Tim Loucks, the founder of Square Keg pitched his brand on episode 6 of Shark Tank season 14.
Square Keg is a brand that has developed the SquareOne Mini Keg fits. It is a compact device that is built to keep beverages and drinks fresh for a long time. With a capacity of 128 oz, it can store any type of drink including kombucha, craft beer, wine, cocktails, and many more.
Tim came to Shark Tank to secure an investment of $300,000 for a 10% stake in his company. That said, now let’s find out if the sharks invested in his business or not.
Shark Tank Square Keg Update
- Entrepreneurs: Tim Loucks
- Business: Beverage/Keg
- Ask: $300,000 for 10% equity
- Result: $300,000 for 20% equity
- Sharks: Kevin O’Leary
Square Keg specializes in a product that helps store drinks and beverages. It is big enough to store 8 pints of beer. Besides beer, it can be used for other drinks too.
During the pitch, Tim revealed that his company generated gross revenue of over $1.4 million. The cost of manufacturing a single unit is $130 and they are sold at double the price.
Based on the company’s 2021 reports, it incurred a big loss of $250,000. Despite the setback, the company managed to spring back into action.
Coming to the sharks, Daymond John left the deal without an offer because he didn’t have enough knowledge about the industry. The next two sharks to quit the deal were Peter Jones and Lori Greiner because they didn’t have much faith in the product. However, they did admit that making a few changes would make the product better.
In the end, it was only Kevin O’Leary who showed interest and made an offer of 20% equity for $300,000. Having no other option, Tim agreed to the offer and a deal was finalized between the two. However, he did try to make a counteroffer, but that didn’t work.
Tim Loucks conceived the business idea back in 2017. At that time, he didn’t have much knowledge about keg containers. However, he did have some idea about the manufacturing process.
After hours of research, he was successful in building his product. In 2020, he ran a Kickstarter campaign to raise $150,000. Unfortunately, the campaign failed as he could raise only $60,454.
Despite facing challenges, Tim didn’t give up and established his business. He came to Shark Tank to collect funds to support his business.
After the airing of the Shark Tank episode, more people came to know about the product. This helped increase the company’s sales. In November 2022, the company rolled out a “$100 off” offer on its official website.
At present, the product is available on both its website and Amazon. Interested customers can easily place their orders from these websites.
Striking a deal with Kevin O’Leary proved to be very beneficial for the company. He is a good partner and knows the industry. Although Square Keg products are expensive, they are selling well.
