Shark Tank Update
Shark Tank Pitch
Coffee Joulies Shark Tank Update
Published:
2m
Pennington, NJ
| Name | Coffee Joulies |
|---|---|
| Main Presenters | Dave Jackson and Dave Petrillo |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 9/14/2017 |
| Main Location | Pennington, NJ Loading Map |
| Order Shown in Episode | 1 |
| Final Deal | Deal was made on the show with sharks Kevin O'Leary, Lori Greiner, Daymond John, Robert Herjavec for $150k for 0% of company with $6 royalty ($3 wholesale) until $150k recouped then $1 in perpetuity, but it fell through after the show. |
Coffee Joulies Shark Tank Pitch
The ideal temperature for your coffee, tea, hot chocolate, soup, etc is 140° Fahrenheit (or for those who have not adopted America 60° Celsius). Dave Jackson and Dave Petrillo are mechanical engineers who found a way to prolong the time a beverage holds the ideal temperature.
Coffee Joulies are metal inserts similar to ice cubes but for maintaining warmth. They encapsulate a material that melts at 140° Fahrenheit, which we'll take their word that somehow that helps prolong the ideal temperature.
Coffee Joulies has a design patent (how it looks) issued and a utility patent (how it functions) pending. They did $575k of revenue last year with a $50k profit and expectations to do over $1 million in revenue this year.
Kevin, Daymond, Lori, and Robert want to push retail with a royalty deal while Mark plans to do the opposite in seeking a pure equity deal with the hopes of selling the company.
Dave and Dave accepted the deal with the four sharks leaving Mark's competitive spirit impacted by a loss.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $150k for 5% of company | |
| Sharks | Out | Daymond John | Out |
| Sharks | Offered | Kevin O'Leary | $150k for 0% of company with $6 royalty until $150k recouped then $1 in perpetuity |
| Sharks | Offered | Lori Greiner, Kevin O'Leary, Robert Herjavec | $150k for 0% of company with $6 royalty until $150k recouped then $1 in perpetuity |
| Sharks | Offered | Kevin O'Leary, Lori Greiner, Daymond John, Robert Herjavec | $150k for 0% of company with $6 royalty until $150k recouped then $1 in perpetuity |
| Sharks | Offered | Mark Cuban | $250k for 12% of company |
| Sharks | Deal Never Closed | Kevin O'Leary, Lori Greiner, Daymond John, Robert Herjavec | $150k for 0% of company with $6 royalty ($3 wholesale) until $150k recouped then $1 in perpetuity |
Mark Cuban
Offered
Daymond John
Deal Never Closed
Kevin O'Leary
Deal Never Closed
Lori Greiner
Deal Never Closed
Robert Herjavec
Deal Never Closed
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Coffee Joulies After Shark Tank
Dave Jackson and Dave Petrillo went to the same high school and remained in touch regarding several invention ideas over the years until settling on Coffee Joulies, which they saw the most potential in. The manufacturing process turned out to be more complicated than expected.
Dave and Dave had a goal of raising $9500 on a Kickstarter https://www.kickstarter.com/projects/705847536/coffee-joulies-your-coffee-just-right https://www.communitynews.org/towns/hopewell-express/local-inventors-snare-big-fish-on-shark-tank/article_bd982463-6984-5006-b880-f32d707ae06c.html campaign in 2011, and they ended up raising $307k. According to communitynews.org Link Preview
Kickstarter , Coffee Joulies also won $100k that year from the Shopify Build A Business Competition.Link Preview
communitynews.org
The deal with the sharks never closed. Coffee Joulies' website, joulies.com https://www.joulies.com https://www.facebook.com/coffeejoulies exists however nothing is available for sale and their last Facebook Link Preview
joulies.com post was in 2017.Link Preview
Facebook
As of 2022, according to Dave Petrillo's LinkedIn https://www.linkedin.com/in/davepetrillo, from 2017 to 2022 he has been an engineer at Peleton. I was unable to find what Dave Jackson has been up to.Link Preview
LinkedIn
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