The Drip Drop Shark Tank Update

The Drip Drop Shark Tank Pitch

Sam Nassif and Oliver Greenwald appeared on Shark Tank Season 7, Episode 25, which aired on April 22, 2016, with edible waffle ring that slides onto an ice cream cone to catch melting drips.

The Drip Drop is listed in the Food Beverage category. In plain terms, the business is described as edible waffle ring that slides onto an ice cream cone to catch melting drips.

The Drip Drop asked the Sharks for $50,000 for 20%, implying a valuation of about $250,000.

On the show, The Drip Drop made a listed deal with Barbara Corcoran for $50,000 for 33.3%.

If treated as straight equity, the listed deal works out to about $150,150.15 implied valuation, down from the original $250,000 implied valuation.

This pitch is included as context for the more important question: what happened after Shark Tank.

The Drip Drop After Shark Tank

The Drip Drop accepted an on-air Shark Tank deal for $50,000 for 33.3%. The on-air deal did not close. Follow-up reporting lists the company as out of business. (Drip Drop Shark Tank Update

At that time, they had a product in just three Denver-area ice cream stores. (Drip Drop Shark Tank Update

Since their airing in April 2016, Sam and Oliver had been working to perfect their design and to bring their licensing deal to a manufacturer. (Drip Drop Shark Tank Update

Sources

Sources used for this page: Shark Tank API pitches