Hibear-The All-Day Adventure Flask Net Worth Shark Tank Update

Adventures are an essential part of life. They give us a chance to explore new experiences and connect deeply with nature. However, making our usual drinks like tea, coffee, or cocktails can become challenging during these trips. It often requires carrying a variety of utensils just for the purpose of preparing these beverages, which can be inconvenient and sometimes even impractical while on the go.

Mark Tsigounis, the owner of Hibear-The All-Day Adventure Flask, has introduced a multifunctional product for making drinks easier while hiking, camping, or in the office. The bottle comes with a cup as a sleeve, a screen for filtering any residue, a filter basket for making tea and coffee, and a Therma core for keeping drinks cold and squeezing some lemon juice. Thus, the bottle takes less space and provides a multi-tasking option, making life easier for all adventurers.

The owner came on Shark Tank to request $150K in exchange for 5% in his company. He also presented each shark with their own Hibear bottles and even gave a demo to highlight its functionality. Let’s see if he got the deal or not.

Hibear-The All-Day Adventure Flask Net Worth Shark Tank Update

Mark was looking for an investment of $150K in exchange for 5% equity in the company. At the time of the episode, he valued his company at $3 million. Mark did not secure a deal with any of the Sharks. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Hibear-The All-Day Adventure Flask in 2024 is around $1.2 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Robert Herjavec	Out	N\A	N\A
Emma Grede	Out	N\A	No

The Owner’s Backstory

Mark shared that he spent 15 years working in retail finance before discovering a love for hiking. His passion for the outdoors led him to take on a major adventure as a thru-hiker on the Appalachian Trail, where he hiked for an impressive 107 days, covering 2,186 miles from Georgia to Maine. This intense experience in nature inspired him to design a bottle that would be practical for making different drinks while on the trail, catering to the needs of adventurers like himself.

Initial Pitch

The owner came on the show to seek $150K for a 5% equity stake. His product is a multi-functional water bottle that helps to make different types of drinks. It comes in handy for hikers, campers, and even workers in corporate business. The bottles come in seven different color blocks and even have an artwork on them as well, making it an aesthetically perfect gift with proper functionality.

Queries about the Product

Emma, the guest shark, asked the first question about the cost of making a unit. Mark replied that it costs him $15.50 for the material and $95 for the artwork.

The guest shark also wanted to know the price comparison of his bottle with the other traditional ones. The owner highlighted that a traditional 36-ounce Yeti comes for $59 but his one is more expensive. However, his bottles have more functionality compared to an insulated drink holding bottles in the market.

He also added that he sells the product directly to consumers, corporate sales, and retail.

Kevin asked about the ratio percentage of each channel. Mark related that 40% of his sales are from corporate sales only and 25% from retail.

Emma was curious about his sales. He replied that as a whole they are about $745K. His product launched in a Kickstarter campaign in 2020.

Cuban asked about his sales last year’s sales. It was about $320K and the next years projected sales are about $1M. He is also launching his product on Amazon next year.

Herjavec asked about his debts. Mark replied that he has a debt of $200K for now.

Kevin was interested to know if he is already doing great on direct-to-consumer then why he needs to sell the product in retail. The owner related that retail is great for new businesses as consumers would then get to know about it.

Lori asked about his dreams regarding the business. He replied that even though he is not profitable yet, he still wants to expand his product line.

Kevin also wanted to know about the cost of his online customer’s acquisition. Mark replied that the very last ad that he did was through google for about $52 per order.

Shark’s Response and Final Decision

Cuban was the first shark to drop the deal as he thought the business was not that scalable.

Emma passed the deal as well because she considers his business to be at an early stage.

Kevin was not happy with the high customer acquisition cost and the whole number model of his business. Thus, he backed out too.

Finally, Herjavec and Lori left the deal as well because they were not ready to invest in his novel product. Thus, Mark left the tank without any deal on his hands.

Product’s Availability

Despite not getting a deal on Shark Tank, the business continues to function successfully. Hibear-The All-Day Adventure Flask now offers several bundle deals, which are available on their website. Their bottles are also being sold at independent retail stores, providing customers with physical locations to make purchases. However, the company’s products are not currently available on Amazon.

Conclusion

Although Mark did not secure a deal on Shark Tank for Hibear-The All-Day Adventure Flask, his business remains active and is finding success. The multifunctional bottle, designed to simplify drink preparation for adventurers, continues to be available on Hibear’s website through various bundle deals and in select independent retail stores. While Hibear products are not yet sold on Amazon, plans are in place to grow sales channels, demonstrating the brand’s resilience and commitment to growth despite the challenges faced on the show.