LiddUp Shark Tank Update – Shark Tank Season 4
LiddUp, the LED-lit cooler for the dark, appeared on Shark Tank Season 4 in the hopes of securing a deal. Will they be able to light up enough to land a shark on their side?
LiddUp Coolers entrepreneur Jayson Sandberg brought in his patented cooler with LED lighting in Shark Tank Season 4 Episode 21.
Check out other Shark Tank Season 4 Episodes.
About LiddUp
| Category | Details |
|---|---|
| Business Name | LiddUp |
| Founders | Jayson Sandberg, Taylor Gwiazdon |
| Industry | Outdoor Products, Coolers |
| Product | Coolers with LED lighting for interior visibility |
| Deal Status | Deal secured with Kevin O’Leary |
| Investment Asked | $100,000 for 10% equity |
| Deal Outcome | $100,000 for one-third royalty in perpetuity |
| Valuation | $1 million (At the time of the Shark Tank pitch) |
Jayson got the idea for LiddUp while camping: he was fishing around for a drink in the dark and had trouble finding what he wanted. He had an epiphany and decided the world needed a cooler with lights.
After several years of developing prototypes and perfecting the design, the LiddUp was market-ready. Its built-in LED lights provide 360° interior visibility without taking up storage space or heating up the cooler, thanks to their low energy consumption.
There is also a small exterior light, but the real appeal of the LiddUp is that your cooler is just like your refrigerator, where the light goes on when you open the door.
LiddUp Shark Tank Recap
Jayson Sandberg and Taylor Gwiazdon entered Shark Tank looking to sell a 10% stake in their LiddUp cooler company for $100,000.
Daymond John asked a harsh question: “Why would we ever want to get into business with a couple of rude and selfish guys like you,” referring to the beers the pair had pulled from the cooler and failed to share. When the laughter died down and the beers were passed around, the real business talk began.
Kevin O’Leary jumped right in, questioning the $1 million valuation. Sandberg explained that “we had to start somewhere,” drawing laughter from the Sharks. Without sales, however, their valuation is built on rocky ground. The revelation that the pair owns 3 patents reduces the air of levity, bringing the proceedings into the realm of probable value.
The pair planned to license their patented technology to one of the three major cooler manufacturers. Ergo, they hoped to land a Shark to help with the negotiations.
Did LiddUp Get a Deal on Shark Tank?
Daymond John believed the valuation was too high and opted out. Lori Greiner did find the product “interesting,” but didn’t see a strong market and ended up opting out.
Robert Herjavec mentioned that he’s done business with one of the largest tent and cooler manufacturers in the world. His offer matched the demand of $100,000 for 25% of the company. Mark Cuban went out as well, after advising the pair to “say yes (to Herjavec) before he changes his mind.”
Kevin O’Leary jumped in before Herjavec could claim victory. He offered $100,000 in exchange for 1/3 of the royalties in perpetuity.
The pair asked for a moment to consult, and Herjavec withdrew his offer. The pair accepted O’Leary’s offer, and LiddUp secured a Shark Tank deal.
What Makes LiddUp Unique?
The product offered the refrigerator experience inside a portable cooler, which was the main part of the appeal. It solved a small problem most people didn’t realize they had, until it was solved.
LiddUp Shark Tank Update
Sometimes hesitation costs big time in the Shark Tank, but at other times it can be the right move. Since the LiddUp partners hoped to catch Kevin O’Leary’s attention from the start, their strategy paid big dividends.
O’Leary showed teeth as he smiled all the way to the bank, with Igloo’s announcement that they’re coming out with a licensed LiddUp-style cooler in 2015, marketed under the name The Party Bar. It looked like LiddUp was a Shark Tank success story, and the pair was well on their way to earning some cool cash.
In 2018, the Igloo deal expired, and then ORCA licensed the technology for its line of Lidd Up coolers. But once that faded out, LiddUp has been nonexistent, and the company’s website is down.
No activity has been observed around their products since 2020, and the social media has been inactive since 2019. Sandberg’s LinkedIn still shows him as CEO, but that is about it.
Want to know more about the product? Here is more about the cooler with LED lighting as seen on Season 4 Episode 21 of Shark Tank.
Where Can You Buy It?
Since it sold out with ORCA, no new LiddUp-related products have been seen in the observable market, and considering their website is also down, it might just continue being that way. You can also have a look at their Facebook and Twitter (X) handles.
Quick Summary
- Jayson Sandberg and Taylor Gwiazdon pitched LiddUp, seeking $100,000 for 10% equity in their cooler with LED lighting.
- Despite minimal sales, Kevin O’Leary offered $100,000 for a one-third royalty in perpetuity.
- After a successful licensing deal with Igloo and later Orca, the company ceased operations by 2022, with its website and social media going dark.
Still curious? Check out what happened to other products that appeared on the same episode alongside LiddUp.
