Draft Top Before Shark Tank
Draft Top is a gadget that was made to completely remove the top part of an aluminum can so that the drink can be consumed as if it were in a cup. This gadget consists of four blades that can fit onto any size of an aluminum can. These blades rotate in order to neatly cut the top of the can off. To use the Draft Top opener, the blades will need to be lined up against the rim of the can. Then, while turning the aluminum can with one hand, press the handle on the Draft Top to begin cutting the top. The Draft Top gadget is compact enough to fit in a pocket or bag, making it the perfect for travels. Draft Top openers are available for purchase on the company’s website and the prices vary from $12.99 to up to $131.99.
The Draft Top company was founded by Armand Ferranti and his co-founder, Sean Kelly. According to his LinkedIn account, Armand spent a little over a year studying to get his Bachelor of Science degree in Professional Aeronautics from Embry-Riddle Aeronautical University. After that, he went on to become an aerospace underwriter for two companies. His first job was with Global Aerospace for three years, and the second job was with AXA US for 11 years. In 2011, Armand founded Draft Top. He ended up working both jobs; however, his time as an aerospace underwriter came to an end in July of 2020 so that he could focus on Draft Top full-time.
The co-founder of Draft Top, Sean Kelly, is a graduate from the University of South Carolina. He studied to gain his Bachelor of Science degree in Sport and Entertainment Management. After he graduated in 2011, Sean did an internship with the New York Yankees before he got a job with XL Insurance a year later. In 2015, Sean joined Armand in working on Draft Top; however, two years later, he also started working as an operations manager, senior assistant underwriter, & subject matter expert for AXA XL. Though, he quit that job after three years and started working with Draft Top full-time.
The idea for Draft Top came to Armand from a memory he’d had from high school. He remembered how his friend would use his canine teeth to open an aluminum can as a party trick. With this memory in mind, Armand thought about how convenient it would be if anyone was able to top the top of a can fully. Hence, why he created the Draft Top opener. In January of 2020, the founders launched a Kickstarter campaign for the opener, which raised them $595,789. Around the same time, they launched an IndieGoGo campaign, which raised them an additional $834,828. This was more than enough to get the business up and running; they ended up doing $1.6 million worth of sales within just 8 months. Nonetheless, when the pandemic hit, the Draft Top business began to struggle. Now, Armand and Sean want a shark’s help in boosting the business once more.
Draft Top on Shark Tank
Armand Ferranti and Sean Kelly entered Shark Tank during the season 12-episode 13 show. They’re seeking a deal of $300,000 in exchange for a 10% equity in the Draft Top opener. At the time, the business was worth $2 million. The founders immediately begin introducing themselves and pitching their can opener to the sharks. After telling the sharks how the Draft Top works, they start revealing the data of the sales they’ve done leading up to the show. They mention needing a sharks help with their inventory; they’ve been losing sales due to a shortage in inventory. Within 8 months of the business being launched, Armand and Sean sold 70,000 Draft Tops, which got them $1.6 million in sales. The Draft Top openers are manufactured for $4.3 each, and they are sold at a standard price of $24.99.
During the time of the sharks testing out their Draft Top samples, removing the top of the can seemed to be a struggle for Robert Herjavec. This led him to tell the founders that he would back out if he couldn’t get the top of the can off using this gadget. Lori Greiner, on the other hand, loves the product and believes that it will do well on the market; however, she won’t be investing because it’s not a product that she sees herself using. The next shark to drop out is Kevin O’Leary. He questions why a can would need to be opened entirely, though he is also not pleased with the funding of $300,000 that the founders are asking for. With that, the final shark to back out of the deal is Mark Cuban, who states that he doesn’t see Draft Top as being a scalable company. This leaves Daymond John. Fortunately, he offers Armand and Sean $300,000 in exchange for a 20% equity stake. The founders accepted.
Draft Top Now in 2023 – The After Shark Tank Update
After Armand Ferranti and Sean Kelly secured a deal on Shark Tank, the company seems to be doing well as of 2023. As of March 2023, the deal they landed with Daymond John has not been said to have been closed. In other news, the founders have launched various new products such as stickers, t-shirts, and can coolers and covers. Additionally, Draft Top’s products have been placed in coffee shops and stores. The opener has also been featured in multiple magazines such as Playboy, Men’s Journal, Food Network, and Barstool Sports. Furthermore, the Draft Top opener is still being sold on the company’s website and Amazon, where they’ve been doing about $3 million worth of sales each year.