Makers Social Shark Tank Update — Shark Tank Season 17
A first-of-its-kind DIY bar, Makers Social blends craft projects, cocktails, and community into an immersive experience that impressed the Sharks.
Megan Pando stormed the stage of “Shark Tank Season 17 Episode 9,” pitching her one-of-a-kind DIY projects brand, Makers Social. It is the first-ever DIY projects bar located in her hometown, where people can connect and build something together.
Now, the big question is: whether the Sharks will make an investment in the DIY brand or will they decide to pass?
About Makers Social
| Category | Details |
|---|---|
| Business Name | Makers Social |
| Founder | Megan Pando |
| Industry | DIY |
| Product | DIY projects bar |
| Investment Asked | $150,000 for 10% equity |
| Deal Status | Deal secured with Kevin O’Leary |
| Deal Outcome | $150,000 for 20% equity |
| Valuation | $1.5 million |
Megan Pando graduated from the University of Cincinnati in 2013 with a Bachelor’s Degree in Studio Arts. In 2020, she launched her brand, Makers Social, after realising that creativity cannot be limited to a select few.
Makers Social is a Do-it-Yourself (DIY) project bar that serves its customers with creativity and a selection of over 30 DIY projects. Though they also serve beer, cocktails, and wine, customers get guidance from their staff to select projects such as jewellery making, woodworking, concrete work, etc.
Makers Social is located in Columbus, Ohio, and beyond just craft, the space has evolved into a hub for team building and personal events. Friends, corporate individuals, and families can make reservations on their official website. Additionally, on weekends, kids get a 50% off, while on weekdays, they run Happy Hour.
Sharks were amazed to see her brand. Let’s have a look at her pitch and see if she secures a deal.
Makers Social Shark Tank Pitch
Megan Pando came on the Tank seeking $150K in exchange for a 10% stake in her brand, further valuing it at $1.5 million. She presented a wallet-making DIY project to the Sharks, and each Shark had to hammer their initials on it. Of course, the Sharks enjoyed making it.
Robert Herjavec liked her presentation, but he asked Megan what these projects cost to the consumers. Megan took the plunge and shared the numbers with the investors, as all the DIY projects make $40 to $60. Also, most of the revenue she generates comes from projects, and 30% comes from alcohol sales.
Megan also told the Sharks that she has one location, which is 1800 square ft, and she is working on the second location. The Wow moment on the Tank was when the founder shared her 2024 revenue of $546,000. While the net profit from revenue was $41,000, after she paid herself.
Consequently, her growth rate was 10% because the seating capacity is limited to 50, and there are no private party rooms. Basically, she wanted the investment to start off the second location with 50 seats and 30 more seats for private parties.
Kevin O’Leary asked about the Customer Acquisition Cost (CAC), which stood at 82 cents. She also uses influencer marketing by giving influencers a free experience. The average ticket cost was $62, and EBITDA stood at 30%.
However, the major question for the Sharks was where she saw herself and the brand in the next 5 years.
What Makes Makers Social Unique?
There are various reasons why Makers Social is unique. Let’s have a look at some of those:
- Makers Social blends a bar with a DIY craft studio, further allowing customers to sip beers and cocktails. Besides, they can create something to take home.
- Also, you do not need any experience, as the brand provides instructions, tools, and support staff. At Makers Social creativity is accessible to everyone.
- It also works like a hub and an event destination. People can go there for private parties, fundraisers, girls’ nights out, and even date nights. Thus, it offers a social-first experience.
Did Makers Social Get A Deal On Shark Tank?
When Kendra Scott asked her where she saw this brand in the next 5 years, her response was to offer franchises to people. But Kevin O’Leary did not agree with the founder because he knew not everyone would run it the way she did.
Kendra Scott agreed with Kevin O’Leary because she has personal experience in this space. So, she bowed out of the deal negotiations. Rashaun Williams also decided to stay out of the negotiations because, as a venture capitalist, it was not his place.
Lori Greiner and Robert Herjavec both refused to make an offer because they saw no potential in it. Nevertheless, the moment that stood out was when Mr Wonderful, Kevin, offered $150,000 for a 20% stake in her brand.
Since the offer was the most amazing, Megan quickly accepted it on the same terms.
Makers Social Shark Tank Update
After the episode aired, Makers Social got more visibility and traction. As it is currently located in Columbus, Ohio, she is getting more reservations after she secured the deal with Kevin O’Leary.
Where Can You Buy It?
If you live in Columbus, then you can make a reservation on their official website to go and grab some drinks while making DIY projects. Also, if you are a corporate and planning something for your team, Makers Social is a perfect place for you. If you want any more updates, you can check their Instagram page.
Quick Summary
- Megan Pando entered the Tank asking for $150,000 for 10% equity in her brand, Makers Social.
- Makers Social is a DIY project bar, the first-ever hub offering alcohol alongside 30-plus DIY projects.
- She secured a deal with Kevin O’Leary for $150K in exchange for a 20% stake.
