Lollacup Shark Tank Update – Shark Tank Season 3
Lollacup entrepreneurs Mark and Hanna Lim created their unique and patented sippy cup to provide children with a safer product and parents with less messes to clean up. The husband and wife team have kids and they didn’t like the way sippy cups spill all over everything; they also didn’t like the plastics most sippy cups are made of. When they created Lollacup, they wanted BPA free plastics and decided to manufacture the product in the USA so they could have better quality control. The Lollacup design is also better for kids’ teeth than most sippy cups on the market.
Lollacup Shark Tank Recap
Mark and Hanna came to the Shark Tank seeking $100K for a 15% share in the business. As of their taping date, they have about $30K in sales over 4 months. The Lims reveal they signed a deal with a sales agent who is payed 15% of sales; this is a potential deal killer.
Lori LOVES the product, but she’s not in the baby products niche, so she’s out. Kevin offers $100K for 50%, but he wants to take Lollacup production overseas. That doesn’t sit well with the Lims as they are committed to keeping the sippy cups made in the USA. Daymond offers $100K for 50% contingent on breaking the deal with the sales agent. The Lims counter Daymond and Kevin’s offers with $100K for 40%. Robert considers the offer, but Mark does too and starts his famous “24 second clock.” Daymond drops his offer to 30% but goes out when Mark’s clock expires with no deal. Mark Lim says he wants to partner with winners and Robert considers the 40% deal. Mark reconsiders going out and ends up partnering with Robert.
Lollacup Shark Tank Update
For nearly three weeks following the initial air date, the Lims were shipping Lollacups from their garage around the clock. They did HUGE numbers in the aftermath of Shark Tank. The product is a top seller on Amazon in the Baby products category. Lollacup was featured in a Shark Tank update in episode 407. They moved to their own warehouse and have employees helping them ship product. Lollacup is still proudly made in the USA. Count Lollacup as another Shark Tank Success story!
The Lims suffered a few setbacks on the road to success, the details are on the Beyond the Tank episode 106 page.
Over the years, the Lims added products to their line and rebranded to “Lollaland.” The first new product was a “meal time set;” aka bowls and plates. They also have a pacifier, teethers, hot and cold packs, play mats, a bottle drying rack and more. As of August, 2023, the company is still in business with annual revenue of $2 million per year.
Posts about Lollacup on Shark Tank Blog
Mark and Hannah joined me for a chat on the short-lived “Shark Tank Hang,” video interviews on Google Hangouts.
Lollacup Information
Shark Tank Hang with Mark and Hanna Lim
