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Co-founders Dave Stark and Joe Ahmad appeared on Shark Tank in season 15 episode 15, which aired on February 23, 2024, to pitch their line of cooling products, Coldest. The company was geared towards offering coldness in products including Tumblers, pillows, and dog beds.
During their pitch, Dave shared that he started the company in 2015. At that time, he founded a factory and used all of his $14,000 savings for the production of 4000 water bottles.
After placing the order, his older brother cautioned him about the challenges of selling even 1,000 water bottles in such a highly competitive market. Unfortunately, it was too late—the bottles were already in production. Despite the initial concerns, they persevered, and 2 years later, they achieved an impressive revenue of $900,000.
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While the founders eagerly shared their success story, they overlooked mentioning what happened to their initial batch of 4,000 bottles. When the Sharks inquired, they revealed that the entire batch had sold out.
However, Shark Daymond John pressed further, feeling they weren't providing enough clarity on when the bottles were sold and how long it took to sell them. He criticized their presentation, calling it "horrible" for omitting such information.
"How long? You're horrible pitchers... In what period of time did that sell out?" Daymond John said.
The Shark Tank contestants explained that they sold their entire initial batch within the first 5 months. They added that they initially launched their business on Amazon, operating as a purely Amazon-driven, digital e-commerce, direct-to-consumer company.
Coldest on Shark Tank: Dave and Joe Ahmad failed to secure a deal with the sharks
What is Coldest?
Dave and Joe Ahmad appeared on season 15 episode 15 to pitch Coldest and sought a $600,000 investment in return for 2% equity in their company.
"We started this company and Naples, FL. Sharks it gets so hot out there and so we wanted to create the coolest things, to help you stay colder longer... We embarked on a journey to create the coolest products ever," they pitched.
The Shark Tank contestants further shared that they tested their water bottles against 50 plus of the largest hydration brands and designed them to stay cold for up to 36 hours long.
Their "thoughtful design features" such as this nonslip rubber bottom made their bottles 100% leak-proof.
They added that they did not want to be just a hydration company and wished to create "the coldest everything". So they designed and developed the coldest pillow and the coolest dog bed and dog bowl.
Sales and growth over 7 years
Coldest experienced remarkable growth in sales since the inception of their business. In 2017, they generated $900K in revenue, which soared to $2.5 million in 2018. By 2019, their sales had climbed to $5.9 million. The upward trajectory continued with $9.3 million in 2020, $12.4 million in 2021, and an impressive $15.1 million in 2022.
Despite their great sales, they weren't making any profits, citing that all of their money went back into the brand. They mentioned that in 2022 their profit was negative 400K.
"Our inventory, just keeps flying out of the warehouse, like it sells really fast. We keep buying a lot more, we're adding more colors, more skews. As you can see, we're adding more categories as well. All of our money since day one has been going back into the brand," the Shark Tank Contestant explained.
They further shared that each bottle sold for $55.99 in retail and its cost charge was around $10 to $12.
Kevin O'Leary felt that he could help them with their situation and offered $600,000 for 7% equity, with a royalty of $2.25 per unit until he makes back $3 million. After, back-and-forth countering the Shark Tank contestants failed to close any deals.
As of January 2025, Coldest is still in business as their website (coldest.com) features their diverse product collection, and their social media channels are also actively updated.
Shark Tank season 16 episodes air every Friday on ABC and are also available to stream on Hulu.
