Coffee Joulies Shark Tank Update – Net Worth 2024

A typical issue that many coffee lovers deal with is that their coffee cools down too soon once it becomes too hot to drink. This can make it difficult to have the ideal cup of coffee. 

With Coffee Joulies, engineers Dave Petrillo and Dave Jackson developed an innovative solution to this issue. Coffee Joulies are tiny capsules made of stainless steel that are used to help control the temperature of hot liquids such as coffee. Coffee Joulies can bring hot coffee down to a comfortable temperature and maintain it there for up to five hours. 

Dave Petrillo and Dave Jackson brought their innovation to Shark Tank because they wanted to share it with as many people as possible. They asked for $150,000 in exchange for a 5% share in their business. They pleased the sharks with their sales figures and future goals, as well as by showcasing how their product worked. Well, did they get a deal? Let’s find out! 

Coffee Joulies Net Worth

Dave Petrillo and Dave Jackson asked for a $150k investment in exchange for 5% equity in their company. This meant they valued their company at $3 million. They made a deal with Daymond John, Lori Greiner, Robert Herjavec, and Kevin O’Leary for $150k in exchange for a royalty of $6 per unit sold in retail and $3 per unit sold wholesale until the investment is repaid, with a $1 per unit royalty in perpetuity after that. This new deal valued the company based on future sales rather than a fixed equity percentage. After the show aired, Coffee Joulies faced challenges, including the deal not closing and competition from a similar product at Bed Bath & Beyond. Given these setbacks and the current unavailability of their products, the current net worth of Coffee Joulies is close to $0.

Coffee Joulies Shark Tank Update

What Happened To Coffee Joulies After Shark Tank?

Coffee Joulies’ situation became more difficult after appearing on Shark Tank. Despite Dave and Dave agreeing to a contract with Daymond John, Robert Herjavec, Lori Greiner, and Kevin O’Leary for the show, the deal was never finalized after filming. To make matters worse, even though Coffee Joulies had a patent, a big company called Bed Bath & Beyond began selling a comparable product. For the company, this was a major setback that made life difficult for Dave and Dave. As of today, The Coffee Joulies website is not operating, and the products aren’t available. 

Did Coffee Joulies Get A Deal On Shark Tank?

Yes, Coffee Joulies get a deal on Shark Tank. Four sharks, Daymond John, Lori Greiner, Robert Herjavec, and Kevin O’Leary, made a $150,000 offer, which Dave and Dave accepted. The agreement was set up like a royalty contract. Until the investment was repaid, the sharks would get a $6 royalty on every unit sold through retail and a $3 royalty on every unit sold through wholesale. The sharks would then get $1 per unit going forward. 

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary + Lori Greiner + Robert Herjavec + Daymond John	1# $150k for a royalty of 6 per unit until 150k is recouped. Royalty goes down to 1 per unit in perpetuity  2# $150k for a royalty of 6 per unit retail and 3 per wholesale unit until 150k is recouped. Royalty goes down to 1 per unit in perpetuity	N/A	Yes
Lori Greiner	Partnership	N/A	N/A
Robert Herjavec	Partnership	N/A	N/A
Daymond John	Partnership	N/A	N/A
Mark Cuban	$250k for a 12% equity	N/A	No

Dave Petrillo and Dave Jackson’s Backstory

Engineers Dave Petrillo and Dave Jackson were growing tired of their coffee either becoming too hot to drink or becoming cold too quickly. Their goal was to come up with a solution that would let coffee lovers enjoy their beverage for an extended period at the ideal temperature. As a result, they created Coffee Joulies, which are tiny, heat-absorbing, stainless steel capsules packed with a unique substance.

These pills help keep overheated coffee cool for several hours at a time. The two Daves first had to deal with several difficulties, such as expensive patent and legal expenses. They also had to invest a lot of money in product development and manufacturing setup. Despite these challenges, they were determined to bring their invention to coffee lovers everywhere.

Initial Pitch 

During their Shark Tank pitch, Dave and Dave served coffee that had been prepared three hours earlier and was still at the ideal sipping temperature to showcase Coffee Joulies. The product’s capacity to control temperature and maintain coffee’s warmth for up to five hours attracted the interest of the sharks. The capsules might also be used for other hot liquids, such as oatmeal, soup, and tea, as Dave and Dave stated. They disclosed their sales figures, showing that they had already generated $575,000 and were expected to reach $1 million in the same calendar year. The company’s founders requested $150,000 in exchange for a 5% ownership share, stating that they needed the funds to grow their business at more retail locations. 

Queries About The Product

Daymond John was curious to know if Coffee Joulies be used for other hot beverages like tea.

In response, Dave and Dave said that Coffee Joulies were suitable for any hot beverage, including tea, soup, and oatmeal.

Lori Greiner asked about the cost to make one Coffee Joulie, and the retail price. 

According to Dave and Dave, a single Coffee Julie costs $3.65 to produce, and a five-pack is sold for roughly $50.

Kevin O’Leary asked the entrepreneurs what they do with all the sales money. 

The makers explained how they could make a profit despite spending a lot of money on tooling, legal bills, and patents to safeguard their invention.

Robert asked about the sales and profit. The entrepreneurs replied they made $575k last year, and the profit was about $50,000. They are expecting to make over a million dollars this year.

Shark’s Responses and Final Deal

Kevin O’Leary liked the plan, but he believed the valuation was too much. He offered a $150,000 royalty contract, with $6 per unit sold in retail and $3 per unit sold wholesale. The royalty would decrease to $1 per unit once the initial investment was recovered.

Lori Greiner became interested in dealing with Kevin since she thought selling Coffee Joulies on QVC would be profitable. She joined Kevin’s offer. 

Robert Herjavec desired a piece of the action as well. He also wanted to be part of the deal since he believed the product could do well in retail.

Daymond John left at first because he didn’t think the $3 million estimate made sense. But when he noticed that the other sharks were becoming interested, he returned and joined Robert, Kevin, and Lori.

Deals involving royalties did not appeal to Mark Cuban. He refused to allow the product to be sold in stores or on QVC, but he offered $250,000 for 12% equity. Dave turned down Mark’s offer.

Product Availability

As of today, the Coffee Joulies website is closed, and the products are not available anywhere for purchase. 

Conclusion 

Coffee Joulies had a great beginning on Shark Tank thanks to a unique product that attracted the attention of multiple sharks. Despite having a deal on the show, Dave and Dave never followed through on their promise. The company encountered more difficulties when, despite their patents, a large retailer started offering a comparable product for sale. The story of Coffee Joulies shows that success isn’t assured even with a strong product and pitch. It will be interesting to watch if the business can get beyond these challenges and make a comeback in the future.