Tate Koenig first appeared on Shark Tank Season 12 to pitch his product, Cheese Chopper. Although Koenig didn’t land a deal, he didn’t give up. Tate returned on Season 14 to share his latest venture, Pizza Pack. This time, things went well and he landed a deal with Lori Greiner. Pizza Pack is valued at $1 million as of 2024.
Founder Background
Tate Koenig is a farmer and lumber broker from Portland, Oregon. After graduating from Canby High School, he studied entrepreneurship and international business at Oregon State University.
During high school, he worked as a machinist at Hubbard Auto and Electric. In 2012, he became a lumber broker and worked for companies such as Shelter Products Inc. and Bridgewell Resources. In early 2020, Tate invented the Cheese Shredder, an all-in-one solution for storing, shredding, and slicing cheese.
Original Pizza Bundle
Despite the lack of Shark investment, the Cheese Chopper was a success, which inspired Tate to keep looking for new ideas. His next product was a solution for storing leftover pizza.
The savvy entrepreneur noticed that when there was leftover pizza, people would simply pack the pizza in its original box and put it in the refrigerator, which was impractical because it took up too much space and ruined the quality of the pizza.
Koenig invented the Pizza Pack, a collapsible container with a divider tray and a lid with vents. After launching the product in 2022, he achieved $250,000 in sales within a few months.
Shark Tank
Shortly after launching his second startup, Tate Koenig returned to Shark Tank. This time, he knew his company was ready. He appeared on the Season 14 premiere seeking $100,000 in funding in exchange for 10% equity.
He was one of the first entrepreneurs to present in front of a live audience. It was the first time that Shark Tank had a live audience, and the format didn’t work well. Cheers from the crowd could be heard every few minutes, interrupting the presentation. Still, considering the circumstances, Tate’s presentation was a success.
The Sharks and the crowd loved the product. Mark Cuban wanted to buy the entire company, but Tate wanted $5 million. Cuban made a reasonable offer of $1.5 million. The founder declined and accepted Lori Greiner’s offer of $100,000 for 13% of the shares.
Post-Shark Tank Updates
Pizza Pack’s episode aired on September 23, 2022, and the deal with Lori has not yet been completed. Currently, the product is available online at Amazon, Etsy, and Walmart. Pizza Pack can also be purchased on its website, Pizzapack.com.
Tate applied for a patent to protect his idea, but it has not yet been approved. Due to the relative simplicity of the product, imitations are expected to flood the market. The pizza storage container comes in eight colors and costs $23.99. The company has released new products such as mini food slicers, T-shirts, foldable containers and walnut coasters.
The pizza product has 2,992 reviews on Amazon and a 4.4-star rating. Pizza Pack has an estimated annual revenue of $250,000, a figure that should have increased by at least 40% thanks to the Shark Tank exposure. According to LinkedIn, Tate is still working as a lumber broker for Idaho Pacific Lumber. Only time will tell if he was right to turn down Cuban’s $1.5 million offer!
Categories: Shark Tank
Source: svlsf.edu.vn