Co-founders Asher Hunt and Lindsay McCormick pitch Bite, their eco-friendly, sustainable toothpaste “bits,” in Shark Tank episode 1106. Lindsay actually came up with the idea while traveling frequently for work. She wondered why toothpaste came in un-recyclable plastic tubes. She also didn’t like the harsh chemicals found in most toothpastes. Like any savvy entrepreneur, she sought out a solution.
She decided on making 100% gluten-free, vegan, and cruelty-free tablets out of natural ingredients including sodium bicarbonate, activated charcoal and more. Lindsay literally pressed the first tablets for her own use in her apartment. In May, 2018, she brought on Asher and opened for business.
Bite toothpaste went viral and Lindsay’s apartment production facility quickly became outdated. After scrambling to produce orders, the company finally found a manufacturer in Los Angeles to make the toothpaste bits. The toothpaste bits come in recyclable glass bottles. A one month supply costs $12 for a one-time order or $7.50 per month on a subscription basis. Refills come in compostable sacks. There are two flavors: fresh mint and fresh mint with activated charcoal. Bite also sells compostable bamboo toothbrushes with charcoal and bamboo-infused polyester bristles.
The company never borrowed or took money from venture capitalists, they’ve grown by bootstrapping and reinvesting in the business. Lindsay and Asher are committed to a sustainable business, but they need help scaling. They hope a Shark shares their love of the environment and their love of profits.
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Bite Shark Tank Recap
Asher and Lindsay enter seeking $325,000 for 5% of the business. The Sharks like Lindsay’s detailed and far reaching research. They also like the $1.3 million in sales last year and the business model. But they don’t like the valuation or the potential for competition from a big player.
Kevin offers $325,000 for 20% of the business; he feels there will be a lot of work and a lot of competition to deal with in the future. Mark offers $325,000 for 15% and echoes Kevin’s reasons. Lindsay, unwilling to part with that much equiity, leaves with no deal.
Bite Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Since airing in early March, 2020, the nation has been in lockdown due to the Covid – 19 pandemic. This has likely helped their business as online shopping has increased 25% with a 100% increase in grocery items. The company continues to operate as usual and is shipping product from Amazon and their website. As of June, 2021, the company is still 100% owned by Asher and Lindsay. Despite big companies coming out with similar products, they’re still managing to do $4 million in annual revenue. In 2022, the company finished re-formulating its toothpaste tabs. The new formula contains no palm oil, a product that contributes to deforestation. As of April, 2023, they are on the shelves at 17 Credo Beauty stores and annual revenue is over $5 million.
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