In Season 7 Episode 2, Chelsea Briganti and Leigh Ann Tucker appeared on Shark Tank seeking $150,000 for 10% of their Loliware edible cups.
Here’s a quick recap before we dive into the Loliware Shark Tank update.
Shark Tank Pitch Recap
- : He loves it but he also thinks they are going to need more money. He would like to close out their next round of funding.
- The ladies let the Sharks know that they need $600K to close the next round and they’ll do it for 25%.
- Before Robert gets a chance to respond, Mark jumps in to close the deal.
- Robert still wants in – and so does Kevin.
- Chelsea and Leigh Ann open up the offer to Barbara.
- : “I’ll decide whose in.”
- : “But it was my idea!”
- : “I prefer Mark as a partner because he’s got three times as much money as all the little men here.”
- Mark and Robert make an offer.
Offer: $600K for a 25% equity stake. - : “I’ll take Mark or even Lori, but you’d be out of your mind to do a deal without me.”
- Mark dumps Robert and goes into the deal with Barbara instead.
Offer: $600K for a 25% equity stake. - Kevin and Robert go into the deal together with the same offer as Mark and Barbara.
Offer: $600K for a 25% equity stake. - : She loves the mission but sees it as more of a party thing.
Out - Chelsea and Leigh Ann accept the offer from Mark and Barbara. They leave with a $2.4 Million valuation for Loliware.
| Season 7 Episode 2 | |
|---|---|
| Episode Number | |
| Network | |
| Air Date | October 2, 2015 |
| Business Pitch | Edible, biodegradable cups |
|---|---|
| Entrepreneur/Founder | Chelsea Briganti & Leigh Ann Tucker |
| Asked For | $150,000 for 10% |
| Deal | $600,000 for 25% |
| Shark | Mark Cuban and Barbara Corcoran |
| Business Status | In Business |
|---|---|
| Estimated Valuation | |
| Website | loliware.com |
After Shark Tank Update
Following their appearance on Shark Tank, Loliware’s deal with Mark Cuban successfully closed but it appears Barbara is no longer involved.
Loliware has since gone through many changes – from edible cups to edible straws and finally to non-edible straws.
2017 UpdateAfter poor reviews for Loliware’s edidble cup, the young company pivoted towards biodegradable straws as a proof of concept for their seaweed-based bio-plastics technology. With this new change in direction the company was able to raise an additional $1 Million.
2018 UpdateWith their new product in development, Loliware took to crowdfunding to test the waters.
In January of 2018, they successfully raised over $49,000 on Kickstarter with 1083 backers and over $73,000 on Indiegogo.
With the additional funding, the company has continued to work diligently to reach their production goals.
But months had gone by since the company has released any meaningful updates and Loliware backers are feeling unsettled by the lack of communication.
2020 UpdateIn early January, the company raised an additional $6 million in seed funding from New York-based venture capital firm, Hatzimemos / Libby.
However, LoliStraws are no longer available for pre-order and are no longer being sold direct to consumers.
With plenty of LoliStraws floating around their Instagram page, customers and backers are wondering when they’ll be getting their own.
Loliware representatives claim all orders have been shipped but many backers remain empty-handed.
The company has since stated that their focus has shifted to selling direct to businesses to ensure they achieve “huge impact through rapid adoption at massive volumes”.
2022 UpdateLoliware is still in business and they’ve just recently launched their “Blue Carbon” straw.
The straws are available for order through their website but it remains unclear whether or not they will ever sell directly to consumers.
Loliware’s leadership has changed quite drastically with original co-founder, Leigh Ann Tucker, no longer involved.
Chelsea Briganti, now Sea Briganti, is still on board as Founder and CEO and supported by a large team of executives and scientific advisors to help steer the company towards its mission of reducing plastic-based ocean waste.
Where Are They Now?
Loliware’s edible cups are no longer available for sale and it seems the company has ditched the project, but Loliware is positioning themselves to make a big splash in the bio-plastics industry with their patented SEA Technology™ – plastic-like pellets derived from seaweed and made to disappear.
when are my straws coming
So I see the Lally cups where not such a great idea I saw on Amazon that so many of them would come broken. Now I see you have straws which is probably a better idea but those aren’t always available either. But now I see on lolly cup website then selling everything for restaurants and not first thing that they came on shark Tank about. That was disappointing?‼️
Can’t wait to finally get these straws!
Edible straws have existed since the early 1900’s, they’re called licorice sticks!
theyr’e sticks, not straws…?
Have you never bitten off the ends of licorice and used it as a straw?
Too good to be true .. Why not work with bioengineering Dept from Universities such as Cornell with the know how and experience building Non plastic cutteries, fully biodegradable (widely available in any of Cornell student cafeteria), though one cannot eat them. Either the Loliware would be a similar solution.. The really value is to build non-plastic and biodegradable kitchenware and straws ..etc. which would ultimately would be more interesting to the market then making them eatable. Although that would be a +, but who wants to eat a knife after cutting a steak with it.