AnyTongs – Kitchen Tongs
DEAL
EPISODE SUMMARY
🕓 Air Date: January 27, 2023
Asking For:
$150,000 for 20%
Investor:
Daymond John
Deal:
$150,000 for 49%
PRODUCT SUMMARY
Anytongs is a versatile kitchen tool that transforms ordinary utensils into tongs, making cooking and serving food more convenient.
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Background Story
Anytongs was founded by Tog Samphel, a product designer with over a decade of experience in the field, having worked at companies like Nintendo, AOL, and Facebook. The inspiration for Anytongs came from Samphel’s family gatherings where his mother used makeshift tongs created from plastic utensils and clothesline pins. This sparked the idea for a more convenient and versatile solution, leading to the development of Anytongs.
The Product
Anytongs is a simple device that allows users to convert forks and spoons into tongs. Users insert the utensil handles into the rubberized slots, creating an instant pair of tongs.
This innovation simplifies cooking and serving, reduces clutter, and helps prevent cross-contamination between dishes. The product can be easily detached and cleaned, making it a convenient kitchen accessory.
Anytongs was initially sold through a Kickstarter campaign, with a one-pack priced at $19.99 and a two-pack at $24.99, with manufacturing costs of around $2.
How It Went
The company’s position before Shark Tank
The company faced challenges due to production issues, which limited inventory and sales. Sales for 2021 were approximately $7,000. Tog ran out of money due to the low initial inventory and faced difficulties in scaling up production. However, he has worked on developing version 2 of the product with better materials, improved attachment mechanisms, and increased eco-friendliness, with a cost of just over $1 for manufacturing.
The Negotiations:
While the Sharks were initially intrigued by the product’s potential, they expressed concerns about the price point and Tog’s ability to scale the business. Mark Cuban, Lori Greiner, Kevin O’Leary, and Robert Herjavec all decided to pass on the opportunity, citing various reasons. Tog received Daymond John’s offer of $150,000 for 49% equity. Despite some initial hesitation and a brief moment where he contemplated quitting his job, Tog ultimately accepted Daymond’s offer, securing a deal for Anytongs at 49% equity.
