Friday, May 24, 2024

PrepDeck 2024 Update – What Happened After Shark Tank

PrepDeck Before Shark Tank

PrepDeck is an organizational kitchen station that is used to make preparing meals or recipes easier, cleaner, and more organized. The PrepDeck station consists of multiple bowl compartments for storing the ingredients in, a side container for trash, an accessory drawer, and a fold-out cutting board. Within the accessory drawer, there are a few different options regarding the tools used to cut foods in different ways. PrepDeck also has a variety of other attachments, such as a stand for a phone or tablet and a cheese grater. Not only is this product good for organization, but it’s also good for storing more in smaller spaces since the whole contraption folds into itself, making it compact. PrepDeck is safe for being cleaned in the dishwasher and the whole set-up is claimed to be anti-bacterial. This device is currently being sold for $129 on the PrepDeck website.

PrepDeck was founded and created by Alexander Eburne in February 2018. Alexander is a Startup and Growth Advisor who has worked in a few startup businesses prior to starting PrepDeck. Nonetheless, he had little to no experience with working within the kitchen equipment industry before this. In the year 2000, the founder launched his first startup, Zealous Works, in Sydney, Australia. Here, he worked within marketing. After some time, he went on to work for TGBN Mergers and Acquisitions, where he had the responsibility of being a Business Acquisition Consultant. This position only lasted a year long before he moved on to Axis Telecommunications and became a Business Development Manager there. His last career path before PrepDeck was at Eco SmartFire in 2007 in Los Angeles. Alexander worked there as the Vice President of Sales and Marketing; however, he eventually became the CEO of the company in 2011. PrepDeck Kitchen Organizer 5

For the most part, Alexander has always liked to cook; however, he wasn’t a fan of the number of bowls that would be scattered across the counters during meal preparation. When his wife became pregnant, the fonder found himself doing most of the cooking and cleaning in the kitchen. With all those bowls staggered about during the preparation process, Alexander started getting increasingly more frustrated, yearning for a solution to this mess. He tried many ways of making the process of cooking more organized, but those were only temporary fixes. Due to there not being a solution like PrepDeck already on the market, Alexander was determined to create something more practical and effective. With that, he worked tirelessly for a year and eventually came up with the concept of the PrepDeck meal preparation station.

Given Alexander’s previous experience with marketing, he was able to apply his skills and expertise into his newfound business of PrepDeck. After launching PrepDeck in 2018, the founder started an IndieGoGo campaign, which raised him business more than the $25,000 goal he had hoped to get. Instead, he raised $859,602 and had the back support of more than 2,000 people. Not only this, but he received many backers as well. This was the clear indication that the founder needed as proof that many others had been struggling with the same problems in the kitchen. Once the campaign concluded, Alexander quit his job at the Eco SmartFire firm and started working on the PrepDeck business full time.

A year later, the founder was finally able to get all the products sent to backers from the IndieGoGo campaign, and he started selling the PrepDeck on Amazon. In 2021, Alexander ended up selling more than 150,000 units of the product and PrepDeck was given the title of Amazon’s 2021 Innovator of the Year. Around the same time, it was disclosed that PrepDeck had already made nearly $19 million in overall sales within just about 3 years. Now, Alexander wants to try getting a shark to invest in him and his product. Though, it may not appear that the founder needs sharks help thus far, he will appear on Shark Tank to hopefully shock the sharks. PrepDeck Kitchen Organizer 2

PrepDeck on Shark Tank

Alexander appeared on Shark Tank with his PrepDeck product, seeking a deal of $750,000 in exchange for a 7.5% stake in his company. After introducing himself, the founder goes on to tell potential investors about the PrepDeck and how he came up with the idea. He explained that his determination for this business came to him while he was struggling to keep bowls and ingredients organized during meal preparation. The founder demonstrates the PrepDeck and how it is meant to be used, along with mentioning the features included with the product. It was around this time when the sharks got their samples products, which they seemed to examine thoroughly. When the sharks ask Alexander what his plans are if he receives a deal with a shark, he tells them he has plans to use it towards a few things. He would like to split it into three groups of $250,000 each; this would give $250,000 to his product development, his inventory, and towards hiring a team. The sharks appeared to be pleased with this response.

Alexander then shares how his sales have gone since launching PrepDeck. He reveals that he did $1 million worth of sales in 2019, $6.2 million in sales in 2020, and, in 2021, he predicts that he will reach the $10 million mark. He mentions that the Prep Deck’s are being sold for $99 to up to $129, depending on the model purchased. Additionally, Alexander states that his customer acquisition is at 25% and his profit margins are 69%. Based on this information, the sales of PrepDeck seem to be doing quite well and the sharks don’t seem to be concerned by this. PrepDeck Kitchen Organizer 1

Nonetheless, although the sharks are impressed, most of them begin backing out of the deal. Barbara Corcoran was the first to drop out. She shares that she isn’t a fan of plastic cutting boards, hence why she won’t invest. Guest shark, Daniel Lubetzky, backs out next after stating that he is a bit confused about the business. Mark Cuban agrees with Daniel and follows him out immediately. Lori Greiner is the final shark to drop out, but her reason is because she doesn’t agree with the low-asking stake Alexander was seeking when the product is quite expensive.

This leaves Kevin O’Leary as the only remaining shark. Though, he is interested in PrepDeck, and he offers Alexander a $750,000 deal in exchange at 9.5% for 36 months. He also wants a 5% equity in the business and the power to brand PrepDeck with his Chef Wonderful endorsement. Alexander responds with a counteroffer for a 3% equity and a 9% interest rate. Unfortunately, Kevin wasn’t willing to accept those terms. They founder and the shark did try negotiating a bit more, but they weren’t able to agree on anything. All in all, Alexander unfortunately left the tank without a deal for his PrepDeck business.

PrepDeck Now in 2024 – The After Shark Tank Update

Despite Alexander Eburne leaving Shark Tank without a deal for his business, PrepDeck is still in business and seems to be doing well. Considering PrepDeck is the parent business of another previous Shark Tank pitch, Souper Cubes, it’s no surprise that the business has done well for itself without an investment. In addition to their new updates, the company has introduced a variety of new products such as non-stick cooking sheet organizers, a soup cube device, and a few utensils for cooking. The PrepDeck is still being sold on the PrepDeck website as well as on Amazon, and they are priced at between $99 to $129. Nonetheless, the additional attachments can be purchased in a separate bundle, which is $69. As of 2024, it is not clear exactly how well the business has done as far as their sales go; however, we do know that they did reach, and most likely surpassed, their initial $10 million goal. PrepDeck Kitchen Organizer 3

Melissa Buechler
Melissa Buechler
Graduated from Washington Virtual Academies and have been a freelance writer for about 2 years now. In my spare time, I enjoy spending time with my pets, gaming, etc.
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