Mark Tsigounis pitches Hibear Co., his “Swiss Army Knife of water bottles,” in Shark Tank Episode 1519. Tsigounis, a Navy Veteran, has traveled all over the world and has seen and used his fair share of water bottles. He always felt there was something lacking in what was available to him, so he set out to create his own.
For three years he tinkered with different concepts. What he came up with is a water bottle that can brew coffee, act as a cocktail shaker and can even be used to give your dog water. He put all those features ino a tough yet functional insulated bottle and called it the Hibear Co. All Day Adventure Flask.
Tsigounis got things started with a successful Kickstarter campaign that raised $98,357 back in October, 2020. They shipped products to backers in June, 2021. Now the products are available at dozens of independent retailers, the company website and Amazon. Mr. Tsigounis likely wants a Shark’s help getting into big box retail stores like REI.
Company Information
Video
Posts about Hibear Co. on Shark Tank Blog
Introducing the Hibear Adventure Flask
Hibear Co. Shark Tank Recap
Mark enters the Shark Tank seeking $150,000 for a 5% stake in his company. He says insulated bottles are great for carrying water, but they aren’t so great for preparing beverages on the road. He introduces the All Day Adventure Flask which can make coffee, cocktails and cold brew. The first demonstration is how to make coffee with the Flask. Next, he shows how to aerate red wine with it. He shows the filter for making tea, cold brew and infusions. Next, he shows the thermal core which keeps beverages cold and doubles as a cocktail muddler. Finally, he reveals the removable cup.
Robert jokes that he doesn’t think Mark is doing enough with the product. Lori says just when you think you can’t do anything more with a water bottle, Mark has created something innovative and unique. Mark spent 15 years in retail finance and was looking for a change. He’s an avid hiker and he hiked the entire Appalachian Trail from Georgia to Maine. It was on this trip he developed the idea because when you’re backpacking, you need your gear to do more.
The Value Proposition
Robert says it’s not just for serious hikers, but anyone who goes camping. Mark says it makes a great corporate gift as it’s easily customizable. They cost $15.50 to make plus 95 cents for the artwork. They sell for $95. He’s up there in pricing with Yeti, but his flask has more functionality.
Corporate sales are 40% of his business. He has $754,000 in total sales. The business launched on Kickstarter in 2020 and delivered those units in 2021. 2022 sales were $320,000 and he’s projecting a$1 million for 2023. He has $200,000 in debt. Retail sales are 25% of the business, the rest is direct to consumer. Mark says being in retail is good for branding. Mark Cuban and Kevin disagree. Kevin says “you see this on a retail shelf and you have no idea what it does.”
Lori wants to know Mark’s vision. Mark says he wants to expand the line. He tells Mr. Wonderful he’s not profitable yet and Mr. Wonderful wants to know why he wants to expand the line. He wants to have a “good, better best” product offering because not everyone will buy at the premium price.
Who’s In?
Mark Cuban says Mark has created a really interesting product and he’s trying to figure out how to sell it. The problem is, it’s too complicated. He thinks it will be hard to scale and for those reasons, he’s out. Mr. Wonderful asks about customer acquisition and Mark says it’s $52. Kevin says if that’s true, we’re not making any money.
Emma says she really admires what he’s done, but it’s too early stage for her; she’s out. Kevin summarizes the numbers: it sells for $100, customer acquisition is $50, $15 to make it which leaves $35. Kevin wanted to hear “I make $35 every time I sell one and I’ll 4,5 6 X your money.” He didn’t hear that story, he’s out. Robert says he like Mark and thinks it’s a novel product but also a fanatical product; he’s out. Loori says there are a million water bottles but Mark has made something unique. Still, she’s not ready to invest; she’s out.
Hibear Co. Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on Hibear Co. & Mark Tsigounis as more details become available.
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