What is Kanga? Kanga is an insulated cooler designed to keep a case of beverages cold for up to five hours without the need for ice.
Summary
- Kanga is an insulated cooler bag designed to keep cases of beverages cold without ice.
- Founders Teddy Giard, Logan Lamance, and Austin Maxwell appeared on Shark Tank Season 10 seeking $100,000 for 10% equity.
- Mark Cuban invested $100,000 for 20% equity.
- The deal with Mark Cuban ultimately did not close.
- Despite this, Kanga has experienced significant success, with annual revenue of $3.5 million.
- Kanga products are available on Amazon, in Ace Hardware stores, and at over 2000 independent retailers.
- All three founders were named to the Forbes 30 Under 30 list in 2022.
Kanga Shark Tank Update | Shark Tank Season 10
What is Kanga?
Kanga is a simple, yet effective solution to a common problem: warm drinks. It’s an insulated cooler bag designed to keep cases of beverages (like beer or soda) cold for hours without needing ice.
Think of it as a giant koozie for your whole case! This makes it perfect for tailgating, picnics, beach trips, or any outdoor adventure where you want to keep your drinks refreshingly cold.
The Kanga Story
Kanga was born out of a need for convenience. Three friends and Clemson University students, Teddy Giard, Logan Lamance, and Austin Maxwell, were tired of lukewarm drinks at tailgates.
Lugging around coolers and ice was a hassle. They realized a simple, insulated case cooler could solve their problem and potentially that of many others.
What started as a college project quickly evolved into a promising business venture. They launched a successful Kickstarter campaign to fund their idea and then set their sights on the biggest stage for entrepreneurs: Shark Tank.
Kanga on Shark Tank
1. The Pitch
| Entrepreneurs | Teddy Giard, Logan Lamance, Austin Maxwell |
|---|---|
| Business | Kanga – Insulated beverage case coolers |
| Ask | $100,000 for 10% equity |
| Deal | $100,000 for 20% equity |
| Shark | Mark Cuban |
| Season – Episode | Season 10, Episode 18 |
| Original Air Date | March 10, 2019 |
| Website | Kanga Coolers |
| Key Points of Pitch |
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| Why Sharks Accepted |
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2. Mark Cuban’s Offer
Mark Cuban, known for his investments in innovative and practical products, was immediately impressed by Kanga.
He saw the potential in their simple yet effective solution to a common problem. He quickly offered them $100,000, but for double the equity they initially offered – 20%.
3. Why Mark Cuban Invested in Kanga
Several factors likely contributed to Mark Cuban’s swift decision:
- Market Need: Kanga addressed a clear need in the market for a convenient and portable way to keep drinks cold.
- Product Simplicity: The product itself was simple to understand and use, making it appealing to a broad consumer base.
- Strong Team: The young entrepreneurs demonstrated passion, drive, and a clear understanding of their business.
- Early Success: Kanga’s early sales figures and successful Kickstarter campaign indicated a promising future.
- Scalability: Cuban likely recognized the potential for Kanga to scale its operations and expand its product line.
Kanga Update
1. The Deal That Didn’t Close
While the Kanga team excitedly accepted Mark Cuban’s offer on Shark Tank, the deal ultimately did not close.
This is not uncommon after the show, as due diligence and negotiations sometimes reveal unforeseen challenges.
However, even without Cuban’s direct investment, the Shark Tank effect propelled Kanga to new heights.
2. Kanga’s Success After Shark Tank
Appearing on Shark Tank gave Kanga invaluable exposure. Their website traffic surged, and orders flooded in.
The team capitalized on this momentum, strategically attending NASCAR and surfing events to further promote their coolers.
They moved their operations from Logan’s mom’s basement into their own headquarters, aptly named “The Fun Factory,” complete with a half-pipe for some added fun.
3. Revenue and Distribution
Kanga’s success is evident in its impressive sales figures. The company has sold over 400,000 coolers and generates an estimated $3.5 million in annual revenue.
Kanga coolers are now available on Amazon, in over 2,000 independent retailers, and even in Ace Hardware stores nationwide.
4. Forbes 30 Under 30 Recognition
In a testament to their entrepreneurial achievements, all three Kanga founders were named to the prestigious Forbes 30 Under 30 list in 2022.
This recognition solidified their status as rising stars in the business world and further validated their innovative approach to solving a common problem.
Kanga Products
1. Features and Benefits
Kanga coolers are designed with both convenience and functionality in mind. Here are some key features:
- Ice-free Cooling: The main appeal of Kanga is its ability to keep drinks cold for up to 7 hours without the need for messy ice. This means less weight to carry and more space for drinks!
- Durable Construction: Made with high-quality, durable materials, Kanga coolers are built to withstand regular use and outdoor adventures.
- Insulated Protection: Multiple layers of insulation ensure your drinks stay cold, even in warm weather.
- Easy Access: A convenient top flap allows for quick and easy access to your beverages.
- Portable Design: Kanga coolers are lightweight and easy to carry, with comfortable handles and optional backpack straps.
2. Sizes and Colors
Kanga coolers come in a variety of sizes to accommodate different needs:
- 12-can size: Perfect for smaller gatherings or individual use.
- 24/30-can size: Ideal for larger groups and parties.
They also offer a range of colors and patterns to suit your style, and even provide custom cooler options for businesses or special events.
3. Where to Buy Kanga Coolers
You can purchase Kanga coolers directly from their website or find them on Amazon. They are also available at select retailers, including over 2,000 independent stores and Ace Hardware locations nationwide.
The Future of Kanga
Kanga’s journey from a college project to a multi-million dollar business is an inspiring example of entrepreneurial success.
With a strong foundation and a growing customer base, the future looks bright for Kanga. They continue to innovate and expand their product line, with a focus on sustainability and customer satisfaction.
As they continue to grow, we can expect to see Kanga coolers become a staple at gatherings and events of all kinds.
FAQs
How long do Kanga coolers keep drinks cold?
Kanga coolers can keep your drinks cold for up to 7 hours without ice.
What sizes do Kanga coolers come in?
Kanga coolers are currently available in two sizes: a 12-can size and a larger 24/30-can size.
Where can I buy a Kanga cooler?
You can purchase Kanga coolers directly from their website, on Amazon, and at select retailers including over 2,000 independent stores and Ace Hardware locations.
Are Kanga coolers waterproof?
Yes, Kanga coolers feature a waterproof membrane to protect your drinks from the elements.
Can I customize a Kanga cooler?
Yes, Kanga offers custom cooler options for businesses, events, or personal use.
Are Kanga coolers environmentally friendly?
Kanga is increasingly focused on sustainability. By eliminating the need for disposable ice packs, they help reduce waste.
What types of drinks can I put in a Kanga cooler?
Kanga coolers are designed for canned beverages like beer and soda.
The Bottom Line
Kanga coolers offer a convenient and effective way to keep your drinks cold without the hassle of ice. Born from a simple idea, Kanga has grown into a successful business with a loyal following. Their appearance on Shark Tank, though it didn’t result in a closed deal with Mark Cuban, catapulted them to greater success.
With a focus on quality, innovation, and customer satisfaction, Kanga is well-positioned for continued growth in the years to come. Whether you’re heading to a tailgate, a picnic, or just enjoying a day outdoors, Kanga coolers provide a practical and stylish solution for keeping your beverages refreshingly cold.
