Saturday, April 13, 2024

Snactiv 2024 Update – What Happened After Shark Tank

Snactiv Before Shark Tank

Snactiv is a one-of-a-kind snacking tool that works in the same way as chopsticks. This contraption is worn between the fingers and is held in place by the rings on each side. Snactiv helps to keep messy snacks clean by preventing consumers from touching the food with their hands. It also has a rubber feature that attaches to the fingers, making it less uncomfortable. The finger chopsticks work well with snacks like popcorn, Cheetos, chips, and much more. Additionally, these finger chopsticks are free of phthalates and BPA. With this tool, people are able to snack cleanly while doing other activities such as reading, writing, playing games, or even typing. Snactiv is available in white and black for $14.99 on Amazon and the Snactiv official website.

Snactiv was launched in 2021 under its parent company, Inoobi, Inc. Kevin Choi is the founder of Snactiv as well as the president of Inoobi Inc., while Edwin Cho is the co-founder of both companies. Before launching Snactiv, Kevin participated in a design internship with Hasbro for four months. He then attended the Otis College of Art and Design from 2005 to 2009. He graduated with a Bachelor of Fine Arts in toy design. From 2010 to 2019, Kevin worked in a few other design-based positions with companies like Disney Consumer Products, Jakks Pacific, Magic Jump, Inc., Fuhu, Inc., and Mattel, Inc. He didn’t start his own business until October of 2013, when he launched his WKC Designs, Inc. business, which he still manages.

The co-founder of Inoobi, Inc., and Snactiv, Edwin Cho, studied at the NYU Stern School of Business, where he earned his Bachelor of Science degree in Finance, International Business, and East Asian Studies. He started his first business, CNS Optics, LLC, in March of 2012; however, that organization ended two years later, in June of 2014. Just like Kevin, Edwin worked with Fuhu, Inc. and Mattel, Inc. for some time; however, he also took a job in Marketplace Strategies with ZipRecruiter for a year in 2019. Snactiv Finger Chopsticks 1

Kevin and Edwin came up with the Snactiv snacking tool in April of 2020, though they didn’t launch it officially until 2021. On March 30, 2021, the founders started a Kickstarter campaign in hopes of raising just $20,000 for their business. 30 days later, to their surprise, they raised $41,700, doubling their initial goal. They also gained about 911 backers from this campaign. Between October and December of 2021, the entrepreneurs began working on getting the products shipped; towards the end of December, they had finished the shipping. Unfortunately, by that time, Kevin and Edwin noticed that there were now replicas of their Snactiv chopsticks on the market. Maybe they hadn’t gotten a patent approved yet. Despite that, Kevin and Edwin are planning to get a shark to invest in Snactiv soon; hopefully a shark can help them get a patent.

Snactiv on Shark Tank

Kevin Choi and Edwin Cho appeared on Shark Tank, asking for a $200,000 investment in exchange for 10% ownership of their product, Snactiv. Snactiv is running under their joint business, Inoobi, Inc., and the founders have stated that it has an estimated valuation of $2 million. After Kevin and Edwin share a bit about themselves with the sharks, they show them a demonstration of how to use the Snactiv finger chopsticks. While pretending to work, Kevin begins eating cheese balls. Due to the mess being left behind on his fingers, he then starts using the Snactiv sticks to snack on them. This demonstration gives the sharks a good laugh before leading Kevin O’Leary to ask if Kevin can still type on a computer with them on—the founders reply by saying yes. Snactiv Finger Chopsticks 5

When it comes time to reveal their sales data, the entrepreneurs state that the Snactiv sticks are manufactured at a cost of $2.60 and retail for $14.99. As it turns out, Kevin and Edwin do in fact have one patent for their gadget—a utility patent. They’ve also been in talks with distributors in Hong Kong, Taiwan, and Korea about distributing the Snactiv internationally. Within the past five months, Snactiv has done $187,000 in sales, of which about $50,000 are from international orders. The founders reveal that the Snactiv seems to be in high demand in parts of Asia.

Their first offer comes from Kevin O’Leary, who offers them $200,000 in exchange for 10% ownership of the product and a royalty of $1 per unit sold until he recoups $1 million. O’Leary seems to be a fan of this snacking tool, and he strongly believes that this is the right investment to add to his portfolio. Kevin and Edwin also receive a deal from Lori Greiner and guest shark Kevin Hart. They both offer a deal of $200,000 in exchange for 20% ownership. In Snactiv. Mark Cuban advises the entrepreneurs to take the deal; however, they counter Greiner and Hart for a 15% ownership. Instead, O’Leary chooses to adjust his offer to 5% ownership and a $0.50 royalty. Despite this, Kevin and Edwin decide to accept the deal with Lori Greiner and Kevin Hart.

Snactiv Now in 2024 – The After Shark Tank Update

Kevin Choi and Edwin Cho left the Shark Tank with a $200,000 deal from Kevin Hart and Lori Greiner in exchange for a 20% ownership stake in their product, Snactiv. There has been no mention of this deal closing as of February [this year] since it was featured on the show. Nonetheless, the business has been doing well since their appearance. In fact, they were one of the Shark Tan success stories, and the company received many more orders after the episode aired. Their products have started being shipped internationally as of 2022. Now, these Snactiv finger chopsticks can be shipped to Singapore and Canada, and Kevin and Edwin are continuously working on getting them shipped throughout Asia as well. It is rumored that they may achieve this goal by the end of this year. Snactiv Finger Chopsticks 4

The Snactiv sticks have become increasingly more popular since they officially launched the business in 2021. Many customers who bought the device posted positive feedback on social media sites like Twitter and Instagram. In addition to this, the product is still available on Amazon and the Snactiv website for $14.99. Otherwise, there is a bundle option that will set customers back about $34.99 for a three-pack of the snack sticks. Speaking of Amazon, Snactiv has gained an overall rating of 4.6 stars, along with many reviews from happy customers who enjoy the product. Furthermore, the Snactiv business currently has an estimated annual revenue of about $1 million.

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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