Wine Balloon Shark Tank Update| Wine Balloon after Shark Tank
What is Wine Balloon? Who is the founder of Wine Balloon?
Wine Balloon, also known as Air Cork, is a reusable alternative to cork made of food-grade natural latex, designed to keep wine fresh for days after opening.
It is activated by a hand pump that inflates a balloon inside the bottle to suffocate the air gap and prevent spoilage.
The founder of Wine Balloon is Eric Corti, who is also the Chief Operating Officer of Structure First in Cincinnati, Ohio. He developed the product after noticing that leftovers of fine wine did not store well without an effective sealing method.
After forming a partnership with other people in the food industry in 2018, the Air Cork has become a successful retail and online product.
What Happened to Wine Balloon at Shark Tank pitch?
Eric, the founder of Wine Balloon, appeared on Shark Tank to pitch his invention to potential investors. He was seeking a $40,000 investment for a 30% stake in his company, which was valued at $133,333.
He demonstrated how the balloon works to eliminate air space and reduce wine oxidation. The Sharks were intrigued and asked questions about the patent status and testing of the product.
Eric revealed that he had a pending patent and that the Wine Balloon could keep wine fresh for 3-4 days. Despite not having significant sales yet, the Sharks were impressed with the product’s functionality and appeal to wine enthusiasts.
Kevin O’Leary made the first offer of $40,000 to license the product to an established wine preservation company, Lori Greiner offered $500,000 to purchase the company, and Mark Cuban increased her offer to $600,000.
Eric asked for a 2% royalty as part of the deal, but Mark Cuban refused. Daymond John also stepped down. Under pressure, Eric accepted Mark Cuban’s final offer of $400,000 for the entire company with no royalty.
What Happened to Wine Balloon after Shark Tank?
After appearing on Shark Tank, Eric decided not to accept the offer of $400,000 and instead decided to continue to grow his company on his own.
He rebranded the Wine Balloon to “Air Cork” and was able to secure a distribution deal, resulting in consistent and successful sales.
As of November 2021, the company is still in operation and has an annual revenue of $7 million. Eric also appeared on the Food Network’s Kitchen Inventors, a show similar to Shark Tank, promoting kitchen and food products.
Net Worth of Wine Balloon
The net worth of Wine Balloon, now known as Air Cork, has grown significantly since it was first pitched on Shark Tank.
The company was valued at $133,333 during the pitch, but after the deal with the Sharks, it was valued at $400,000.
With annual revenue of $7 million in 2021, the net worth of the company has likely increased significantly.
Wine Balloon FAQs
What is Wine Balloon?
Wine Balloon is a reusable, single use alternative to cork, made of food quality natural latex. The concept has been an instant hit with wine lovers who want to save their expensive wines longer.
The wine will remain fresh for days after an initial opening, allowing open bottles to be saved until the next day.
Who is the founder?
The founder of Wine Balloon is Eric Corti. Eric is an individual who has an idea to create product that prevent wine from oxidation, taking advantage of the pump and tubing in a blood pressure cuff.
How much was asking on Shark Tank?
Eric was asking for $40,000 for a 30% stake in his firm, valued at $133,333.
Did he get the deal?
Yes, he managed to secure a deal with Lori Greiner and Mark Cuban for $400,000.
Is Wine Balloon still in business?
Yes, Lori Greiner and Mark Cuban are running the company.
How does it work?
Wine Balloon consist of a length of latex tubing and a pump with mouthpiece attached, which are used to insert into the wine bottle.
The latex inflates into the top opening and seals it off, preventing further oxidation by eliminating air space around the wine. This prevents oxygen from interacting with the wine.
Is Wine Balloon Benefits?
The benefits of this product are few but most important. You will never again have to throw away half a bottle of wine just because it wasn’t finished the first time.
Does the wine balloon work?
The balloon floats on top of the wine, and when it makes contact with the side of the bottle, the wine is totally sealed from the air, preventing further oxidation. The Air Cork is clearly operating, and the bottle is entirely sealed.
How do I buy Wine Balloon?
One can buy Wine Balloon from their official website. The product is available in stores.
How much is Wine Balloon?
The product cost $29.95 per unit on the firm’s official site.
How do I pay for Wine Balloon?
One can pay through paypal and credit card
What is the net worth of Eric Corti?
The net worth of Eric Corti estimated at $14 Million.
