Will Loliware and their LOLISTRAW once again crack under pressure? Or will they deliver beyond expectations?
SEASON 7 EPISODE 2PITCH
replacing plastic, one biodegr(edible) cup at timeENTREPRENEUR
Chelsea Briganti & Leigh Ann TuckerASKED FOR
$150,000 for 10%GOT
$600,000 for 25% ($2.4M valuation)SHARK
Loliware is 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 are designed to serve drinks & desserts at events and are flavored to compliment any meal.
Loliware was formed in 2015 by founders Chelsea Briganti and Leigh Ann Tucker after learning about the 33 billion plastic cups that end up in landfills each year.
LOLIWARE ON SHARK TANK
Loliware aired on Shark Tank in December 2015 and in no time, a shark brawl breaks out. Mark immediately makes an offer and tries to lock the other sharks out.
Barbara decides to go in on Mark’s deal. Lori admires the product but decides to go out. Robert puts an offer on the table that includes Mark. In the end, Loliware strikes a deal with Mark and Barbara.
The 100% all-natural, non-GMO, compostable, edible cups were seen by many to be the perfect solution to the growing plastic problem.
Unfortunately, Loliware’s “biodegr(edible)” cups were a little too good to be true.
In spite of their best intentions, they couldn’t quite figure out a formula for the cups that could survive shipping.
The greatest complaint against Loliware’s cups was that many of the cups would arrive so tough you could break a tooth trying to chew through it or damaged – distorted, melted, shattered.
And each pack of 4 cost more than a pack of 100 plastic cups. Customers fell out of love with Loliware as quickly as they had fallen in love with it.
LIFE AFTER SHARK TANK
Loliware’s edible cups are no longer available for sale and it seems the company has ditched the project.
But in spite of little sales and poor customer reviews, the company managed to raised an additional $1M in 2017, bringing Loliware’s net worth to $1.9 million.
Mark Cuban has remained on board as the lead investor and advisor to Loliware as they prepare to launch LOLISTRAW, the world’s first edible, compostable straw.
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.
The LOLISTRAW can be pre-ordered through Indiegogo. Although originally expected to be available by August, Loliware has since updated their launch date for October 2018.
But according to posts made on by Loliware through Instagram, the first shipment was expected to be delivered in January 2019.
As of January 2020, Loliware still hasn’t shipped any straws but has now begun taking straw reservations through their website.
With plenty of Lolistraws floating around their instagram page, customers are still wondering when they’ll get their own.
In an instagram post made in early January, the company stated that their focus has shifted to selling direct to businesses to ensure they achieve “huge impact through rapid adoption at massive volumes”.