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 FAQs
What is Snactiv Snacking Tool?
Snactiv is the future’s multi-tasking munching gadget that keeps your hands clean and your focus on what matters.
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.
Who is the CEO?
The CEO is Kevin Choi.
What is the net worth of Kevin Choi?
The net worth of Kevin Choi is unknown.
What is the net worth of Evans Cho?
The net worth of Evans Cho is unknown.