Zipz Wine Shark Tank Update | Zipz Wine after Shark Tank
What is Zipz Wine?
ZIPZ Wine is a ready-to-drink single-serving wine glass that is ideal for folks who enjoy drinking while traveling.
The ZIPZ Wine bottle, which resembles a regular wine glass, contains the wine of your choosing. Simply drink, squeeze the wine out of the bottle, and place it into your favorite ZIPZ Wine glass.
Andrew McMurry and J. Henry Scott established Zipz Wine. They each had prior experience in various fields before embarking on their newest endeavor.
McMurry earned a business degree from the University of Massachusetts in Amherst, where he began his career.
He was a product manager for a beverage company, and he also worked as a sommelier for Vantis Corporate Services.
McMurry’s interest in wine began at a young age as he began an internship at the winery his father ran after graduating from college.
After his experience at the winery, McMurry had a desire to work with wine, which led him to pursue his current career path.
McMurry’s business partner, J. Henry Scott, has been involved in various industries throughout his career before starting Zipz Wine.
Who is the founder of Zipz Wine?
Andrew McMurry and J. Henry Scott founded Zipz Wine. They each had prior experience in various fields before embarking on their newest endeavor.
McMurry earned a business degree from the University of Massachusetts in Amherst, where he began his career.
Andrew McMurry and J. Henry Scott, two wine industry professionals, wanted to collaborate on a single serving wine glass that could be conveniently transported and had superior packaging.
The first line of designs was incorrect since it did not include any wrapping that may cause wine to spill from the packaging. Scott was working hard to improve the packaging design.
The Zipz Wine had a dual function lid and coaster, making it easy to transport and consume while still having a long shelf life.
What Happened to Zipz Wine at Shark Tank Pitch?
Andrew and Scott chose to pitch his idea to Sharks investors after the success of Zipz Wine.
Andrew and Scott come in with a bid of $2.5 million for a 10% stake in the company at a valuation of $2.5 million. He then mentioned that the need for Shark investors is to help with packaging and licensing.
He shows how to open it and then distributes samples. The Sharks inquire as to how Zipz differs from Copa Di Vino.
Zipz and Copa Di Vino vary in that Zipz has a one-year shelf life whereas Copa Di Vino has a two-year shelf life. Kevin requests that he clarify the patent.
Andrew reveals that he’s sold $130,000 in license fees in order to get it into major league ballparks. He also claims that a group of investors has contributed $8.5 million.
Kevin feels the packaging is appealing, but the price of $2.99 a glass is excessive.
Mark declares he’s quitting while Kevin and Andrew dispute.
Kevin then describes how he got into COSTCO through O’Leary Wines. Robert is curious as to why he does not simply license the packaging. Kevin is still hung up on the price point, and Daymond exits.
Lori likes the design, but the company is too hard for her, so she’s out.
Robert likes the product, but if it’s not a simple licensing agreement, he’s out. Kevin believes that if he joins forces with Zipz, the price point must be reduced.
Andrew claims that by using scale, he would be able to reduce the price.
Kevin then offers $2.5 million for 10% of the company, with the option to acquire another 10% at a $25 million value if he can get them into COSTCO.
Andrew walks out and tells his partners about the deal. Andrew accepts, and he and Kevin O’Leary reach a deal.
What Happened to Zipz Wine after Shark Tank?
Kevin O’Leary concluded the agreement with Zipz and is currently negotiating license terms with them.
Andrew and Kevin had a tour of the facilities, marveling at the automated filling process, which filled each glass from the bottom, preventing oxidation.
Zipz also signed a nationwide alliance with Arctic Beverage. Chillin is the name of the company’s Chilean wine line.
Other wineries might be interested in collaborating if Zipz made its way into store shelves where Chillin was already accessible.
Zipz Wine stopped creating wine and turned its full attention to licensing negotiations. Zipz wine packets are available in a variety of retailers around the country, as well as on ecommerce websites such as Amazon and Walmart.
Competitors of Zipz Wine
The firm competes with the following companies: Vinebox, Goverre, Copa Di Vino, Winc, Bright Cellars, Lot18, Glassful, Wine Awesomeness, and Lake Liquor.
Net Worth of Zipz Wine
During the pitch the company valuation was netted at $25 million and since the Shark Tank episode they have made a lot of sale hence making the company valuation to increase.
Zipz Wine FAQs
What is Zipz Wine?
Zipz Wine is a ready-to-drink single-serving wine glass that is ideal for folks who enjoy drinking while traveling.
The ZIPZ Wine bottle, which resembles a regular wine glass, contains the wine of their choosing. Simply drink, squeeze the wine out of the bottle, and place it into their favorite ZIPZ Wine glass.
Who is the Founder?
Henry Scott and Andrew McMurry are the founders of Zipz Wine. They each have a lot of experience in the wine industry before Zipz.
What is their offer at Shark Tank?
They were seeking for $2.5 million for a 10% equity stake in the company. They also wanted to gain a licensing agreement with Costco.
Did they get an offer?
Yes, Andrew accepted from Kevin O’Leary whose offer of $2.5 million for 10% of the company, plus an additional 10% stake for getting into COSTCO.
Is still in business?
Yes, they are still in business. They are currently working with several distributors for different regions of the United States, Canada, and it has expanded to include countries all across the globe.
Where is their headquarters?
Zipz Wine is headquartered in the United States. It has expanded to many countries around the world, some of which include Argentina, Costa Rica, Dominican Republic, Puerto Rico, Mexico and more.
How is the business model?
Zipz Wine is a direct-to-consumer company which requires consumers to order directly through their website.
What does Chillin mean?
A lot of people are curious about the name “Chillin” since it does not seem like a normal name. It is actually an acronym for “Chill Infused Lightweight Innovative Napkin Envelope”.
They started using the name because they were trying to innovate and create something that was different than other portable wine glass companies.
Is it legit?
The products are legit, sure they’re not wine. It’s a beverage, but hey pretty good for a portable wine glass.
What does the future hold for Zipz Wine?
The company is expecting to expand its distribution in additional countries through distributors and by the end of September they will have their Chillin line in retail stores nationwide.
Where can I buy Zipz Wine?
One can order from their website and it takes 2-3 days to deliver the product.
They have a vast line of Chillin products such as wine, spritzers, and champagne that you can find on their website or through retailers such as Amazon and Walmart’s website.
How can I get in touch with Zipz Wine?
If anyone wants to know more about the business opportunity make sure to visit their website here for more information or they can reach them via e-mail at: [email protected]
What is the business strategy?
They are using their business strategy to gain entry into stores that sell wine and gain shelf space in major retailers that carry wine.
They also plan on developing more lines of products such as wine, spritzers, and champagne.
Where can I find Zipz Wine?
One can find Zipz Wine products by visiting their website or through retailers such as Amazon or Walmart.
Is the company profitable?
The company is currently profitable. They are constantly trying to innovate their products and raise the value of their products.
What are the key strategies that the Zipz Wine team is using?
One of the strategies that are being used by Zipz Wine is to increase market penetration by gaining more distribution points in wine shops and major retailers.
They also plan on expanding their product lines to include additional beverages such as wine, champagne, spritzers, etc.
What are the strengths?
The good thing about Zipz Wine is that it is portable, which means consumers can take it with them no matter where they go.
What are the weaknesses?
A weakness that they have identified is that Zipz Wine only comes in one size, which may limit their consumers.
One thing that they could do to improve on their product is maybe come out with different sizes of the ZIPZ wine bottle so it does not look so bulky in your bags.
