Snactiv, chopsticks that attach to your fingers, was founded by Kevin Choi and Evan Cho. They are dishwasher safe and BPA free. Snactiv Design and Marketing teams are in Los Angeles, CA and their manufacturing team is based out of Hong Kong.
Snactiv in the Shark Tank
|Shark Tank Air Date||01/07/22|
|Season||Season 13 Episode 10|
|Entrepreneurs||Kevin Choi and Edwin Cho|
|Pitch||$200,000 for 10% equity|
|On-air Deal*||$200,000 for 20% equity|
|Sharks||Kevin Hart and Lori Greiner|
Entrepreneurs Kevin Choi and Edwin Cho entered the Shark Tank seeking a $200,000 investment in exchange for a 10% equity stake in Snactiv.
Kevin O’Leary, known for his pragmatic approach, was the first to extend an offer, putting forth a proposition of $200,000 and an additional $1 per unit royalty arrangement, destined to remain in effect until his initial investment of $1 million was fully recouped, accompanied by a 10% equity stake.
In a strategic move, guest shark Kevin Hart and Lori Greiner, known for her QVC connections, collaborated on a combined offer, capitalizing on their respective strengths. Their offer, totaling $200,000 for a 20% equity stake, reflected the entrepreneurs’ benefit of securing two sharks with distinct advantages.
In a bid to refine the terms, the entrepreneurs attempted to negotiate Kevin and Lori down to a 15% equity stake, prompting Kevin O’Leary to lower his equity ask to a mere 5%.
After a spirited exchange of perspectives and considerable debate among the sharks, the entrepreneurs ultimately made the decision to accept Kevin Hart and Lori Greiner’s offer.