Biem Shark Tank Update

Biem Shark Tank Pitch

Doug Foreman appeared on Shark Tank Season 8, Episode 4, which aired on October 14, 2016, with liquid butter sprayer.

Biem is listed in the Food Beverage category. In plain terms, the business is described as liquid butter sprayer.

Biem asked the Sharks for $500,000 for 5%, implying a valuation of about $10 million.

On the show, Biem made a listed deal with Lori Greiner for $500,000 for 14%.

If treated as straight equity, the listed deal works out to about $3.6 million implied valuation, down from the original $10 million implied valuation.

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

Biem After Shark Tank

Biem accepted Lori Greiner’s on-air offer for $500,000 for 14%, but the investment did not close after filming. (Biem Shark Tank Blog update

The core post-show issue was execution. Follow-up reporting points to prototype and product reliability problems, delayed or faulty units, refund complaints, and Better Business Bureau scrutiny. (Biem Butter Sprayer Shark Tank Tales update

Biem released a V2 model in 2019 and tried to crowdfund a later QX3 version, but the campaign fell far short of its goal. (Biem Butter Sprayer Shark Tank Tales update

By 2021, the official site was listing products as out of stock, and the brand’s public activity had largely gone quiet. The business is now effectively defunct. (Biem Butter Sprayer Shark Tank Tales update

Sources

Sources used for this page: Shark Tank API pitches