It can be very annoying to eat at work, particularly if you like messy foods like cheese puffs or chips. Most people have struggled to eat something while working, only to have their fingers get greasy and leave stains on their phone or keyboard.
Kevin Choi and Edwin Cho intended to find a solution to just this situation. Snactiv is a straightforward yet efficient snacking gadget that was unveiled. Snactiv is a device that resembles chopsticks but fits in between your fingers to pick up snacks without coming into contact with them.
Kevin and Edwin presented their product on Shark Tank, hoping to expand their business. The entrepreneurs came in seeking $200,000 in exchange for 10% stock in their company. Did the entrepreneur get a deal on Shark Tank? Check out our Snactiv update to find out!
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Kevin Choi and Edwin Cho asked for a $200k investment in exchange for 10% equity in Snactiv. This meant they valued their company at $2 million. They made a deal with Kevin Hart and Lori Greiner for $200k in exchange for 20% of their company. This new deal valued their company at $1 million.
After the show aired, Snactiv saw a big increase in website traffic, sales, and social media exposure. With an estimated 20% yearly growth rate (typical business growth), the current net worth of Snactiv in 2024 is about $2.4 million.
Snactiv Shark Tank Update
As for the Snactiv update, Snactiv has expanded ever since its Shark Tank debut. Today, the business is still operating and doing well. Snactiv immediately put their items on sale on websites like Amazon and their own, after their pitch. Sales of over 2,000 units each month show a genuine market for their product.
They even worked with DoorDash on a limited-edition Snactiv version in early 2022, which increased their exposure. Although precise income figures are unavailable, the product has received over 1,000 good internet reviews, and the company is still actively engaging with its customers, focusing on gamers. The development of Snactiv from a concept to a necessary snack tool shows their commitment to finding a workable solution to a common issue.
Yes, Snactiv did indeed land a deal on the shark tank. Originally, Edwin Cho and Kevin Choi wanted $200,000 in exchange for 10% of their business. They eventually agreed to take a $200,000 agreement with 20% stock from Kevin Hart and Lori Greiner. The businesses were thrilled to have not one, but two, influential Sharks on board to assist advance their product.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Kevin Hart and Lori Greiner | $200,000 for 20% equity | $200,000 for 15% of equity stake | Yes |
| Lori Greiner | Partnership | N/A | N/A |
| Kevin O’Leary | 1# $200,000 for 10% equity + $1 royalty per unit sold until $1 million is paid 2# $200,000 for 5% equity + $1 royalty per unit sold until $1 million is paid 3# $200,000 for 5% equity + 50 cents royalty per unit sold until $1 million is paid | N/A | No |
| Barbara Corcoran | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Snactiv Shark Tank Pitch
Snactiv wasn’t created by Kevin Choi and Edwin Cho overnight. The concept originated from a need. Kevin’s messy eating habits sometimes irritated Edwin, particularly while they were working together. They developed a mechanism that could address the issue for other people after realizing they couldn’t be the only ones dealing with it.
It was not a simple task to design and patent Snactiv. In order to make the design both comfortable and functional, they had to overcome several obstacles. The pair put in a lot of effort to make their invention a reality, and it paid off when they were accepted into Shark Tank.
Edwin and Kevin began their pitch by playfully illustrating the mess that results from consuming sticky treats. The Sharks took notice of this right away. They described how Snactiv functions similarly to chopsticks but is more user-friendly because it fits between your fingers, making munching mess-free.
They stated that they had received purchase orders from overseas customers totaling $50,000 and that they had already sold $187,000 worth of Snactiv. They disclosed that their invention now possessed a utility patent, increasing its attractiveness to buyers. Keep reading our Snactiv update to see what happens next!
The questions and responses to the product varied among the Sharks:
Kevin questioned the cost of the product. The founders replied that Snactive costs $2.60 to make and $2.82 with the case.
Kevin wanted to know why the business was worth $2 million. The founders responded they are 5 months old and their lifetime sales are $187,000.
Lori Griener asked about the patent. Kevin and Edwin replied that their utility patent was pending.
Lori Greiner was preoccupied with using her network and platforms, such as QVC, to promote the product.
Kevin Hart Stressed how his connections and charisma may assist promote the product to a larger market.
The idea fascinated Mark Cuban, and Barbara Corcoran but didn’t offer any deal.
Kevin O’Leary offered a royalty arrangement in which he will invest $200,000 for 10% equity and $1 for each unit sold until a $1 million is paid
Lori Greiner thought the product was great and a great fit for QVC. She and Kevin Hart collaborated to submit a united offer.
Kevin Hart expressed similar excitement and thought they could sell even more under his influence. They made one last offer together, $200,000 for 20% stock.
The business owners finally agreed to Lori and Kevin’s offer of 20% after attempting to bargain down to 15%.
Product Availability
From our Snactiv update research, Currently, Snactiv may be found on several websites, including Amazon, their own website Snactiv, and other online stores. They have two models available: the more expensive Snactiv Light and the high-end Snactiv Pro.
They also sell branded t-shirts that make fun of sloppy munching by referencing things like spills of “cheese dust.” By today, the company was still selling over 2,000 units each month, and both snack and gaming aficionados were becoming big fans of their product.
Conclusion
Shark Tank proved to be an enjoyable and beneficial experience for Snactiv. The entrepreneurs had to overcome obstacles such as product design and shark negotiations, but their diligence paid off. Snactiv has developed further after signing a contract with Kevin Hart and Lori Greiner, working with well-known companies and extending its range of products.
Although it’s unclear if the purchase was formally consummated, the business has a strong clientele and is still doing well in the snack tool industry. In the future, Snactiv appears ready to continue expanding and looking for fresh approaches to connect with even more sneakers worldwide.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
