Mark Tsigounis, a U.S. Navy veteran and entrepreneur, is on Shark Tank Season 15 Episode 19 with his innovative flasks. His products are built to keep any drink and beverages at their best quality for long journeys. There are several functions for both cold and hot drinks. But will Shark invest in his innovative flask? Let’s find out.
Hibear Adventure Flask Net Worth
Mark reported $300k+ in sales last year and he is targeting $1 million in sales for the next year. He also has a $200k in debt. So, based on the numbers and expected growth of the company, Hibear’s current net worth is around $850k. The business is still running and has an excellent online presence, too. The social media is quite active on Facebook and Instagram.
Hibear Adventure Flask Shark Tank Update
What Happened to Hibear After Shark Tank?
Hibear observed exceptional growth in sales and popularity on social media. With 20,000 Instagram followers, they keep engine more products. The products from the company have received prestigious awards like the Red Dot Design Award and the esteemed IF Design Award.
Magazines like Sisu, Bucket, and Outside Magazine have featured the products. Despite any Shark, Hibear is a potential placeholder for consumers and competitors in its industry.
Did Hibear get a deal on Shark Tank?
Unfortunately no. Mark did his best but couldn’t get a Shark to invest in his product.
| Shark(s) name | Offer | Demand | Counteroffer | Accepted? |
| Robert Herjavac | Out | N/A | N/A | No |
| Lori Greiner | Out | N/A | N/A | No |
| Kevin O’Leary | Out | N/A | N/A | No |
| Emma Grede | Out | N/A | N/A | No |
| Mark Cuban | Out | N/A | N/A | No |
Founders & Their Backstory
Mark has an excellent experience in retail finance for 15 years. He began hiking as he covered 2.186 miles on the Appalachian Trail from Georgia to Main. It took him 107 days.
Initial Pitch
Mark introduced himself and began his pitch. He demanded $150,000 for 5% equity in his company, Hibear. Mark explained the use of flasks on long journeys. He explained how ordinary flasks are suitable for carrying out water. For beverages and drinks, All Day Natural Flask is the ideal option. It has a filter for tea and coffee. It also has drinks with a cocktail shaker.
Moreover, it keeps the drinks like juices and wines cold. The removable sleeve and infused tea filter give more options for beverages. It has everything you need – hot or cold. It has caught up with it all. The minimal design is easy to use every day. He then completed his pitch and gave a good presentation. And it ended up with Shark’s remarks.
Queries about the Product
Robert and Lori begin with an appreciation for an excellent idea of converting it into an innovation. Robert inquired about his idea for innovation. He shared his backstory. Robert appraised his product as being reliable for anyone. Mark agreed with him as he understood that a hiker needs to carry fewer but efficient tools. Mark further explained that it’s an excellent corporate gift. It’s available in 7 different colors.
Emma inquired about the manufacture and sale cost of each unit. Mark stated it takes $15.50 to manufacture and sell at $95. Emma asked about the competition, curious about what makes Hibear’s Flask different. Mark explained that it’s a top-notch product for 36-ounce flasks with ten additional features. Kevin appraised the product as exclusive.
Mark continued to mention about the sales. Retail, direct-to-consumer, and corporate – are three different marketplaces. On the other hand, corporate accounts for 40% of the sales. Emma inquired about the sales in total. Mark replied that they had made $745,000. She then asked about the beginning of teh business year. Mark informed me that the Kickstarter began in 2020.
The first delivered batch was in 2021. Mark Cuban inquired about last year’s sales(2022), to which Mark informed that they had made $320,000. He further shared his plan for next year as he is targeting 1 million in sales and starting on Amazon. Robert questioned the debts, to which Mark informed them there was a $200,000 debt.
Kevin begins his queries regarding the sales. He asked if the retail sales were significant when Mark mentioned they were just 25%. Kevin wanted to know why Mark needed retailers. Mark explained that retailers are important for new brands. Kevin explained that he should focus on the direct consumer as he can make his consumers understand its value, or it will be the most expensive bottle on the store’s shelf.
Shark’s Responses & Final Deal
Kevin, Lori, and Daymond jumped into a debate to understand the sales margin. They all ended up with the retail margin being too low to discuss. Lori questioned Mark about this vision for his business. Mark responded that he wanted to expand. Kevin said it’s not profitable yet, so it better focus on being profitable first.
Mark Cuban appraised the product, but he suggested selling more online. He considers that the margins are too tight, so he backs out. Kevin inquired about CPA (Cost Per Acquisition), to which Mark replied with $52. Kevin stated that it’s not making money for each unit. Emma was the next Shark to quit the deal as she thought it was too early for her to invest. She still gave her best wishes to him for his product.
Kevin was next to quit as the CPA was low and the business model gave low profits. So he stopped out. Robert appreciated Mark and his innovation. But he thinks the product is too niche. So he stepped out, too. Unfortunately, Lori was the last one. She explained that there were tons of water bottles in the market and that she wasn’t ready to invest in them, so she stepped out. Mark had to leave without any deal.
What Went Wrong with Hibear on Shark Tank
Despite being an innovative product, Mark was unable to get a deal. Sharks were interested in the product, but there were some loopholes—a debt of $200,000, a non-profitable business, and a $95 price tag. The business model was profitable, but the Sharks didn’t find it good enough to invest in.
Product Availability
There are various flasks on the website for the customers to choose from. There is the pack collection, too. Different products that resembled flasks and tumblers are all in one package. With a versatile collection of tumblers and flasks, there is more stuff to us. Hats, replacements, gaskets, cocktail shakers, etc, to purchase.
After its popularity online, there has been a good increase in sales. There are various products and accessories to purchase. There are more and latest designs with theme designs like Road Trip. Check out their latest deals on their website.
Conclusion
Mark Tsigounis bought his innovative product at Shark Tank. His product is an all-in-one package for drink lovers on long trips and hiking. As a hiker, he understands the importance of fewer but efficient tools on the road. So, his product serves it all: infused tea, cold drinks, cocktail makers- anything you need on the go.
Despite an excellent pitch, no Shark invested in the Hibear. They did praise the product but didn’t make any investment. Hibear is making it best with all new products and designs.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.