So, what happened when Zipz Wine entered the “Shark Tank”? Did the product go on to great success? Or did it die a death like Biem, the butter-spraying utensil that failed to spatter spread? Well, Andrew McMurray had a slick, infallible, and well-designed product. Equally importantly, McMurray knew his grapes, how to pitch them, and who to — Kevin O’Leary.
McMurray came out punching. “I’m here today seeking a $2.5 million investment for 10% equity in our company,” he said, raising eyebrows and gasps. “Kevin, I think that’s music to your ears,” he stated. “You are wise, Grasshopper,” Mr.Wonderful quipped. McMurray was bang on the money. He elicited “Wows!” when he showed off the product’s strength by standing on the plastic glass.
“In our opinion, our plastic glass is going to become to the wine industry what the aluminum can became to the soda industry,” McMurray announced. O’Leary jumped on the comparison to Copa de Vinco, which had appeared on the show and refused investment offers twice. But McMurray had them at “shelf life” and proprietary patent. The product started 16 months ago and already had an $8.5 million investment. Mark Cuban, Daymond John, Lori Greiner, and Robert Herjavec were out. Mr. Wonderful played hardball over the price point but was all in at a $1.49 retail price. Offering $2.5 million for 10% of the company and $2.5 million when exiting if the company reached a $25 million valuation. Cheers! Deal done.
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Nicki
