Draft Top Shark Tank Update – Shark Tank Season 12
Draft Top: Revolutionizing Can Drinking with a Twist in Shark Tank Episode 1209
Highlights
- Draft Top is a tool that removes the tops of cans, allowing you to drink from them like a glass, invented by Patrick Parizo and Armand Ferranti.
- The company raised over $1.4 million through Kickstarter and IndieGoGo campaigns and has done around $1.6 million in total sales.
- Daymond John offered $300,000 for 20% equity, and the deal was accepted, although there is no confirmed evidence that the deal closed.
Overview
| Category | Details |
|---|---|
| Name | Draft Top |
| Founder | Patrick Parizo and Armand Ferranti |
| Industry | Beverage Accessories |
| Product | Can opener that removes the tops of cans |
| Funding | $1,430,617 (combined from Kickstarter and IndieGoGo) |
| Investment Ask | $300,000 |
| Equity Offered | 10% |
| Valuation | $3,000,000 |
Patrick Parizo and Armand Ferranti want a Shark to “go topless” with Draft Top, their tool that removes the tops of cans and lets you drink from it like a glass, in Shark Tank episode 1209. It’s basically 4 rotational blades inside a handle that fits on top of an aluminum can. Grip the top of the can, twist the can and Voila – your can is a drinking glass. The blades not only cut the aluminum, but fold it so there’s no sharp edges.
The guys invented the tool “to enhance the experience of drinking from cans by allowing your senses to enjoy the aroma.” They also claim it’s a big hit at parties. A new Draft Top will set you back $25 and they are available on Amazon.
They got the business started with a very successful Kickstarter campaign that raised $595,789 in January, 2020. They also raised $834,828 on IndieGoGo the same month! The Covid-19 pandemic disrupted production and shipping for months, but they appear to have things worked out. They’ve done around $1.6 million in total sales and they want a Shark as a strategic partner to help them grow.
Company Information
Video
Posts about Draft Top on Shark Tank Blog
The Draft Top – Beer Can Opener
Draft Top Shark Tank Recap
Patrick and Armand enter seeking $300,000 for 10% equity in their company. At first the Sharks are skeptical, but when they hear the numbers they are impressed. They’ve sold $1.6 million in 8 months – largely due to their crowdfunding successes. Margins are good too: it costs them $4.13 to make a unit they sell for $24.95. The guys claim they want a Shark’s help keeping up with inventory.
Some of the Sharks, particularly Robert, can’t use it properly and Patrick explains there’s a learning curve. They have a lot of social media content that instructs users on proper use of the product. Daymond likes what he sees and hears and offers $300,000 for 20% and the guys quickly agree.
Draft Top Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The first re-run of this episode comes about a month and a half after the original air date. While there is no proof this deal closed, I have a feeling it did. Daymond’s companies’ websites have a certain feel to them and the newly designed website has that feel. When I contacted them and asked if the deal closed, the reply was “we are not at liberty to discuss that.” I will update as further information becomes available.
As of July, 2021, I find no evidence of the deal with Daymond closing. They probably didn’t need the money since they did $3 million in sales in 2020. In October, 2022, the company partnered with Cork Pops in a distribution agreement for their newest product, the LIFT. The arrangement with Cork Pops gives Draft Top access to over 12,000 active retail accounts. In August, 2022, the company announced it would be on the shelves at over 100 Spec’s stores – the largest liquor store chain in Texas.
The company also introduced the DT PRO, an industrial strength, bar top version of the Draft Top designed for food service. DT PRO was introduced in May, 2023, at the National Restaurant Association Show in Chicago. The company partnered with True Brands to distribute the DT PRO to retailers worldwide. True Brands is the leading designer and supplier of beverage lifestyle accessories that services over 30,000 retailers worldwide.
By July, 2024, the company was doing $3 million in annual revenue and had lifetime sales of $10 million.
