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During season 12 of Shark Tank, the sustainable charcoal firm Prime 6 made its initial appearance, attracting investors with its creative and environmentally responsible grilling methods.
Founded in 2018 by husband and wife team Riki and Oron Franco, Prime 6 uses sustainable hardwood sawdust compacted into hexagon-shaped briquettes to make charcoal. This design allows the charcoal to burn hotter and longer, distribute heat evenly, and be reusable. Additionally, it leaves very little residue, which simplifies grill cleanups.
At the time of their appearance on Shark Tank, Prime 6 had already reached $300,000 in revenue and was looking to grow by securing investment from the sharks. On Shark Tank, Riki and Oron asked for a $200,000 investment for 10% equity in their business.
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Since its appearance on Shark Tank, the company has experienced significant growth and continues to reach new markets in the US and beyond.
Prime 6's Shark Tank pitch
The Francos emphasized the product's efficiency and sustainability while requesting $200,000 for 10% equity. They demonstrated its profitability with a retail price of $18.99 and a production cost of only $3.39 per nine-pound package. Additionally, the company's recent $130,000 purchase order from Lowe's impressed the Sharks.
Kevin O'Leary offered $200,000 in exchange for a 25% stake. Daymond John extended the same offer. Despite praising the invention, Mark Cuban, Lori Greiner, and guest shark Blake Mycoskie refused to invest due to conflicts of interest with similar businesses.
After some negotiation, the Francos accepted O’Leary’s offer of $200,000 for 25%, citing their alignment with his vision for expanding online sales during the challenging retail landscape of the pandemic.
Success after Shark Tank
After appearing on Shark Tank, Prime 6 saw a spike in sales and popularity. According to an article by Food Republic published on November 4, 2023, revenues jumped from $300,000 to $1.3 million in just three months after the episode aired.
The company's retail footprint expanded from 1,200 to more than 5,000 locations across the country. Additionally, their collaboration with the nonprofit group One Tree Planted resulted in the planting of over 20,000 trees.
The Shark Tank experience was described by Riki Franco as "thrilling, stressful, and a lot of fun" in an interview with NYC BBQ on November 27, 2020. Kevin O'Leary enthusiastically backed the brand, even creating social media promotional videos and providing sales to draw in new clients.
The popularity of Prime 6 was further boosted by the COVID-19 pandemic, which led many people to cook at home. The company adapted by focusing on direct-to-consumer sales while expanding its product line and increasing its presence in major retailers like Walmart, Kroger, and Lowe’s.
Prime 6 in 2024: Continued growth
By 2024, Prime 6 had evolved beyond its original product. The company now offers fire starters and fire logs made from recycled compressed wood, suitable for pizza ovens and other applications. Staying true to its environmental mission, Prime 6 has planted over 120,000 trees and repurposed more than 2.5 million tons of sawdust.
In January 2023, the company announced a partnership with Vesta Foodservice, expanding its distribution to California, Arizona, and Las Vegas. Later that year, they teamed up with Halperns’ Steak & Seafood to supply chefs in the Southeastern United States.
Prime 6 also broke ground on a $35 million manufacturing facility in Fairmont, West Virginia. The facility, expected to create 75-100 jobs, will utilize local raw materials to produce biofuel products. CEO Riki Franco stated to Times West Virginian on November 23, 2024:
“This state has a lot of the raw materials, all the hardware, to set up shop and call home.”
Kevin O’Leary praised the venture, calling Riki a “force of nature” and highlighting the high success rate of women-led companies on Shark Tank.
What’s next for Prime 6?
The Francos have ambitious plans for the future, aiming to “grow, grow, grow!” Prime 6 continues to expand its presence at food shows and festivals while seeking new opportunities to innovate within the sustainable fuel industry.
With a robust retail and online presence, ongoing environmental initiatives, and a state-of-the-art manufacturing facility, the brand remains committed to its mission of providing eco-friendly grilling solutions.
Shark Tank airs every Friday at 8/7c.
