Snactiv, an innovative hands-free snacking tool designed to keep fingers clean while using keyboards, game controllers, or mobile devices, has carved out a notable niche in the market. Founded in 2021 by Kevin Choi and Edwin Cho, this product gained significant attention after its appearance on Shark Tank Season 13, where it secured a deal that propelled its growth and visibility.
Snactiv's Shark Tank Pitch and Deal
During their Shark Tank pitch, founders Kevin Choi and Edwin Cho presented Snactiv as a solution for gamers, office workers, and multitaskers. They asked for $200,000 in exchange for a 10% equity stake, valuing their company at approximately $2 million. After engaging negotiations, guest shark Kevin Hart and TV personality Lori Greiner made a joint offer of $200,000 for 20% equity, which the founders accepted on air. This handshake deal, valued at around $1 million, marked a pivotal moment for the brand, providing both financial backing and high-profile exposure.
Immediate Impact and Sales Surge
Following the airing of the Shark Tank episode, Snactiv experienced a dramatic boost in visibility and sales. Website traffic and social media engagement skyrocketed, leading to a significant increase in online sales through platforms like Amazon and the company's official store. The founders expressed gratitude for the community support, highlighting how the product's simple yet effective design resonated with consumers seeking convenience in their daily activities.
Product Expansion and Collaborations
Building on the momentum from the Shark Tank deal, Snactiv expanded its product line to include new colors, multipacks, and limited-edition merchandise. This strategy aimed to attract a broader audience and enhance brand appeal. Additionally, the company pursued strategic collaborations, such as a limited-edition partnership with DoorDash, which featured Snactiv tools in select DashMart locations across the United States. These efforts helped the brand reach new customers in retail settings while maintaining strong online sales performance.
International Growth and Market Reach
Snactiv's success extended beyond national borders, with the product now available in international markets including Canada and Singapore. This expansion underscored the growing global demand for hands-free snacking solutions and positioned the brand for continued growth in the snackware industry. The founders have actively pursued new retail partnerships and marketing initiatives to strengthen Snactiv's presence in these regions.
Ongoing Development and Future Prospects
The exposure from Shark Tank provided Snactiv with a robust platform to scale its operations. The company continues to drive marketing campaigns and explore new retail opportunities. With plans to further expand its product lineup, Snactiv is reinforcing its position in the hands-free snackware market, focusing on innovation and customer engagement to sustain its post-show growth trajectory.
Net Worth and Financial Insights
As a private company, Snactiv has not publicly disclosed detailed financials. However, based on the Shark Tank deal and subsequent sales performance, estimates suggest the company's value is now in the low millions. The initial $1 million valuation from the show has likely increased due to strong revenue streams, product launches, and successful market expansions.
Frequently Asked Questions
What is Snactiv? Snactiv is a multitasking, hands-free snack tool designed to keep hands and devices clean during activities like work or gaming.
Who founded Snactiv? It was founded by Kevin Choi and Edwin Cho in 2021.
Is Snactiv still in business? Yes, Snactiv continues to sell its hands-free snacking tool and has expanded to include items like T-shirts.
Did Kevin Hart and Lori Greiner officially invest in Snactiv? They offered a handshake deal of $200,000 for 20% equity, though official closing details have not been publicly confirmed.
How much is Snactiv worth? Estimated net worth is around $1 million based on the Shark Tank deal, with potential growth into the low millions post-show.
How does Snactiv work? The tool slips over fingers like a mini-glove, allowing users to pick up snacks without direct contact, ideal for maintaining cleanliness.
Snactiv's journey after Shark Tank exemplifies how a simple, playful idea can capture consumer interest and drive business success. With support from investors and strategic expansions, the brand has solidified its place among notable Shark Tank achievements, showcasing the power of innovation in niche markets.
