Grinds Shark Tank Pitch
Matt Canepa and Pat Pezet invented Grinds, a coffee packet that goes in your cheek like chewing tobacco. Grinds helps people quit using chewing tobacco.
Grinds is a favorite of professional baseball players who don't want the risk of Chewing Tobacco. Not only that, the coffee has supplemental vitamins added. They have over 20 major league teams using Grinds.
Matt and Pat want Grinds to be offered in every gas station as an alternative to chewing tobacco. The pouch keeps the coffee grinds from coming loose in your mouth.
The pouch has about a quarter cup of coffee. The partners met at Cal Poly, and were drafted. They used to take regular coffee grinds all over their mouth. They won a business plan competition to get seed money.
In 2010 they did $3,500 and then they got a call from the San Francisco manager who says he is using their product and wishes them well. The current year is $300,000 in sales. They offer the cans at retail price of $3.99. They sell it to distribution at $2.69, with projections of cost at $1.10.
Grinds Episode Data
- Company: Grinds –Website
- Entrepreneur: Matt Canepa and Pat Pezet
- Ask: $75,000 for 10% equity
- Episode Season 4 Episode 415
- Companies in this episode:
- First Aired: 09/23/2016
- Deal: Robert Herjavec and Daymond John $75,000 for 15% Equity
What do the Shark Tank Investors say about Grinds?
- Mark Cuban – says in any sport you can go small or you can go big. Mark doesn't see he can get a return on his time with this deal. He goes out.
- Daymond John – asks if they are looking for just capital, or do they want a strategic relationship.
- Kevin O'Leary – says you are creating a new category, and this is smart. Coffee companies are going to figure it tout and come after you. Kevin offers $100,000 for a royalty of $.25 a can sold. No equity.
- Barbara Corcoran – loves their energy, but it is not a product she can relate to. she is out.
- Robert Herjavec – thinks they are going to hit a home run. He offers $75,000 for 15% and asks Daymond to join him on the deal. Pat asks Daymond to up the cash to $100,000 for 15% equity. Robert said he will not do it because the $25,000 is not going to make a difference.
Grinds after Shark Tank
According to Forbes, the deal died in negotiations. They ended up projecting $4 million in sales in 2014 alone.