VoChill – Wine Chiller
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 6, 2023
Asking For:
$300,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
VoChill is a personal wine chiller designed to keep wine at the perfect temperature while preserving the wine’s taste and aroma.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
VoChill, founded by Randall and Lisa from Austin, Texas, is a company born out of a desire to solve the problem of keeping wine at the right temperature. They recognized that people resorted to various methods like adding ice or using metal cups, which often compromised the wine’s taste and presentation. As wine enthusiasts themselves, they sought a solution that would maintain the quality of wine while keeping it at the perfect temperature. VoChill was the result of their innovative thinking.
Randall and Lisa had a background in product development and a passion for wine. They saw an opportunity to create a product that could revolutionize the way people enjoy their wine, so they set out to design the VoChill. Located in Austin, Texas, they launched their company and developed the first and only personal wine chiller in the world. They believed that VoChill could change the way wine lovers enjoy their favorite beverages.
The Product
VoChill is a personal wine chiller that keeps wine cool and crisp without affecting its flavor or experience. The product consists of a detachable chill cradle that can be stored in the freezer.
The cradle can be easily attached to wine glasses, ensuring that the wine stays at the perfect temperature from the first sip to the last. It is versatile and can be used with various types of beverages, including wines, martinis, and beers.
The product is available in two versions: one for stemmed glasses priced at $49.95 and another for stemless glasses priced at $44.95. VoChill is sold online through their website and on Amazon.
How It Went
The company’s position before Shark Tank
VoChill had a promising start, with sales of $820,000 in their first year, and their revenue increased to $1.8 million the following year. Despite the healthy sales, the company was not yet profitable due to a high customer acquisition cost (CPA) of $57 per customer.
The founders expressed their commitment to their business by investing their life savings and tapping into their 401(k)s to fund the company’s growth. They demonstrated their belief in VoChill’s potential and were determined to take the company to new heights.
The Negotiations:
The founders of VoChill entered the Shark Tank seeking $300,000 for a 5% equity stake in their company, which implied a $6 million valuation. They received offers from the sharks, but ultimately, no deal was reached. Kevin O’Leary made an offer of $300,000 for 10% equity with a $2 royalty until he recouped a million dollars, after which the royalty would cease. Gwyneth Paltrow, Mark Cuban, and Lori Greiner expressed their admiration for the product but declined to make offers due to various reasons, including valuation and personal preferences.
In the end, the founders declined Kevin O’Leary’s offer, as they were not comfortable with the royalty structure. They thanked the sharks and left the tank with their heads held high, determined to continue building their business. VoChill’s appearance on Shark Tank showcased their dedication and belief in their product, and while they didn’t secure a deal, the exposure on the show could potentially lead to increased sales and brand recognition.
