Square Keg Shark Tank Net Worth-What Happened After Shark Tank?
What Is Square Keg? Who Founded Square Keg?
SquareKeg is a Spokane-based startup that was founded in 2017 by Tim Loucks. Loucks, a former healthcare software salesman, launched SquareKeg to transform how consumers and commercial suppliers consume, distribute, and serve beverages.
The idea of SquareKeg was born in November 2017 when Loucks had a “lightbulb” moment at 2:30 am.
He researched the idea of a square minikeg and found there wasn’t a similar product on the market, which further validated his business plan.
SquareKeg developed SquareOne, a stainless steel keg that holds up to 128 ounces of beer, wine, cold brew or kombucha, and SquareOne Nitro, which is designed for cold brew and nitro beer.
About 1½ years ago, SquareKeg began shipping its products to customers nationwide from its manufacturing facility in Spokane Valley.
SquareOne costs $279 while the SquareOne Nitro is $399 according to the startup’s website. Tim Loucks will be pitching the startup’s minikegs to a group of celebrity tycoons on ABC’s “Shark Tank”.
What Happened To Square Keg At Shark Tank?
According to recent updates, SquareKeg appeared on Season 14, Episode 8 of Shark Tank and received a deal from Kevin O’Leary for $300,000 in exchange for 20% equity.
The deal valued the company at $1.5 million. It is too soon to tell the full impact that SquareKeg will see following its appearance on Shark Tank, but the company has used the exposure to offer a promotion to their customers and has seen an increase in sales.
SquareKeg is a portable keg that can hold up to 128 ounces of your favorite beverage. It uses CO2 cartridges to keep drinks fizzy and can be easily stored inside a refrigerator or cooler.
The product is appealing to those who love drinks on tap and aims to bring the joys of draught beer to ordinary homes.
In conclusion, SquareKeg received a deal from Kevin O’Leary for $300,000 in exchange for 20% equity on Season 14, Episode 8 of Shark Tank.
The company’s mission is to bring the joys of draught beer to ordinary homes with its portable keg product.
While it is too soon to tell the full impact of its appearance on Shark Tank, SquareKeg has used the exposure to offer promotions and has seen an increase in sales.
What Happened To Square Keg After Shark Tank?
SquareKeg, a portable and compact keg that can hold up to 128 ounces of beverages, appeared on Shark Tank Season 14 Episode 8 in November 2022.
The founder, Tim Loucks, asked for $300K for a 10% equity at a $3 Million Valuation from the sharks. Kevin O’Leary invested $300K in SquareKeg for 20% equity.
None of the other sharks showed interest in the product except Kevin. However, he demanded 20% equity from the entrepreneur, and although the entrepreneur tried to negotiate the deal was finalized with 20% equity.
It is too soon to tell the full impact SquareKeg will see following its appearance on Shark Tank.
However, the company has used the exposure to offer a Shark Tank promotion to their customers and has seen an increase in sales.
A “Shark Tank Exclusive $100 off” offer is running on its website for SquareOne products as of November 2022.
The company sells two mini keg products, SquareOne and SK Nitro, which are available exclusively online.
You can buy their products at Amazon and SquareKeg.com. On their website, the SquareOne model has an average rating of 4.9 stars from 103 reviews.
In terms of Loucks’ career after appearing on Shark Tank, he worked as Enterprise Sales Director at Spok for two years and previously worked as a sales representative in Stryker, a medical devices and equipment manufacturing company for nine years.
Square Keg Shark Tank Net Worth
SquareKeg’s Shark Tank deal valued the company at $1.5 million at the time of the shark tank pitch. “Square Keg” is a company that produces the SquareOne Mini Keg, which can hold up to 8 pints of beer and keeps the beverage product fresh for a longer period of time.
The founder, Tim Louks, appeared on Shark Tank Season 14 Episode 6 in November 2022 and asked for $300K for a 10% equity at a $3 Million Valuation from the sharks.
Kevin O’Leary invested $300K in “SquareKeg” for 20% equity. Since appearing on Shark Tank, Square Keg has experienced tremendous growth and success.
The small, portable product is appealing to customers who want to enjoy draught beer at home.
It is too soon to tell the full impact SquareKeg will see following the appearance on Shark Tank. However, the company has used the exposure to offer a Shark Tank promotion to their customers and has seen an increase in sales.
Is Square Keg Still In Business?
Yes, SquareKeg is still in business as of November 2022. The company has developed a portable stainless steel SquareOne Mini Keg for long-term storage of beverages such as craft beer, batched cocktails, kombucha, mocktails, red or white wine and many more.
The keg can hold up to 8 pints of beer at once and costs $130 to manufacture and produce. Customers can order directly from the product page of the website or visit the company’s Amazon page.
Although the product is expensive, with a net worth of approximately $0.9 million to $1.2 million, it has generated more than $1.4 million in gross revenue.
Kevin O’Leary invested $300,000 for 20% equity in the company during its appearance on Shark Tank Season 14.
The company’s Instagram page is active with frequent updates and posts illustrating how to craft a Moscow Mule recipe using their product.
In summary, SquareKeg is still in business as of November 2022 and continues to sell its SquareOne Mini Keg through its website and Amazon page.
Despite being an expensive product, it has generated over $1.4 million in gross revenue and received investment from Kevin O’Leary during its appearance on Shark Tank Season 14.
