There have been many attempts to replace plastic cutlery, but none as innovative as Loliware. The company sells the world’s first edible cup, made from seaweed and organic sweeteners. Founders Chelsea Briganti and Leigh Ann Tucker have appeared on Shark Tank and have struck a deal with Mark Cuban and Barbara Corcoran. As of 2024, Loliware is valued at $10 million.
Background of Chelsea and Leigh
Chelsea Briganti is from Honolulu, Hawaii, and attended the University of Hawaii at Manoa before attending Parsons School of Design to study industrial and product design.
There she met her future business partner, Leigh Ann Tucker. Originally from Atlanta, Leigh studied industrial design at the Savannah College of Art and Design before moving to New York.
The two became best friends and after graduating with a Bachelor of Fine Arts degree in 2010, they co-founded their first company, The Way We See the World, a design studio that lasted for over three years.
The Birth of Loliware
Chelsea and Leanne once entered a Jello contest. Innovators use their love of design and passion for the environment to create something that makes them stand out.
The ladies created biodegradable and edible cups out of seaweed. Not only that, but the cups are also made with natural sweeteners that can create different flavors. This makes them perfect for serving a variety of drinks and desserts.
They won first place in the competition and were inspired to turn the project into a business. In 2011, the two raised $10,000 from Kickstarter, but did not start operating until 2015. Within three months, the project had revenue of $110,000.
Loliware’s Shark Tank Presentation
Even though the startup was only three months old, Chelsea and Leanne signed on to compete on Season 7 of Shark Tank, seeking $150,000 in funding for 15% equity.
From introducing the product to handing out samples, the campaign went smoothly. The ladies revealed that they are in the process of raising a round of funding, with $600,000 remaining. Typically, sharks don’t like companies that have already raised money because their equity in these companies may be diluted in the future.
Robert Herjavec offered to complete the round if another Shark joined. Different teams formed, but Mark Cuban and Barbara Corcoran won the 25% stake with a bid of $600,000. Mark Cuban was selected again, and poor Robert was selected.
Shark Tank Post-Episode Updates
Mark and Barbara were happy to make the deal with Loliware, but Cochrane no longer appears to be working with the company. It’s unclear why, but the founders are happy Cuban is still with the company. In 2018, they raised $73,000 on IndieGoGo and $49,000 on Kickstarter with over 1,000 backers.
That helped them launch the Loliware straw, which has had trouble producing. The original edible straw is still available on Amazon and Loliware.com. However, the company has shifted its focus to selling directly to businesses.
This may be why the products don’t have many reviews on Amazon, with just 10 users giving them a 3.3-star rating. Despite this, Loliware received a $6 million investment from H/L Ventures, bringing its total funding to $15.4 million.
Leigh Ann Tucker has left the startup and is currently freelancing in product development. Chelsea Briganti runs the company on her own but adds more experience to the board. In May 2023, Jeff Wooster (former global sustainability director at Dow) joined the scientific board.
With so much money already raised, the founders are under pressure to launch a commercial product. Hopefully, the company can start generating revenue soon, as raising more money will be a challenge in today’s environment.
Categories: Shark Tank
Source: svlsf.edu.vn