|SEASON 8 EPISODE 15|
|Pitch||Pressurized and fully portable shower system|
|Entrepreneurs||Chris Crawford and Eric Fagan|
|Asked For||$250,000 for 5%|
|Deal||$250,000 for 10%|
What is Rinsekit?
RinseKit, is a self-contained,water-saving, portable shower system designed by Chris Crawford, to wash away dirt, for anyone on the go. It uses 2 gallons of water for 3 continuous minutes without batteries. Pressurized water can be stored for up to a month and is quick and easy to fill.
Who Owns Rinsekit?
Crawford, a surfer, from California, conceptualized Rinsekit after years of being unable to rinse off sand and salt following early, morning surfs. As a 19-year-old, in 2003, he created a PVC prototype in his garage, based on his experience with integrated water systems gleaned from the pool construction industry. Rinsekit was launched in January 2015 and today has 3 employees together with Crawford.
Crawford started his business with the user experience in mind and $75k as a 60% shareholder along with a partner who invested $75k for a 10% share of Rinsekit. Most of the initial revenue came from street fairs and trade shows.
A Kickstarter campaign, in the spring of 2016 raised over $400, 000 for 1.500 units to be manufactured in China. The product was sold through 1.500 retailers using a wholesale distribution model. The producers of Shark Tank approached Crawford and Eric Fagan, the CEO representing the company holding a 10% share in the company and a commission-earner on sales of the company, to appear on episode 814 on 02/08/2017. Sales were under $800k, debts at $550k, and projected sales between $2.1mill and $2.3mill.
Rinsekit Shark Tank Update
Did Rinsekit Get a Deal on Shark Tank?
On Shark Tank Season 8 Episode 15, Chris Crawford and Eric Fagan accepted an offer of $250,000 for 10% of Pluto Pillows, from Daymond John.