BeverageBoy Shark Tank Update – Shark Tank Season 6
Kevin Waltermire pitched BeverageBoy, a floating beverage holder, on Shark Tank. But did the business stay afloat?
Kevin Waltermire hoped to make BeverageBoy, his floating beverage holder, a household staple. He pitched BeverageBoy on Shark Tank Season 6, Episode 15.
Kevin Waltermire was an entrepreneur from Arizona who created BeverageBoy after recognizing a simple problem faced by pool owners.
According to Waltermire, BeverageBoy was named after the American River Otter superhero, BeverageBoy, whose superpower was to make beverages float.
The product was a twist on the common foam can cooler, or “koozee.” What made it different was a counterweight attached to the bottom of the koozee, which kept it from tipping over while floating in the water. Can Mr. Waltermire float a successful deal with a Shark?
About BeverageBoy
| Category | Details |
|---|---|
| Business Name | BeverageBoy |
| Founder | Kevin Waltermire |
| Industry | Consumer Goods, Outdoor Accessories |
| Product | Floating beverage holder (floating drink holder) with a counterweight |
| Investment Asked | $50,000 for 15% equity |
| Deal Status | Deal made with Daymond John on the show for $50,000 in exchange for 35% equity, but the investment was never finalized after filming. |
| Deal Outcome | $50,000 for 35% equity |
| Valuation | $333,333 |
BeverageBoy offered pool owners a simple way to keep drinks upright while floating. The opportunities for BeverageBoy as a promotional or “swag” product were nearly endless.
At the time of filming, Waltermire had only been in business since July 2013, so he had not gained much traction yet. He was looking for a Shark to help him scale quickly.
BeverageBoy Shark Tank Pitch
Kevin O’Leary entered the Tank with a male model who slipped into a hot tub with a BeverageBoy. Kevin asked the Sharks for $50,000 in exchange for 15% equity in his business.
The hot tub model spilled a drink, prompting the Sharks to scream, “Stop the madness!” The model then attached a BeverageBoy and demonstrated how it kept the beverage upright while floating.
Kevin explained that he had sold 2,500 units, generating about $10,600 in sales. Each unit cost him $2 to make, and he wholesaled it for $5. It retailed for $9.99.
He also explained that he had attended the Promotional Products Tradeshow and sold out of his inventory but had forgotten to bring order forms, preventing him from taking additional orders.
What Makes BeverageBoy Unique?
BeverageBoy stood out through its simple but practical design:
- A foam can cooler with a counterweight that prevented drinks from tipping while floating.
- Ideal for pools, hot tubs, and other water activities.
- Designed to work with cans and bottles while acting as a floating can cooler and beverage float.
- Reusable and easy to carry, making it suitable for pool parties and promotional giveaways.
- Offered strong promotional product opportunities for businesses and events.
Did BeverageBoy Get a Deal on Shark Tank?
Yes, BeverageBoy got a deal on Shark Tank.
Mark Cuban did not like that Kevin forgot the order forms at the trade show, so he was out.
Kevin O’Leary said Kevin Waltermire was not worthy of the name Kevin, renamed him “Zonk,” and went out.
Robert Herjavec also decided not to invest.
Lori Greiner said she did not think it was a QVC product and believed it belonged more in Target. She offered $50,000 for 40% equity because she felt she would have to do a lot of work.
Daymond John made the same offer of $50,000 for 40% equity and pointed out that he already had 180Cup, a similar product.
Kevin countered with 30% equity. Lori agreed, provided she could secure a purchase order from Target, Walmart, or Bed Bath & Beyond.
Kevin then asked Daymond to meet him at 35% equity, and Daymond agreed.
Finally, Kevin accepted Daymond John’s offer of $50,000 for 35% equity. However, the investment was never finalized after filming.
BeverageBoy Shark Tank Update
After appearing on Shark Tank, the episode generated publicity for BeverageBoy, but the deal with Daymond John ultimately never closed.
Although Kevin had accepted Daymond John’s $50,000 investment on television, the investment was never finalized for undisclosed reasons.
Kevin later shared that entrepreneurs could not begin working with their Shark until the episode actually aired, making the wait even longer.
He also explained that the Sharks invested as much in the entrepreneur as they did in the product, saying they “bet on the jockey, not the horse,” meaning they looked for founders with the determination to build a successful company.
Despite the exposure from Shark Tank, the company eventually went out of business sometime in 2017.
While the exact reason for the closure was never publicly revealed, the loss of the Shark investment made it much harder for BeverageBoy to scale.
Despite selling out at the Promotional Products Show in Chicago before appearing on the show, the company was unable to maintain momentum. Its social media activity gradually stopped, with its final Facebook posts appearing in 2018, and its official website eventually disappeared.
As of August 2021, Kevin was serving as the Director of Business Development at ONE Cannabis Group.
Kevin remained active in entrepreneurship even after BeverageBoy closed. In 2015, he also founded a startup called MusicBoxx, a platform designed to let people document their life stories through music videos.
In a 2022 interview, he said both MusicBoxx and BeverageBoy were still ideas he believed in, adding that “everyone has their own timing.”
Where Could You Buy It?
BeverageBoy is no longer available because the company has gone out of business. Previously, it was sold through the company’s official website and was promoted on its Facebook, Twitter, and video pages while the business was operating.
Posts About BeverageBoy on Shark Tank Blog
If you enjoyed learning about BeverageBoy, check out more about the innovative product featured on Shark Tank.
Quick Summary
- Kevin Waltermire pitched BeverageBoy, a floating drink holder with a counterweight.
- Daymond John offered $50,000 for 35% equity, and Kevin accepted the offer on the show. However, the investment was never finalized after filming.
- The company ultimately went out of business in 2017.
Check out other Shark Tank Season 6 Episodes.
Curious about the other businesses featured in Shark Tank Season 6 Episode 15? Explore more updates and see which ideas made a splash in the Tank.
