Coldest Shark Tank Update – Coldest Net Worth

Twin entrepreneurs from Florida, Dave, and Joe Ahmad, are on Shark Tank Season 15 Episode 15 with a mission to produce the COLDEST products. In the hottest region of the US, these twins are on a mission to cool down the heat with their products. Let’s watch if the Sharks join them.

Coldest Net Worth

Coldest net worth is estimated at $10 million. The company is currently in business and is growing. 

What Happened to Coldest After Shark Tank?

Coldest has sales skyrockets with success and profit. It has headquarters in Naples, Florida. Now, they have extended their staff to 51-200 employees. 

Did Coldest get a deal on Shark Tank?

No, they couldn’t secure a deal at Shark Tank. Due to poor pitch and business skills, all Sharks were out except for Kevin. Even an offer from Kevin was rejected. Learn why and how the only deal was also turned down by the entrepreneurs.

Shark(s) nameOfferDemandCounterofferAccepted?
Robert HerjavacOutN/AN/ANo
Lori GreinerOutN/A  N/ANo
Kevin O’Leary  $600,000 with 2% equity        $600,000 as a debt, and $900,000 will be paid back after 3 to 6 years.       $1.5 million with 5% equity that 5% will be paid back in the next 3 years covers the 1.5 of the total investment$600,000 as a debt, and $900,000 will be paid back after 3 to 6 years.       $1.5 million with 5% equity that 5% will be paid back in the next 3 years covers 1.5 of the total investmentNo
Daymond JohnOutN/AN/ANo
Mark CubanOutN/AN/ANo

Coldest Shark Tank Update

what happened to coldest after shark tank

Founders and their Backstory

Dave and Joe belong to a family of immigrants. They had a Jordanian father and a Filipino mother and both were engineers. Both of them were brought up with a mentality of engineering as only a career. 

Both twins went on with their passion for business. They used to listen to a favorite podcast regarding it and begin side hustles like website designing for other clients. But luck wasn’t beside them and they kept failing. But this didn’t stop them. With every attempt, they learned a new lesson.

In 2015, Coldest began with Dave’s saving of $14,000. Initially, it was branded as Coldest Water. Dave selected a company and spent all his savings. With all his savings, 4000 water bottles were the final order. Joe, as an elder, inquired how he would be able to sustain himself in the competitive water bottle industry.

He listened to his brother and called the company to cancel the order. But it was too late as the product was on the production line. After two years, Dave had $900k in revenue. They sold all their bottles in just 5 months. They began at Amazon. 

Coldest Initial Pitch

coldest shark tank pitch deal

Dave and Joe begin the pitch with their introduction in a very cheerful mood. They stated that they are on a mission to manufacture the Coldest products. After a bombastic performance with goggles, they presented their products with the excited Sharks.

Joe presented the COLDEST water bottle, which is tested against 50 different brands. It keeps the water cold for more than 36 hours and has exceptional features like a non-spill rubber base and 0% leakage. 

Dave further explained that their goal is to brand everything with cold products. Such as Coldest Pillow and Coldest Bed Dog with a bowl. He then placed his demand on $600,000 with 2% equity. They then closed the pitch with an ice-smoke blast performance.

Queries about the Product

Various samples of the Coldest water bottles were placed for the Sharks to examine. Dave mentioned that there are three different models for the water bottle. Mark then inquired about the backstory. Dave stated and further went on with the sales history of the Coldest. 

Then, in 2017, Joe suggested Dave focus on their product line as he will focus on marketing. This ended up earning $2 million. At this point, Kevin jumped in to Inquire about the sales queries. 

Dave stated that from 2017 to 2022, the revenue was $900k, 2.5 million, 5.9 million, 9.3 million, 12.4 million, and 15.1 million next year’s revenue. All Sharks jumped in with queries. Dave explained that they lost $400k last year. 

This shocked the Sharks. As inquired, he stated that inventory stocked out rapidly and that various models and colors were extended to the inventory. Daymond inquired about the inventory worth, to which Dave answered 2.5 million dollars with 350 categories.

Mark inquired about the number of items that they think are a year older and will not be purchased. Daymond inquired about the manufacture and sell price of each item. Dave answered that it sells for $ 55.99 on any item and costs $12. He inquired about the targeted revenue, which Dave had planned to be $22 million. 

Shark’s Responses and Final Deal

Lori was the first Shark to step out. That’s because they aren’t making any money after the business is running. She doesn’t like the business model, and their supply and demand are low. Mark questioned their advertising cost, which Dave informed us of a lot as 3.3 million dollars. Mark backed out as he didn’t find their marketing strategy worthy.

Next was Robert. He stepped out after admiring their efforts as he couldn’t understand why they were broke while the revenue was pretty good. Then Daymond stepped out as he didn’t find this business model easy. Dave offered to increase the equity margin up to 20%, and this act ignited Kevin. 

Kevin wasn’t a big fan of water bottle and their presentation. He clearly stated his non-interest in the product till the sales history came up. So he offers a deal of $600,000 with 7% equity with $2.25 per unit till $300,000 is recovered. Joe placed a counteroffer of $600,000 as a debt and $900,000 will be paid back after 3 to 6 years.

Kevin rephrased his deal as $600,000 with 5% equity with $2.25 per unit sale until $300,000 is recovered. Dave gave a counteroffer again. $1.5 million with 5% equity that 5% will be paid back in the next 3 years covers the 1.5 of the total investment. Kevin didn’t agree to their proposal. After a short discussion, they didn’t agree with Kevin’s deal. They left without a deal.

What went wrong with Coldest at Shark Tank

All Sharks were out mostly because of their business model. Despite good sales scores, the company isn’t profitable. They spend enough on advertisement, and poor management is the string that keeps pushing back the business revenue. The pitch in Shark Tank had mixed reviews from Sharks, and then got a deal from Kevin. Still, rejected the offer and had nothing. Improving management skills might help the business model grow to earn revenue.

Product Availability

Coldest provides various drinkware like hydration bottles, mugs, tumblers, and others from various categories and massive colors. Sales, bundles, and other accessories are available. Aside from these, flavors, ice packs, and other categories are also available on the website. Many influencers also promote the drinkware. It can be purchased from their original website and Amazon.

Conclusion

Dave and Joe are twins from an engineering background. They want to bring everything coldest to the world. From drinkware to bedding, the coldest sensation for its consumers. They demanded for $600,000 with 2% equity.

After an average pitch, all Sharks except Kevin back out. After two rounds of negotiation, Kevin offered a deal to the entrepreneurs. Dave and Joe were not willing to go with a royalty deal, so they rejected Kevin’s offer. So they left without an investment. 

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