Cooking can be satisfying, but there’s a reason many people call it a chore. Cooking can be messy with all the ingredients and prep work. Prepdeck was created to be a complete meal prep system that keeps the kitchen tidy. Founder Alexander Eburne pitched on Shark Tank but was unable to land a deal. As of 2024, Prepdeck has a market cap of $17 million.
Alexander Ebern’s Background
Alexander Eburne is a serial entrepreneur from Sydney, Australia. Little is known about his educational background, but he moved to Los Angeles, California, more than a decade ago. In 2000, he founded a company called Zealous Works, which started his entrepreneurial journey.
After five years, he quit the job and became a consultant to TGBN Mergers & Acquisitions. Next, he was hired as a business development manager at Axis Telecommunications. This was his last job in Australia as he left in 2007 to become the vice president of sales and marketing at EcoSmart Fire.
In 2009, he became CEO of Australian outdoor furniture manufacturer Harbor Outdoor. Eburne left in 2011 to return to EcoSmart Fire for his second CEO role.
Founding Prepdeck
After Alexander married his wife, Christine, he often left the kitchen a mess. His wife was responsible for cleaning up, but when she became pregnant, everything changed.
Christine didn’t want to spend time cleaning the kitchen, so the responsibility of picking up the pieces fell on her husband. Alexander realized that there were no tools that could help someone like him cook more organizedly.
That sparked an idea, and by early 2018, Prepdeck was born. Prepdeck is an organization kit that comes with ingredient containers, measuring tools, and other cooking utensils. He launched a crowdfunding campaign on IndieGoGo hoping to raise $25,00, but ended up raising nearly $360,000. Within two years, he had $7.2 million in sales.
Shark Tank Appearance
In 2021, Alexander Eburne is projecting revenue of $10 million. However, he needs money to do three things: increase inventory, product development, and hire more employees. Alexander appeared on Season 13 of Shark Tank seeking $750,000 for a 7.5% stake.
The Australian entrepreneur’s sales performance did catch the attention of the Sharks. They soon realized that Alexander was a savvy businessman, but the Sharks didn’t like his valuations, and some were unfamiliar with the industry.
Kevin O’Leary was the only Sharks player to make an offer, offering to loan $750,000 at 9.5% interest and 5% equity. Ebern tried to argue, but Kevin didn’t budge and the deal fell through. Cuban praised him for not taking the deal.
After Shark Tank
Prepdeck was on the right track before Shark Tank, so it’s no surprise that business is still thriving today. Since then, they’ve introduced new products like container sets, prep tools, and designed a mini version of the Prepdeck.
You can buy the product on Amazon and its official website Prepdeck.com. The strategy of bundling products helps maximize revenue. This innovative kitchen brand has expanded to Canada and will eventually enter Europe and Australia.
The new Prepdeck Gen 2 design has 978 reviews on its website with an average rating of 4.8. The company has accumulated sales of over $18.5 million, a 500% increase over the past 3 years. In May 2023, they raised $87,451 on WeFunder at a valuation of $17 million. The founders expect the company to reach $30 million in revenue by 2025.
Categories: Shark Tank
Source: svlsf.edu.vn