Zipz Wine Shark Tank Update | Zipz Wine after Shark Tank
What is Zipz Wine? Who is the founder of Zipz Wine?
Zipz Wine is a single-serving wine glass that is easy to transport and consume, featuring a dual function lid and coaster.
It was founded by Andrew McMurry and J. Henry Scott, both of whom had prior experience in various industries before starting Zipz Wine.
McMurry, who earned a business degree from the University of Massachusetts in Amherst, had a background in product management and sommelier for Vantis Corporate Services.
Scott, on the other hand, had been involved in various industries before starting Zipz Wine. They wanted to create a convenient and superior packaging design for wine that could be easily transported.
The first line of designs was later improved by Scott to include a wrapping to prevent wine from spilling.
What Happened to Zipz Wine at Shark Tank Pitch?
Andrew and Scott, the founders of Zipz Wine, pitched their product to the Sharks on the show Shark Tank. They asked for $2.5 million for a 10% stake in the company, valuing the company at $2.5 million.
They explained that they needed the investment to help with packaging and licensing. They demonstrated the product, and the Sharks asked how it compared to a similar product, Copa Di Vino.
Andrew explained that Zipz had a one-year shelf life compared to Copa Di Vino’s two-year shelf life. The Sharks also asked about the patent, and Andrew revealed that he had sold $130,000 in license fees to get the product into major league ballparks.
He also said that a group of investors had contributed $8.5 million. Kevin felt the packaging was appealing, but the price of $2.99 per glass was too high.
Mark and Daymond exited, and Lori and Robert were interested but had concerns. Kevin eventually offered $2.5 million for 10% of the company, with the option to acquire another 10% at a $25 million value if he could get the product into COSTCO. Andrew accepted the deal and reached an agreement with Kevin O’Leary.
What Happened to Zipz Wine after Shark Tank?
After appearing on Shark Tank, Zipz Wine reached an agreement with Kevin O’Leary and is currently in the process of negotiating license terms with him.
Andrew and Kevin visited the facilities of Zipz Wine, where they were impressed by the automated filling process that fills each glass from the bottom, preventing oxidation.
Zipz Wine also signed a nationwide alliance with Arctic Beverage, and they launched a Chilean wine line called Chillin.
Zipz Wine stopped creating wine and focused on licensing negotiations, which allowed them to make their product available in a variety of retailers across the country, as well as on e-commerce websites like 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
The net worth of Zipz Wine was valued at $25 million during their pitch on Shark Tank, and it is believed to have increased significantly since the episode due to high sales.
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.