Float’N’Grill Net Worth 2022 – What Happened After Shark Tank?
If you enjoy watching some drama on TV, we hope you watched that time when two guys tried to convince five sharks their floating cooking device was the best idea to invest in that day.
You didn’t see it? Then let’s tell you all about the Float’N’Grill team that almost had a shouting match with the Shark Tank team, mostly about bad sales figures.
How did their pitch on Season 12 of Shark Tank turn out eventually? Here’s all you need to know.
Float’N’Grill Quick Fact
Name |
Float’N’Grill |
Company Net Worth: |
$1.2 Million – *Estimated |
Pitch: |
Floating apparatus that supports cooking element |
Entrepreneur |
Mike Bashawaty and Jeremy Quillico |
Asked for: |
$200,000 for 20% equity |
Deal: |
$100,000 for 22.5% equity$100 000 loan at 7%50% of licensing |
Shark: |
Daniel Lubetzky |
What is the Float’N’Grill?
The name says it all. You can have a grill that floats, thanks to a cooking device fixed to a HDPE (food grade) plastic foundation.
This unit will float, so you can prepare lunch while in the pool or lake. Reportedly it won’t flip over, even if a wave comes its way. It’s specifically designed to use at an inland lake or a sandbar.
The Float’N’Grill Story Before Shark Tank
Mike Bashawaty came up with the idea, thanks to his love for going out on boats and relaxing at sandbars.
Since there was nothing of the kind on the market, he invented a floating grill which he could use during his downtime. Jeremy Quillico partnered with him, doing all the necessary paperwork for patents and more.
They did have a bumpy start, since a Kickstarter campaign didn’t bring in the funds they hoped for. They persevered, showed it off at a boat show and even got on TV. Although the feedback was great from the public, at the time the pair went into the Shark Tank they could only report on sales of $19 400.
Just Two Guys Visiting the Shark Tank
Not many elevator pitches happen while you’re dressed in swimming trunks, but that’s what Mike and Jeremy tried. Their trunks and tank tops fit with the theme but probably didn’t do a lot to boost the sharks’ trust in their business capabilities.
The pair was hoping to get $200 000 and was willing to give away 20% of the business. But it proved much harder than they anticipated because their low sales figures made most investors doubt the product.
Luckily, Daniel Lubetzky who was connected to well-known Weber grill company, decided to give them a chance, as reported by freep.com. But the negotiations went back and forth before all parties agreed on a $100 000 investment which earned Daniel 22.5% of the business, as well as an investment of $100 000, which they had to pay 7% interest on. Lastly, there was a 50% licensing deal.
What Happened Next?
Since the show aired Float’N’Grill has been mentioned on various platforms.
For example, as mentioned on the Float’N’Grill Facebook page, you may have heard about the product on Dude Perfect or the Today Show.
Float’N’Grill Today
It may be too early to discern if Float’N’Grill will become successful in the long run but the Shark Tank experience did give the brand some momentum.
Today you’ll find them on Facebook, although they don’t have new posts that often. You can purchase your grill via their website or platforms like Amazon—if there’s stock available.
Only time will tell if they’ll eventually have sales figures that make other investors show more interest than most sharks.
