What is the investment update on Pricklee from Shark Tank Season 13? Pricklee, the refreshing drink made from prickly pear cactus water, successfully secured an investment on Shark Tank Season 13. They received a $200,000 line of credit for 5% equity from Barbara Corcoran.
Summary
- Pricklee, a beverage company specializing in prickly pear cactus water, appeared on Shark Tank Season 13.
- The founders sought $200,000 for 5% equity in their company.
- They impressed Barbara Corcoran with their product and pitch.
- Pricklee secured a $200,000 line of credit for 5% equity from Barbara Corcoran.
- The investment will help Pricklee expand its production and distribution.
Pricklee Shark Tank Update | Shark Tank Season 13
In the vast and often unforgiving desert landscapes, nature has a way of surprising us with its hidden treasures.
One such treasure is the prickly pear cactus, a resilient plant known for its vibrant fruits and unique water content.
Enter Pricklee, a refreshing beverage company that has harnessed the power of prickly pear cactus water to create a drink that is both delicious and sustainable.
Shark Tank Season 13 Appearance
Pricklee’s journey to success took a significant leap forward when they appeared on the popular television show Shark Tank Season 13.
The show, known for showcasing innovative products and ambitious entrepreneurs, provided Pricklee with a platform to pitch their product to a panel of seasoned investors, also known as “Sharks.” The stakes were high, but the Pricklee team was ready to make their mark.
The Pricklee Pitch
1. Pricklee on Shark Tank
Entrepreneurs | Kun Yang, Amy Erickson |
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Business | Pricklee |
Ask | $200,000 for 5% equity |
Deal | $200,000 line of credit for 5% equity |
Sharks | Barbara Corcoran |
Season | Season 13 |
Original Air Date | April 1, 2022 |
Website | Pricklee |
Key Points of Pitch |
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Why Sharks Accepted |
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2. The Founders’ Story and Inspiration
Behind every successful product is a story of passion and perseverance. The founders of Pricklee, Kun Yang and Amy Erickson, were inspired by their travels and their desire to create a beverage that was both healthy and environmentally friendly.
They discovered the prickly pear cactus and its water, which is naturally low in calories and sugar while being rich in antioxidants and electrolytes.
This discovery led them to develop Pricklee, a drink that embodies their values and their commitment to sustainability.
3. The Unique Selling Proposition of Pricklee
In a market saturated with sugary drinks and artificial flavors, Pricklee stands out with its unique selling proposition.
The drink is made from prickly pear cactus water, a natural and sustainable ingredient that offers a refreshing taste and numerous health benefits.
Pricklee is also low in calories and sugar, making it a guilt-free indulgence for health-conscious consumers.
Moreover, the company is committed to sustainable practices, ensuring that their product is not only good for you but also good for the planet.
4. Target Market and Growth Potential
Pricklee’s target market is broad and diverse, encompassing individuals who are looking for a healthy and refreshing alternative to traditional beverages.
The drink appeals to health-conscious consumers, fitness enthusiasts, and anyone who enjoys a natural and flavorful drink.
The company’s commitment to sustainability also resonates with environmentally conscious consumers.
With its unique product and strong brand identity, Pricklee has significant growth potential in the ever-evolving beverage industry.
The Shark Tank Experience
1. The Sharks’ Reactions and Questions
Stepping into the Shark Tank is like entering a lion’s den, where every move is scrutinized, and every word is weighed.
The Pricklee team faced a barrage of questions and comments from the Sharks, who were intrigued by the unique product but also cautious about its market potential.
Some Sharks were concerned about the scalability of sourcing prickly pear cactus water, while others questioned the brand’s ability to stand out in a crowded beverage market.
The founders, however, remained composed and confident, addressing each query with clarity and conviction.
2. Negotiation and Counteroffers
The negotiation phase is where the real action happens in the Shark Tank. The Sharks, known for their shrewd business acumen, started making offers and counteroffers, each trying to secure the best deal for themselves.
Some Sharks proposed lower valuations or higher equity stakes, while others offered strategic partnerships and distribution networks.
The Pricklee team carefully considered each offer, weighing the pros and cons of each proposal. They knew they had a valuable product, but they also needed the right partner to take their business to the next level.
3. Barbara Corcoran’s Investment
Amidst the flurry of negotiations, one Shark stood out with her unwavering belief in Pricklee’s potential: Barbara Corcoran.
A real estate mogul and seasoned investor, Corcoran was impressed by the founders’ passion and the product’s unique appeal.
She saw the potential for Pricklee to become a major player in the beverage industry, and she was willing to invest her time and money to make it happen.
Corcoran offered a $200,000 line of credit for 5% equity, providing Pricklee with the financial flexibility and mentorship they needed to grow their business.
The founders, recognizing the value of Corcoran’s expertise and network, accepted her offer, sealing a deal that would change the course of their company’s future.
Pricklee’s Post-Shark Tank Journey
1. Production and Distribution Expansion
The Shark Tank effect is real, and Pricklee experienced it firsthand. After their successful appearance on the show, the company saw a surge in demand for their prickly pear cactus water.
To meet this growing demand, they ramped up production and expanded their distribution network.
With Barbara Corcoran’s investment and guidance, Pricklee was able to secure partnerships with major retailers and distributors, making their product available to a wider audience.
The company also invested in new equipment and technology to streamline their production process and ensure consistent quality.
2. New Product Development
Pricklee didn’t rest on its laurels after the Shark Tank success. Instead, they used the momentum to fuel their innovation and creativity.
The company expanded its product line, introducing new flavors and variations of their prickly pear cactus water.
They also explored other potential uses for the cactus fruit, such as jams, jellies, and even skincare products.
This diversification strategy helped Pricklee tap into new markets and attract a broader customer base.
3. Impact of Barbara Corcoran’s Mentorship
Barbara Corcoran’s investment was more than just financial support; it was a partnership built on trust and shared vision.
Corcoran, with her decades of experience in business and real estate, provided invaluable mentorship to the Pricklee team.
She offered guidance on marketing, branding, and strategic planning, helping the company navigate the complexities of the beverage industry.
Corcoran’s connections and network also opened doors for Pricklee, facilitating collaborations and partnerships that accelerated their growth.
The impact of her mentorship was evident in Pricklee’s success, as they transformed from a promising startup to a thriving beverage brand.
FAQs
What is prickly pear cactus water?
Prickly pear cactus water is a natural beverage extracted from the fruit of the prickly pear cactus. It’s known for its refreshing taste, low calorie count, and abundance of antioxidants and electrolytes.
Where can I buy Pricklee?
Pricklee is available for purchase on their official website and select retailers nationwide. Check their website for the most up-to-date list of locations.
What are the health benefits of Pricklee?
Pricklee is packed with antioxidants, which help fight free radicals and protect your cells. It also contains electrolytes, which are essential for hydration and muscle function. Plus, it’s low in calories and sugar, making it a healthier choice than many other beverages.
Is Pricklee sustainable?
Yes, Pricklee is committed to sustainability. They use environmentally friendly practices in their production process and prioritize sourcing their prickly pear cactus water from responsible suppliers.
What other products does Pricklee offer?
Currently, Pricklee focuses primarily on their prickly pear cactus water, available in various flavors. However, they are continuously innovating and may expand their product line in the future. Stay tuned to their website for updates!
The Bottom Line
Pricklee’s journey from a Shark Tank pitch to a thriving beverage brand is a testament to the power of passion, innovation, and the right partnership. Their commitment to creating a healthy, sustainable, and delicious drink has resonated with consumers, propelling them to success.
With Barbara Corcoran’s guidance and their own unwavering determination, Pricklee is poised for continued growth and expansion. Their story serves as an inspiration to aspiring entrepreneurs, reminding us that with the right idea, the right team, and a little bit of luck, anything is possible.