Two mothers-turned-entrepreneurs pitched their adult sippy cup for wine on the episode of "Shark Tank" that aired Friday — and they were in the enviable position of having almost every shark interested in doing a deal with them.
Co-founders Shannon Zappala and Regan Kelaher were seeking a $200,000 investment in exchange for 13 percent of their business, Goverre.
Kevin O'Leary, who owns an online wine business, made them an offer of $200,000 for a third of their business, and then Mark Cuban , Lori Greiner and Robert Herjavec teamed up to make the exact same financial offer.
There was some friendly competition in play. When Herjavec proposed the three-way deal, Cuban exclaimed, "Oh! Just to beat the hell out of Kevin!" Greiner then piled on O'Leary, aka Mr. Wonderful: "We will squash you like the little cockroach you are!"
Despite the showmanship, the sharks wanted to invest in Goverre for several reasons.
1. The co-founders impressed the sharks with their energy and professionalism.
"I think it's a great product, but I think what is most impressive is the two of you," says Herjavec. "You are a perfect partnership."
2. The investors understood the demand for the product.
"It's great anytime you want to take a glass of wine to a picnic, out on the boat, to the park and you don't want to fuss with a bottle and an opener," says Kelaher.
Cuban gave his nod of approval: "I can see that."
The cups are made out of glass, twice as thick as regular wine glasses and protected with a Silicon sleeve. "Wind does not taste very good out of plastic," says Zappala.
O'Leary, the resident wine connoisseur, validates their product decision. "When you actually put your hand on the glass, it transfers the heat of your body into the wine and releases the beautiful nectars into your nose.
3. The sharks liked the high profit margins.
The Goverre glasses sell for $24 a piece and Zappala and Kelaher make them for $5.50 each.
4. Zappala and Kelaher already had demonstrable success.
They co-founders were on track to do $500,000 in sales in a year, had placed their product in 300 specialty shops and had just received a purchase order from the Container store for 9,000 units, as of when the show was shot.
"Our product seems to be flying off store shelves," says Kelaher. "Retailers are starting to get frustrated that we can't keep up with the demand for the product. We are starting to get bigger orders and we don't have the inventory or the money to fulfill those orders."
Disclaimer: CNBC owns the exclusive off-network cable rights to "Shark Tank."
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