Pie Wine Shark Tank Update – Net Worth, Pitch & Deal

For centuries, people have paired food ingredients and created irresistible and tasty duos like chocolate and strawberry, peanut butter and jelly, and more.

Pizza paired with Pie Wine which is a sweet, sparkly, easy-drinking table wine that creates magic and makes every pizza slice much better.

Josh Green and Kevin Klein are lifelong friends and co-founders of Pie Wine from Los Angeles, California. They appeared on Shark Tank in Season 15, Episode 1, and asked for $200,000 in exchange for 7.5% equity in their company. However, did they manage to secure a deal? Let’s find out.

Pie Wine Net Worth

At the time of their appearance on Shark Tank, Pie Wine was valued at approximately $2.67 million, based on their request for $200,000 for 7.5% equity.

Despite the enthusiastic pitch and the unique market positioning, Pie Wine did not get a deal. The sharks expressed concerns over market competition and the early stage of the business. Therefore, all sharks didn’t bother to invest in the company.

What Happened to Pie Wine After Shark Tank?

Like many startups that appear on Shark Tank, Pie Wine is already experiencing the show’s positive impact. The episode was watched by over 3 million people which means the company got free advertising which was worth thousands of dollars. Before their appearance on Shark Tank, they were accepting only pre-orders. But, post-shark, they experienced massive boost in website traffic, sales and social media exposure. The company is still in business and making good sales.

Did Pie Wine Get a Deal on Shark Tank?

Although Sharks were impressed with the company’s progress they were quite hesitant to invest. Therefore, Pie Wine couldn’t secure a deal. Actually, sharks declined to invest due to the high competition in the market and the company’s early stage. Kevin and Mark mentioned that they have already invested in a similar type of business therefore it would be a conflict of interest if they invested in Pie Wine. The other sharks also expressed concerns about the market saturation and the founders’ ability to scale the business efficiently​.

Shark(s) nameOffer & DemandCounterofferAccepted?
Mark CubanOutN/AN/A
Candace NelsonOutN/AN/A
Kevin O’LearyOutN/AN/A
Daymond JohnOutN/AN/A
Lori GreinerOutN/AN/A

Pie Wine Shark Tank Update

pie wine net worth

Founders Backstory

Josh and Kevin are the founders of Pie Wine. They have been friends since childhood. Despite working in entirely different fields, they decided to start a business and change their lives.

Kevin has a background in journalism, having written for several media publications and hosted various shows. He is currently the host of the Klein Alley Show on 106.7 KROQ in LA.

Josh did his masters in banking and got involved in investment banking. Both shared a love for the same favorite food growing up. As they got older, they developed an interest in winemaking and decided to combine their passions.

Initial Pitch

Pie Wine is manufactured in Itlay and perfected in California. It is one sweet sparkly wine that hits right when consumed with Pizza slices.

In the initial pitch, Kevin and Josh explained that Pie Wine is a perfect complement to pizza. He explained how Italians have pizza paired with a sweet, slightly bubbly wine known as Lambrusco. This is why their company’s slogan is “Born in Italy, Perfected in California.”

Their product is available in three flavors: Sweet Za Wine, Crisp White Wine, and World Famous Red Wine. They also offered sharks a slice of pizza with their wine. All of them stood up and drank some wine with pizza.

Daymond said that he never tried pizza with wine before, but he was amazed at how good it tasted.

Mark said that pizza has no official drink. Candace said that some people believe it’s beer, but it tastes horrible and fulfilling, and Lori agrees with her. Daymond thinks that Coca-Cola fits with pizza too, but Kevin says you are a young man; why not have wine with pizza.

The sharks liked the taste of the product however they do have some concerns regarding the packaging that does not clearly showcase the product.

Lori said that she is confused about the packaging as it says world-famous red and pizza new side piece; however, there is no proper clear indication of what the product is; it’s just saying that it has something to do with pizza.

Queries About The Product

what happened to pie wine after shark tank

The sharks asked about production costs, margins, and competition.

Daymond asked about sales, and Kevin replied that they launched just 2 weeks ago. To which, all of them gasped and felt a bolt of shock.

They started just two weeks before filming, and they are already selling in 8 states and have commitments from distributors worth $300,000 to $400,000.

They are also talking to distributors in 18 more states. They expect to make over $500k in sales in the next 30 days and aim to reach $1.5 million by the end of the year.

Candace asked if Kevin was fully invested in the business and Kevin replied that he is a morning radio host on K-Rock in Los Angeles. To which, Lori complimented that, “O, that’s why you look so familiar.”

Kevin asked if Pie Wine is just a side hustle for them. Both replied that despite their other jobs, they are fully committed to Pie Wine. Together, they have invested over $300k in the company.

Candace asked about margins. Kevin replied that each can cost $1.50 to produce, but they hope to reduce this to $1.25 with higher production. They plan to sell each can to distributors for $3.25.

Competition from established canned wine brands like Bev was a significant concern for the sharks. Therefore, they didn’t invest in the company.

Sharks’ Responses and Final Deal

Kevin O’Leary loved the product and mentioned that the market for such wine is growing. However, since he is launching his wine line, he can’t invest and therefore, he opted out.

Mark Cuban agreed and said that their product was great, but as he also has a competing product, BeatBox Beverages, which creates a conflict of interest, he can’t invest.

Daymond John was not sure how he would add value to the business and therefored he decided not to invest.

At this point, Josh offered the sharks a deal. He mentioned that if they don’t like it after one year, he and Kevin will buy them out. Daymond appreciated the gesture and said that the market was too crowded with competitors, including the sharks themselves, so he couldn’t invest.

Lori Greiner thinks it’s too early for her to invest.

Guest shark Candace Nelson finds the product and branding fun but feels it’s too niche. Before she decides, Kevin shares a story about proposing to his wife with a ring inside a Sprinkles cupcake. Candace loves the story but ultimately says it’s not the right investment for her and is out, too.

What Went Wrong With Pie Wine at Shark Tank?

Despite its unique concept and interesting pitch, Pie Wine failed to secure a deal on Shark Tank. There are many reasons for the failure. Here’s a detailed look into what went wrong during their pitch and why all the sharks decided not to invest in the company.

Reasons for Rejection

  1. Market Saturation and Competition
  2. Early Stage of Business
  3. Financial Metrics and Projections
  4. Lack of Differentiation
  5. Investor Alignment and Expertise

Individual Shark Responses

  • Mark Cuban liked the idea of pizza with wine,  but he didn’t offer any deal due to his investments in similar products, which he felt would lead to a conflict of interest.
  • Kevin O’Leary has a similar reply, saying he is already invested in a competing sparkling wine business, which he believed posed a direct conflict.
  • Daymond John felt the market was too saturated, and he couldn’t help much in this sector.
  • Lori Greiner thought the business was too early-stage and saw potential issues with market differentiation.
  • Candace Nelson who was a guest shark appreciated the concept but felt it was not a good fit for her investment strategy, focusing more on the market risks involved​.

Product Availability

The Pie Wine business is maturing like an old wine. They are currently operating in several states while maintaining their online presence. Their appearance on Shark Tank gave them huge popularity. Both Josh and Kevin have used their Shark Tank exposure to enhance brand recognition.

PIE Wine offers three options: Red, Sweet Za, and Crisp White. These are available in 4-packs for $20 and 12-packs for $60. They also sell merchandise for dedicated PIE Wine fans. The good news is that the PIE Wine website offers their beverages for purchase. However, there might be a shipping delay since they are currently taking pre-sale orders.

Conclusion

Pie Wine didn’t get any investment deal, although they gave such an entertaining and excellent pitch. They also have quite unique niche in the wine market. The founders continued to grow their brand and seize every opportunity they had while navigating the challenges of a competitive market.

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