What happened to the ‘Snactiv’ Snacking Tool After Shark Tank?

snactiv shark tank update

A nice big bowl of snacks near you will keep you going, whether you’re watching your favorite movie or writing a lengthy report. However, snacking items are usually greasy, making your fingers dirty. 

Therefore, you must leave your desk after eating your snack to wash your hands. Does this mean you’ll have to give up snacking while you’re working?

Snacking and working at a desk at the same is no longer a nightmare for those who love messy snacks. Thanks to Snactiv, the snacking tool solution brought by two entrepreneurs to Shark Tank Season 13.

But what happened after they made a fun-filled pitch? Did they get a deal? Is it really helpful for people? What happened to the ‘Snactiv’ Snacking Tool after the Shark tank?

This article will explore every detail related to the Snactiv Snacking tool, including

  • What is a Snactiv Snacking Tool?
  • Who is the founder of Snactiv Snacking Tool?
  • Snactiv Snacking Tool Before Shark Tank Pitch
  • What was the Shark Tank Pitch for Snactiv Snacking Tool?
  • What happened to Snactiv Snacking Tool After the Shark Tank Update?
  • Update of Snactiv Snacking 
  • And so on.

So, gear up and be ready to clear every curiosity about the Snactiv Snacking tool at Shark Tank.

An Overview of Snactiv Snacking Tool πŸ‘© πŸ’»

Below is an overview of the Snactiv Snacking tool before and after the Shark tank.

Company NameSNACTIV
Websiteshttps://snactiv.com
FounderKevin Choi and Evans Cho 
LocationSan Francisco, California
Ask$200,000 for 10% equity 
Results$200,000 for 20% equity
Episode Season 13, Episode 10
Founded2020
SharkLori Greiner and Kevin Hart
Current Business StatusIn business

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What is a Snactiv Snacking Tool?

Snactiv Snacking Tool is the future’s revolutionary multi-tasking munching accessory that keeps your fingers neat and your attention on what matters. In simple terms, they are simple chopsticks.

You can wear it on your index and middle finger as a ring, and that can be used to pick your snack using this finger chopstick and enjoy it without getting your hands dirty.

 

It means you don’t have to stop during a task to have a snack break. You can snack and do whatever you want without being interrupted.

With their food-safe ABS plastic and Thermoplastic Polyurethane rubber material, these snacking tools are comfortable to hold in your hands. It is very simple to use. 

Who is the founder of Snactiv Snacking Tool? 

Inoobi incorporated, founded by Kevin Choi and Edwin Cho, invented the Snactiv snacking tool. Aspiration and enthusiasm characterize them. They both wanted to create something together, so they came up with the idea of Inoobi.

Snactiv comprises a team of designers, engineers, and entrepreneurs who have remarkable experience developing high-end hardware, software, and even simple accessories or toys.

After graduating from Otis College of Art and Design, Kevin worked at Disney, Mattel, and Magic Jump Inc. In contrast, Edwin has a BSc from NYU Stern School of Business and worked for Mattel, ZipRecruiter, and Fuhu. 

A few of their previous collaborations include Netflix, Disney, Minecraft, Hasbro, Fuhu, ZipRecruiter, Mattel, and others. The founders are an exciting duo themselves.

Kevin is currently the Chief Executive Officer, and Edwin is the Chief Product Officer. Having extensive knowledge and experience in product development and launch, they were able to develop a high-quality product quickly.

Snactiv Snacking Tool before Shark Tank Pitch

The Snactiv, an innovative way, was created by two friends, Kevin and Edwin, who were looking for a better way to snack. 

Prior to appearing on Shark Tank, they had first pitched the idea on Kickstarter. They managed to raise $41,700 and tweaked the design in April 2021, which really helped them get ready for Shark Tank.

In October 2021, after some design revisions, the product was shipped with rave reviews. A few months after the product launched, the friends had to ramp up production to meet demand. 

Despite initial competition from cheap knockoffs, Snactiv soon rose above the competition and became the market leader.

What was the Shark Tank Pitch for Snactiv Snacking Tool?

Kevin and Edwin enter the show with some remarkably appealing presence in seeking $200,000 for a 10% stake in the firm. The look of confidence followed by the enthusiasm on their faces is something that must have had a good impression on judges.

At the beginning of their pitch, Kevin uses a prop to create a scenario where he is using his laptop while munching some chips ruthlessly. Of course, it was intended to make his hands and clothes messy. Just like that! He couldn’t work on his laptop anymore because his hands were dirty.

Edwin quickly continues the pitch by adding his experience of working together with Kevin, saying that Kevin has a real knack for snacks, and he even says, “I’ve worked with Kevin for many years, and calling him a slob is an understatement.” 

After that, Kevin adds, “So Sharks, as a problem maker, I became my own problem solver.” They both said they revolutionized snacking, found a solution for this mess, and finally introduced their product.

Within a minute of starting their pitch, they stole all of the Shark’s attention and gave them healthy small laughs. 

The way Kevin describes his habit and how he disliked being a slob while still chewing the snacks from earlier gave the sharks a good laughing session.

Moreover, with their attractive pitching style and professional-looking presentation, all the Sharks got really impressed and interested in the deal. All the sharks were genuinely yearning to make a deal.

With this, each of the sharks had views, and the pitch idea for the Snactiv shark tank was as follows:

  • Mark Cuban says that he has been going through the same problem, and this product is Timely and perfect. 
  • Kevin O’Leary was firm in his decision to make a deal with them, so he quickly offered a deal. The deal went, “$200k for a 10% stake + a royalty of $1 per unit sold until $1M is paid.” 
  • Kevin Hart, who appeared in the episode as a guest Shark, seemed amazed by the product’s simplicity but usefulness and was genuinely trying to get the deal.

The entrepreneurs ( Kevin and Edwin) said they were grateful and appreciated the offer of shark Kevin O’Leary, but it felt like they were also looking for other Sharks’ offers. 

Shark, Kevin Hart, was also genuinely interested in the product the whole time and gave a joint offer with Lori Greiner, saying she has some remarkable skills and experience when it comes to the retail market. 

The contestants seemed to like the idea of having both Sharks. So, they asked to revise the offer, which was initially “$200k for a 20% stake (10% for each Shark)” to “$200k for a 15% stake.”

Shark Kevin O’Leary as well revised his deal and made a tempting offer of “$200k for a 5% stake + a royalty of 50 cents per unit until a $1M is paid.”

Kevin Hart told them not to give in to temptation and that he and Lori are the Sharks they need. Finally, Kevin and Edwin take the joint deal with both Sharks (Kevin Hart and Lori Greiner).

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What Happened to Snactiv Snacking Tool After Shark Tank Update? πŸ†• 

While the Sharks first laughed at the brand new utensil, they were surprised to find out that Snactiv had already made $187,000 in sales. Moreover, the device had a utility patent and fifty thousand dollars in international purchase orders.

Snactiv’s popularity skyrocketed after the episode aired, and the company’s founder received a deal. As a result, Kevin and Lori began selling their products online and on offline markets like Amazon.

There are currently black and white versions of the Snactivs, with each one costing $15 or $18, depending on whether you opt to purchase them with a protective cover.

Besides offering the snacking tool in the United States, Snactiv also collaborates with third parties in Hong Kong, Taiwan, and South Korea.

As part of its collaboration, Snactiv teams up with OhUsBox in South Korea, NNNN studio in Taiwan, and HOMELESS.hk in Hong Kong. Additionally, the company plans to expand into Japan.

It was announced in late June 2022 that Snactiv’s snacking tool would now be available in Singapore and Canada. The company’s global expansion continues.

Furthermore, Snactiv started working with gaming influencers. Snactiv seems to be on the verge of more success.

Snactiv Snacking Tool Net Worth 2022 πŸ’Ή

The value of Snactiv was $1 million on Shark Tank. The agreement with Kevin Hart and Lori increased awareness of the company and led to a sharp increase in sales.

Today, Scantiv has relationships with merchants in various Asian nations, and most of its sales come from interacting directly with customers.

From over 240 customers on Amazon, Snactiv averages 4.4 stars. Although the company hasn’t released any recent sales figures, it is currently estimated to be worth $2 million based on its current condition.

Is Snactiv Snacking Tool still in business?

The short answer to the question, Is snactiv still in business is Yes. Snactiv Snacking tool appeared on Shark Tank Season 13; Episode 10 is running successfully. The episode aired on Jan 7, 2022. Their product is available for purchase on their website. Additionally, the company also sells T-shirts.

Their sales have boosted approx five times after they appear on the show. Shark Tank has produced a lot of great products, and we think Snactiv could be one of them. 

We expect you to like this article and find it informative. What are your thoughts on Snactiv or Shark Tank? What do you think of Snactiv? Comment below and tell us what you think!

FAQs

πŸ’Έ What is the Snactiv Snacking Tool Net worth?

When pitching to the Sharks, the company was valued at $2 million; after they invested, it was valued at $1 million. There is a possibility that the net worth of Snactiv has exceeded that of the pitch since it has continued to operate.

πŸ™‹β€β™€οΈ What’s the Snactiv Snacking Tool Shark Tank Update?

Since appearing on Shark Tank, the Snactiv Snacking Tool has been doing very well. According to Kickstarter updates, the first orders were shipped to a bunch of happy backers in October 2021.Β 

Now, Snactiv Snacking Tool is available on the company’s website and on Amazon. As a result of the presence of Kevin Hart and Lori Greiner on the team, Snactiv has become a household name in the industry.

πŸ₯’ How can you get Snactiv Snacking Tool?

You can get the Snactiv Snacking tool directly from its website. Besides that, it is available through various retail outlets, including Target, Walmart, and Amazon.

Who are the competitors of snactiv snacking tools?Β 

Although they are the only product of their kind in the entire market, utility item markets and chopsticks markets compete with them.

How long will the Snactiv Snacking tool take to deliver their products?

It depends on where you are located. Nonetheless, the delivery takes between one to five days.

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