The Ice Cream Canteen Shark Tank Update – Net Worth, Pitch & Deal

Having ice cream at the beach or at a picnic is not possible because it melts quickly. Hence buying a cone to eat as you stroll on the beach was the only answer and people did that to enjoy the ice cream. However with the idea to enjoy ice cream anywhere Jordan intended to make ice cream much more enjoyable to everyone, anywhere.

Buying a pint of ice cream and transporting it to the beach or home can be difficult as the ice cream can melt and you don’t get to enjoy it properly. Now however with Ice Cream Canteen, you can enjoy ice cream anywhere you want. Will the sharks be interested in the ice cream canteen or will the deal melt away? Read below to find out more.

The Ice Cream Canteen Net Worth

Jordan asked for a $100,000 investment in exchange for 5% equity in his company. This meant he valued his company at $2 million. He made a deal with Lori and Mark for a $200,000 line of credit in exchange for 20% of his company. This new deal valued his company at $1 million. After the show aired, Ice Cream Canteen saw a big increase in website traffic, sales, and social media exposure. With an estimated 50% yearly growth rate due to strategic partnerships and high demand, the current net worth of Ice Cream Canteen is about $5 million.

What happened to the Ice Cream Canteen after Shark Tank?

After the airing of the Shark Tank episode, the product was completely sold out on the website. The Ice Cream Canteen website has a lot of discounts and deals being offered to customers to lower the price point. Along with that the manufacturer offers free shipping and a lifetime warranty and is able to attract a lot of customers. Lori has been promoting the Ice Cream Canteen on her own website as well as her socials. The company is working with a lot of ice cream manufacturers to offer them branded and customized ice cream canteens. 

Did The Ice Cream Canteen get a deal on Shark Tank?

Yes, the Ice cream Canteen did get a deal on the shark tank. Kevin was the first to make an offer and he offered $100,000 for 30%. Daymond declared himself out. Mark and Lori consulted with each other and came up with a $100,000 line of credit for 25%. Jordan countered with 15% and Mark said that if they gave him a $200,000 line of credit he be able to give up 10% of the equity. Daniel didn’t get a chance to make an offer. While Jordan considered the offer, Daniel tried to get his attention but failed. Jordan accepted Lori and Mark’s deal.

Shark(s) nameOffer & DemandCounterofferAccepted?
Lori and Mark$100,000 line of credit for 25%, later $200,000 for 20%$100,000 for 15%Yes, $200,000 line of credit for 20%
Daniel LubetzkyInN/AN/A
Lori GreinerInN/AN/A
Kevin O’Leary$100,000 for 30%N/AN/A
Daymond JohnOutN/AN/A
Mark CubanInN/AN/A

The Ice Cream Canteen Shark Tank Update

ice cream canteen net worth

Initial Pitch

Jordan came into the Shark Tank asking for $100,000 for 5% equity. He took a pint of ice cream out of the fridge and told the sharks that it was the most delicious ice cream in the country. However, you cannot take it anywhere because it melts quickly, that is the reason he created the ice cream canteen. The world’s first double walled vacuum insulated container for a pint of ice cream. This will help you keep your ice cream cold so that you can enjoy your ice cream anywhere. Just open the canteen and drop the pint of ice cream in it screw on the cap, and the ice cream canteen will keep it frozen for hours. No freezer, no problems. He asked Mark to help demonstrate the canteen’s ability to keep ice cream cold.

Jordan handed a blowtorch to Mark and asked him to burn the canteen and try to melt the ice cream. Mark blows the fire at the canteen and nearly sets the table on fire. Jordan checks the heat and informs everyone that it’s 425 degrees hot. After which he opens the canteen and shows everyone that the ice cream inside is perfectly firm and hasn’t melted at all. Mark walks away with the ice cream.

He continues with the fact that the ice cream canteen can take the heat, allowing people to enjoy ice cream anywhere. From the beach, and picnics to a bar b que, the ice cream canteen will keep the ice cream cold and frozen.

Queries about Ice cream Canteen

what happened to the ice cream canteen after shark tank

Daniel applauds the idea and says that he thinks that the ice cream canteen is solving a major need. He asked how long does the ice cream lasts inside the canteen and does the canteen needs to be frozen beforehand. The canteen doesn’t need to be chilled; it will work better if it is chilled but it’s not required, told Jordan. He further said that the ice cream canteen will keep it frozen for up to 4 hours on its own or if it’s in a cooler it works for up to 8 hours. Daniel asked did anyone come up with this before. Jordan said no one came up with this before me.

Lori asks he said no one came up with it before him so now are there any competitors? Jordan told her that if he had come to the Shark Tank two months ago, he would’ve been able to say that he was the only ice cream canteen in the market. However, two months ago 2 other competitors showed up with similar but much lower-quality products. Lori also asked if he had a patent and he said yes, his design patent is still pending but he has 3 registered trademarks.

Mark asks him to break down the numbers for them. The Ice cream canteen is being sold for $44.99 and his landed cost is $7.66

Kevin asked are the sales all direct to consumers. Jordan told him no, not all direct to consumers. Huge potential here is retail and one of his large retail partners is the ice cream industry. There are 80,000 ice cream, gelato, or frozen yogurt shops they all sell pints of ice cream. However, customers cannot take that ice cream to their homes or from the store to the beach.

Daniel asked what is his revenue. Jordan told him he sold $98,000 in 2021. In the year he appeared on Shark Tank the sales were $185,000. Profits were over 50%. In that year he was expecting to do $400,000 and net over 50%.

How much of his own money has he put into the business? Mark asked. To which he responded that getting started he was $15,000 in credit card debt. Mark asked what he needed right now. He was capital-constrained and was having inventory issues.

Shark’s Responses and Final Deal

did the ice cream canteen get a deal on shark tank

Kevin was interested and liked the product and made the first offer of $100,000 for 30%. Daymond was very upset with the 5% equity offered by Jordan and complained that entrepreneurs don’t value the time of the Sharks. Hence, he said he was out. Daniel stood up and said that he was very excited about this business and wanted to understand what is he looking for. Jordan told them that he needed help with retailer distribution and he is looking for a strategic partner that understands the need the canteen is solving.

Lori said she understood the mission and she knew ice cream inside out, she said that he needed someone who knows how to run this business for him. She also spoke to Mark since he also understands the ice cream industry, she offered a $100,000 line of credit, herself and Mark as partners at 25% equity.

Jordan after hearing the offer tried to explain the $2 million evaluation and Mark told him to think about how much money he is making, and how much is going into his pocket and told him to 10x that amount. After that, the percentage of ownership doesn’t matter anymore. 

Product Availability

The Product is available on the website of the Ice Cream Canteen, Amazon, and Uncommon Goods. Along with that the company has partnered with artisanal ice cream manufacturers and offers customized laser-engraved or printed canteens with the ice cream manufacturer’s logo. Since the product’s price point is too high the company website does a lot of promotions and discounts, along with lifetime warranty and free shipping.

Conclusion

The ice cream Canteen solves an important problem for the customers and that seemed to appeal to the sharks. They were enthusiastic about the product and wanted to get the deal. Mark and Lori combined their portfolio and experience to offer a mega deal of a $200,000 line of credit for 25% of the equity and Jordan couldn’t refuse that offer.  All in all, the Ice cream Canteen was a hit on the show and won a lot of praise from the sharks.

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