All of us need coolers when we are on a trip or camping to fetch fresh drinks whenever we need them. They are a safe way to carry drinks around where electricity won’t be available to chill the drinks. However, we sometimes end up searching for drinks in the cooler at a dark camping site.
Jayson Sandberg and Taylor Gwiazdon, the owners of Liddup, have the perfect solution. They have introduced the world’s first cooler with an LED lighting system. The product allows people to easily find the drinks of their choice from their cooler in times of need.
The owner came on Shark Tank to request $100K in exchange for 10% of her company. They also brought their working prototypes on the set to highlight their work. Let’s explore their journey on the show.
Liddup Net Worth Shark Tank Update
Jayson and Taylor were looking for an investment of $100K in exchange for 10% equity in their company. At the time of the episode, they valued their company at $1 million. Jayson and Taylor successfully secured a deal with Kevin O’Leary for $100K in exchange for 33% royalties. After the show aired, the company experienced some exposure and got a deal with Igloo, but it ultimately shut down in 2021. As the company no longer exists, its current net worth in 2024 is $0.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
$100K in exchange for 10%
$100K in exchange for 33%
Yes
Mark Cuban
Out
N\A
N\A
Robert Herjavec
Out
N\A
N\A
Lori Greiner
Out
N\A
N\A
John Daymond
Out
N\A
N\A
The Owner’s Backstory
Jayson related that one day he was camping with his family when all of a sudden, he felt thirsty. He then went to his dark cooler and after searching for water in the dark, he accidentally opened a soda bottle, which he was not expecting.
Afterward, he searched for a cooler with lights and he found none, resulting in the production of Liddup.
Initial Pitch
The owners came on the show to seek $100K in exchange for a 10% equity stake. Their product is a cooler with LED lights to help people find their drinks easily whenever they want.
Kevin asked the first question about the reason for their high valuation. Taylor replied that their product is specifically designed for a $500M gross sales industry and so they need a partner to meet up with the $1M valuation of their business. There are no sales in the business yet.
Kevin also inquired if they had shown their product to buyers in a large retail box. The owner replied in negation and it is because of their strategy to work on their product before familiarizing it with others.
Lori wanted to know if their product is patented. Jayson answered that they have three issued patents on interior LED lighting.
Daymond asked about their contacts with any of the three cooler manufacturers so far. Taylor replied that they hadn’t contacted them as they wanted the sharks to help them out with it.
They basically want sharks to help them with licensing deals.
Shark’s Response and Final Decision
Daymond was the first shark out of the deal as he considered the valuation to be too high.
Lori also backed out of the deal as she considered the product to be useless. She highlighted that anyone can buy a flashlight and put it in a cooler themselves.
Despite getting a deal on Shark Tank from Mr. Wonderful, the Liddup company didn’t survive for long. Initially, Kevin helped them to get a deal from Igloo to feature an LED-lit cooler in 2015 by the name “Party Bar”. But then due to unexpected issues, the company closed for all time in 2021.
Liddup started as an enthusiastic company with an innovative product in cooler design and thus ended up getting a deal from Kevin in the Shark Tank. However, their journey ended in 2021 and their website was totally removed from the site as well.
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.
