|SEASON 7 EPISODE 2|
|Pitch||Biodegrable, edible cups|
|Entrepreneur||Chelsea Briganti & Leigh Ann Tucker|
|Asked For||$150,000 for 10%|
|Deal||$600,000 for 25%|
|Shark||Mark Cuban and Barbara Corcoran|
What is Loliware ?
Loliware was the edible bioplastics company on a mission to reduce plastic waste and create a sustainable future with the world’s first edible drinking cup.
Their edible cups were designed to serve drinks & desserts at events and are flavored to compliment any meal.
Today, they have refocused as a seaweed-based materials company that aims to reduce our reliance on single-use plastic items like straws, cups, etc. which invariably end up as litter, in a land refill, or worst still, floating in the ocean.
They create reusable single-use appliances that last 24 hours, made entirely from seaweed that biodegrades in 60 days.
Who Owns Loliware?
No one knows the impact plastics have on our ocean better than Hawaiian surfer and co-founder Chelsea Briganti, who’d regularly encounter it floating in the water.
So she and fellow co-founder Leigh Ann Tucker (who she met while studying in New York at the same school) decided to open Loliware.
Both ladies remain active as directors in the company. Since investment deals and high-profile endorsements (Oprah Winfrey), they’ve partnered with hotel chains, theme parks, event planners, and a few other brands for exclusive distribution rights.
They hope to keep introducing their products to stadiums, fast-food restaurants, etc. While working at expanding their product range and bringing in new and improved iterations of previous designs.
The idea for the company began to take shape in 2010, just after both ladies graduated from Parsons School of Design in New York. They entered a Jell-O competition with their idea for a disposable, edible, biodegradable drinking cup.
It was a massive hit, and they started receiving interest in the product from environmentally conscious retailers. So they raised $10,000 on Kickstarter, to assist in designing prototypes and to begin manufacturing. In 2013, they got a mention from Oprah Winfrey in her segment, “50 things that will make you go wow!” After a few years of testing and development, they opened for business in 2015. And within three months, managed to achieve $110,000 in sales.
Not long after, a sizeable New York-based events company approached them. With an offer to sign a lucrative deal for over $1 million. It was around then that they decided to start looking for investors to scale the company and help meet the large production demands they were facing.
What Happened After Shark Tank Update
Did Loliware Get a Deal on Shark Tank?
In Season 7 Episode 2 of Shark Tank, Chelsea Briganti and Leigh Ann Tucker struck a deal with Mark Cuban and Barbara Corcoran of $600,000 for 25% ($2.4 million valuation) of their biodegrable plastics company, Loliware.
Although the deal didn’t close with Barbara, Mark has remained on board as an investor.
Is Loliware Still in Business?
Loliware’s edible cups are no longer available for sale and it seems the company has ditched the project.
In spite of little sales and poor customer reviews, the company raised an additional $1M in 2017.
In January 2018, Loliware successfully raised over $49,000 on Kickstarter with 1083 backers and over $73,000 on Indiegogo.
Since being funded, the company has continued to work diligently to reach their production goals. But months have gone by since the company has released any meaningful updates and Loliware backers are feeling unsettled by the lack of communication.
Loliware has gone through many changes since first appearing on Shark Tank. From edible cups to edible straws and finally to non-edible straws.
In early January 2020, 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”.