the same time. Snactiv is available on the company’s website and on Amazon.
Snactiv was featured on Shark Tank in season 13, where the founders asked for $200,000 for a 10% stake in the company.
The sharks initially laughed at the new utensil but were surprised to learn that Snactiv already had $187,000 in sales.
Kevin Hart and Lori Greiner made a deal with the founders, offering $200,000 for a 20% equity stake in the company. Since then, Snactiv has continued to enjoy success and has expanded into Hong Kong, Taiwan, South Korea, and plans to expand into Japan.
What Is The Current Net Worth Of Snactiv?
As of April 2023, Snactiv’s net worth is estimated to be $2 million. The company’s popularity skyrocketed after appearing on Shark Tank, and the founders received a deal from Kevin Hart and Lori Greiner.
Since then, Snactiv has continued to enjoy success, with relationships with merchants in various Asian nations and most of its sales coming from interacting directly with customers.
The company has also expanded its sales to Singapore and Canada. Snactiv is a tweezer and chopstick hybrid multitasking snacking tool that allows people to snack without getting their fingers dirty.
It holds a utility patent and has done $187,000 in sales even before appearing on Shark Tank. Snactiv has received positive reviews, averaging 4.4 stars on Amazon from over 240 customers.
What Happened To Snactiv After Shark Tank Pitch?
Snactiv is a multitasking snacking tool that keeps both your devices and hands clean when snacking and working or gaming.
Snactiv appeared on Shark Tank Season 13, Episode 10, which aired on January 7th, 2022. The inventors of Snactiv are Kevin Choi and Edwin Cho.
During the pitch, Edwin and Kevin asked the sharks for $200k for a 10% equity. They gave a live demo of the snacking tool and how it works while working.
The sharks found the product interesting and asked for their sales and costs. A pair of Snactiv costs $15, and an additional $3 for a case to hold your snacking tool that costs them to manufacture is $2.
Snactiv successfully got a deal on Shark Tank. They got three offers from Kevin O’Leary, but in the end, they agreed to a deal by Lori Greiner and guest Shark Kevin Hart for $200,000 for a 20% stake in the company.
Despite Frito-Lay’s attempt at renaming the ubiquitous finger-staining Cheeto dust “Cheetle,” Snactiv continues to sell the multitasking snacking tool today.
As of December 2022, the company’s annual revenue is $1 million. Snactiv also sells T-shirts. The partnership with Lori Greiner is still ongoing, and Snactiv continues to enjoy success.
However, it is unclear whether the deal with Kevin Hart and Lori Greiner actually went through after the appearance.
Did Snactiv Make A Deal With Any Of The Sharks?
Yes, Snactiv made a deal with Lori Greiner and guest shark Kevin Hart for $200,000 for a 20% stake in the company. The deal was signed for Snactiv worth $1 million.
The Sharks were impressed by the product, which prevents snack debris from getting on gadgets, and the fact that the company had a pending utility patent and sales of $187,000.
After securing the deal, Snactiv continues to enjoy success and sells the snacking tool in the US, as well as working with third parties.
Who is the founder?
Kevin Choi and Evans Cho are the founders of Snactiv Snacking Tool. Choi and Cho are designers and engineers with extensive expertise developing a variety of products ranging from software to toys.
How much was seeking on Shark Tank?
They were seeking for $200,000 for 10% equity of their business.
What was Shark Tank investment?
Kevin Hart and Lori Greiner invested $200,000 for 20% of Snactiv Snacking Tool.
Is Snactiv Snacking Tool still in business?
Yes, the company is still in business as of February 2022.
Is Snactiv still being sold?
Yes, Snactiv is available at many retail locations including: Target, Walmart, and Amazon online.
Where is Snactiv Snacking Tool located?
Snactiv is owned and operated by Kevin Choi and Evan Cho in San Francisco, California.
Is Snactiv Snacking Tool safe?
Snactiv is made of high quality food-grade plastic, FDA Approved, BPA free, Dishwasher Safe, and built to last for years.
What is Snactiv Snacking Tool used for?
Snactiv is used by gamers, computer users, and anybody else who wants to munch without soiling their fingers. Greasy potato chips and gaming consoles simply do not mix.
What is Snactiv Snacking Tool made of?
The products are manufactured in high-impact ABS plastic. The custom-designed polygonal razor sharp teeth are crafted from a special type of polymer that is highly resistant to wear and tear, eliminating chips and cracking from normal usage.
What is the cost of Snactiv Snacking Tool?
A pair of Snactiv costs $15, and an extra $3 gets customers a case to keep their priceless finger chopsticks safe when not in use. At the moment, the tools are offered in two flavors: dark mode (all-black) and bright mode (white color).
Is Snactiv Snacking Tool a legitimate company?
Snactiv is a utility patent-pending, entirely unneeded, yet really cool snacking item with one purpose: to stuff more food into your enormous mouth without interfering with other activities or contaminating their garbage with oil or snack detritus.
Is Snactiv Snacking Tool shipping?
Yes, Shipping is free and customers can cancel their order at any time.
How long will Snactiv Snacking Tool take to deliver their products?
It depends on the location, please note that it takes 1-5 business days to deliver the products. Ships are done in 1-5 business days through USPS.
Is there any guarantee time of Snactiv Snacking Tool?
There is no guarantee time provided by ColoredBits. Buyers are advised to order a product with enough time, so they will have a chance to check out if they can like the product before purchasing it.
How do I pay for Snactiv Snacking Tool?
You can pay for Snactiv Snacking Tool with your credit card or debit card through PayPal.
What payment methods are there for Snactiv Snacking Tool?
There are three types of payment methods for Snactiv: Credit cards, PayPal and Billing.
What is the net worth of Evans Cho?
The net worth of Evans Cho is unknown.
