What Happened to Pips & Bounce after the Shark Tank Pitch? Pips & Bounce Shark Tank Update
What is Pips & Bounce?
Pips & Bounce is a pub and restaurant in Portland, Oregon that features a ping pong theme, with customers able to play on one of the ten tables for $16 per half hour.
The establishment also offers a variety of bar food and “pongtails” to enjoy while playing, as well as hosting private events, such as parties, corporate gatherings, and fundraisers in their 1500 square foot event space.
The atmosphere is designed to resemble a retro basement rec room, and it includes a full bar and kitchen.
Who are the Founder of Pips & Bounce?
Eugene and Michael Jung, brothers and entrepreneurs, started Pips & Bounce, a pop-up ping pong party business in Portland, Oregon, in 2012.
They realized the lack of public places to play ping pong for leisure and decided to fill that gap. Their events were very successful and earned them the nickname “the food truck of ping pong.”
After gaining traction, they sought to establish a permanent location for their business and turned to Kickstarter to raise funds.
They successfully raised $51,059 and opened their physical location in December 2014, putting all their savings into the venture and relocating to launch the firm.
What Happened to Pips & Bounce at the Shark Tank Pitch?
On Shark Tank season 11 episode 13, Eugene and Michael Jung presented their company to the Sharks and sought $500,000 in exchange for a 10% stake, valuing their company at $5 million.
The Sharks expressed concern about the company’s lack of proof of concept and low profit margin of 7%, which they deemed insufficient for investment. Ultimately, the Sharks chose not to invest in the company.
What Happened to Pips & Bounce after the Shark Tank Pitch?
The company, which had planned to open a second facility in Minneapolis, was forced to shut down due to the Covid-19 pandemic.
Despite initially planning to reopen in July 2020, they ultimately decided to remain closed in order to be “part of the solution, not the issue.”
As of August 2020, the company was still closed, and the founder, Eugene, accepted a position at an Amazon fulfillment facility.
However, he only held the position for two months, and he saw many people buying pet food and coffee online.
Since he knew little about these products, he decided to open a coffee shop, which he named Skaut Coffee Roasters.
He chose this business because it had a low barrier to entry and did not require a large initial investment.
As of March 2021, they were still waiting for their liquor license renewal, but they were back in business as of January 2022.
What is the Net Worth of Pips & Bounce?
Eugene and Michael Jung sought $500,000 in exchange for a 10% stake in their company, valuing it at $5 million, on Shark Tank. However, their current valuation is not provided.
Who are the Competitors of Pips & Bounce?
There are no competitors identified for Pips & Bounce.
Pips & Bounce FAQS
What is Pips & Bounce?
Pips & Bounce is a popular pub and restaurant that integrates the pong ping game located in Portland, Oregon. People may pay $16 each half hour to play on one of Pips and Bounce’s ten tables.
Who are the Founder of Pips & Bounce?
Eugene Jung and Michael Jung are the founders of Pips & Bounce.
How much were they seeking in the Shark Tank?
Eugene Jung and Michael Jung were seeking $500,000 for a 10% stake in their company. This equates to a $5 million valuation.
Did they get a deal from the Sharks?
No, Eugene Jung and Michael left the Tank without a deal.
Did Pips & Bounce closed?
This company remained in operation after the Show until the Covid-19 shut downs.
What happened to Pips & Bounce after the Shark Tank pitch?
They had intended to reopen in July 2020, however they changed their minds. “After looking at the still-alarming public health data, they recognize that they need to be part of the solution, not the issue,” according to their Facebook page.
The company is still closed as of August 2020.
What is the Pips & Bounce location?
They have one physical location Portland, Oregon.
Is Pips & Bounce still in business?
Despite the fact that Pips & Bounce did not have success with the program, the business is still thriving as of January 2022.
If they ever visit Portland, their Pips & Bounce review may help them decide whether the ping pong business is worth the trip.
When was Pips & Bounce started?
Pips & Bounce began in 2013.
Is there a kitchen available?
A full kitchen is available for customers to cook.
When was Pips & Bounce aired on Shark Tank?
They appeared on shark tank episode 13 of season 11 on February 28th, 2019.
What is the Pips & Bounce’s website?
The company’s website is www.pipsandbounce.com
Is Pips & Bounce available on social media?
The company is on Facebook, Instagram, and Twitter.
What is net worth of Eugene Jung?
Eugene Jung’s net worth is unavailable.
What is net worth of Michael Jung?
Michael Jung’s net worth is unavailable.
How do Pips & Bounce make money?
The ping pong facility is a venue that allow individuals to play on its 10 tables. People may pay $16 each half hour to play on one of Pips and Bounce’s tables. They run a fully-licensed bar and restaurant.