In the contemporary world we have made covers for each and everything, including books, cars, tables etc. However, we still need a cozy cover for our glass bottles and champagnes to feel more gripped and fancier.
Zach Crain, the owner of Freaker USA, has introduced a fancy system for our glasses and bottles. His product is basically knit koozies, which have a variety of designs on them to make our bottles look cool. They all come in the same size and can fit any size of glass or bottle that we want to use.
The owner came on Shark Tank to request $200K in exchange for 10% of his company. He also brought some Freakers for the sharks to make an impression on them. Let’s see what he is up to.
Freaker USA Net Worth Shark Tank Update
Zach was looking for an investment of $200k in exchange for 10% equity in the company. At the time of the episode, he valued his company at $2 million. Unfortunately, Zach did not secure a deal with any of the sharks, as they all opted out. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Freaker USA in 2024 is around $1.5 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
Robert Herjavec
Out
N\A
N\A
John Daymond
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
The Owner’s Backstory
Zach showed a video to the sharks regarding his life journey. The video demonstrated that he moved through different areas in the USA and was sleeping in his car for the whole time. Then he settled in North Carolina and started to cut sweaters and made them into knit koozies. Then he launched his own website for Freaker USA.
The owner came on the show to seek $200K in exchange for 10% equity stake. The product has over 35 designs with each having their own personality. It has magical fibers that make it stretchable and fit any beverage that a customer wants.
Kevin asked the first question about the business sales for last year. Zach replied that he made $320K last year in sales.
Daymond inquired about the medium for product sales. He answered that his product is available in about 200 stores and he has a Japanese and a Canadian distributor too. He also highlighted that his idea is unique as the product has the capacity to fit any size of bottle available in the market. Moreover, the product is patented too.
Cuban then asked about the cost of making a freaker. Zach pointed out that it is a little under $1 and it sell for $4 in wholesale. It sells for $8 to $10 in retail.
Shark’s Response and Final Decision
Kevin offered Zach $200K for 50% of his company. He didn’t like the offer, leading to Kevin dropping the deal.
Corcoran then backed out of the deal because of the high valuation of the business.
Finally, the rest of the sharks, Herjavec, Daymond, and Cuban also left the deal, leaving Zach with no offers from the show.
Despite getting no deal from the sharks, Freaker USA is still in business. After appearing on the show Tim Andis, the owner of Liberty Bottleworks, contacted Zach, and they made a partnership agreement.
Afterwards in 2014 they ended the partnership. However, Zach has still a business to work on and it is also functioning through their Freaker USA site and Amazon.
With his unique dressing sense and hooting gestures Zach although was able to create a happy mode on the set of Shark Tank but he was unable to get an investment from the sharks. However, his enthusiasm didn’t end there. He is still functioning through his website.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
