Snactiv is a novel product that debuted on Season 13 of the popular reality television show Shark Tank. It is a one-of-a-kind set of chopsticks meant to be worn on a finger, allowing users to eat food without getting their hands dirty.
Snactiv is especially useful for people who are working on laptops or mobile devices but want a salty snack. Snactiv is a set of chopsticks manufactured by Inoobi, Inc a California-based firm formed in 2021 by Kevin Choi and Edwin Cho.
Snactiv is designed to be handy and hygienic; when worn on a finger, it does not touch surfaces due to its smart design. Snactiv, made of flexible rubber, is comfortable to wear and will not irritate the finger. It is also free of BPA and Phthalates, ensuring the safety of its consumers.
Snactiv, despite its simplicity, is quite effective for nibbling on chips and popcorn. However, due to the design’s constraints, it is not recommended to consume foods such as rice. The Snactiv retails for $14.99 and is currently available in light and dark colors on Amazon and the company’s website.
Kevin Choi and Edwin Cho, the inventors, presented their concept on Shark Tank, asking for $200,000 for a 10% equity position in a $2 million value. They reached an agreement with Sharks Kevin Hart and Lori Greiner, who contributed $200K in exchange for a 20% share position.
Since its introduction on Shark Tank, the product has grown in popularity, particularly in Asian countries, and the firm is focusing on international development. The product was already profitable prior to Shark Tank and is expected to generate $1 million in revenue annually by 2022.
Snactiv is a useful, inventive device that is great for multitaskers who wish to eat snacks without getting their hands filthy or disturbing their job. The impressive credentials of its developers, success on Shark Tank, and continued worldwide expansion highlight Snactiv’s promise as a modern convenience tool.
What is Snactiv’s Net Worth?
Snactiv’s net worth is currently estimated to be $2 million. This is based on the company’s current revenue and valuation following its appearance on Shark Tank. When Snactiv appeared on Shark Tank, it was valued at $1 million.
What is Snactiv?
Despite our hectic daily schedules, we all enjoy a snack. However, we cannot disregard the technology that we use, such as mobile phones and computers. As a result, smears of grease, salt, or crisp dust on the gadget are inescapable.
So how to eat snacks without getting your hands dirty is a typical problem. Then Snactiv is the perfect solution for a clean and mess-free multitasking experience.
It allows consumers to access their snacks without having to touch them. So having snacks while working or gaming without getting your hands or devices soiled is beneficial.
Who is the Owner of Snactiv?
Kevin Choi and Evan Cho are the co-founders and proprietors of Inoobi, which owns Snactiv. Edwin has a BSc from NYU Stern School of Business and Kevin has a Fine Arts degree from Otis College of Art and Design. He previously worked for Disney Mattel and Magic Jump Inc., whereas Evan formerly worked at Mattel, Fuhu, and ZipRecruiter.
You can also read the net worth of other Shark Tank products in the posts provided below:
- Hello Prenup Net Worth: What Happened Before and After Shark Tank?
- Nexersys Net Worth: How the Fitness Gadget Soared After Shark Tank?
What Happened at the Shark Tank?
Kevin and Edwin appeared on Shark Tank in the hopes of receiving $200,000 for 10% of their company. The Sharks, on the other hand, were initially unimpressed but were blown away when they learned about their revenue.
As a result, Kevin O’Leary decided to make the initial move with a $200,000 offer for 10% stock. However, he requested a one-dollar royalty on each unit sold until a million dollars were sold. Following that, guest Sharks Kevin Heart and Lori Greiner offered $200,000 for 20% of the company’s shares. They also made a point of highlighting Loris QVC’s connection and Kevin’s marketing abilities.
As a result, Mark Cuban asked Kevin and Edwin to accept the duo offer. However, they attempted to cut the equity to 15%. Kevin O’Leary later changed his offer to 5% and 50 cents equity. However, the Snactiv team ultimately chose Kevin Heart and Lori Greiner’s offer.
Snactiv Shark Tank Update – What Happened After the Shark Tank?
Kevin Choi and Evan Cho were successful in reaching an agreement with Lori Greiner and guest Shark Kevin Hart. They received $200,000 in exchange for a 20% share in the company. As is customary, the company’s orders soared following the Shark Tank Show. However, the Snactiv has a utility patent and has already sold $187000 before appearing on the show. This is merely from a little $16 product.
As a result of its recent popularity, the brand has begun selling in Singapore and Canada. Snactiv has also formed alliances with gaming influencers such as SNACCDaddyTeej, Jessimama, and Darkraizard. Customers can obtain information on the official Facebook, Instagram, and Twitter pages, which are still in operation.
Not only that, but Snactiv can begin working with third parties outside of the United States. As a result, the ‘ohUsBox’s in South Korea and NNNN in Taiwan are working together with Snactiv. In addition, HOMELESS from Hong Kong joined the expedition.
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