Over time, mold and fungus can build up in water bottles, and cleaning them can be very frustrating. To solve this problem, Dave Mayer introduced Clean Bottle, a bottle with both the bottom and top parts that can be opened, making it much easier to clean.
To expand his business, Dave needed both money and expertise, so he appeared on Shark Tank Season 3 to seek help from the Sharks. Did any of the Sharks decide to invest in his water bottle business?
| Company Name | Clean Bottle | |
| Founder/Co-Founder | Dave Mayer | |
| Founded | 2010 | |
| Product | world’s first sports bottle with a removable | |
| Asked For | $60k for 5% equity | |
| Final Deal | $60k for 8% equity | |
| Shark | Mark Cuban | |
| Episode | S3 E1 | |
| Air Date | Jan 20th, 2012 | |
| Business Status | Acquired by Ergode, Inc | |
| Website | Visit Website | |
| Headquarters | Boston, Massachusetts, United States | |
| Lifetime Worth (Sales) | $50M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
On Shark Tank, Dave brought in American professional basketball player, 2-time NBA Champion, and television sportscaster Bill Walton to wear the Clean Bottle brand’s costume. He asked the Sharks for $60,000 in exchange for 5% equity in his company, valuing it at $1,200,000.
Dave explained to the Sharks that when he started his business, he didn’t have enough money to market his product. So, he dressed in the Clean Bottle brand’s costume and ran in the world’s biggest bike race to market his product.
Through this marketing strategy, Dave managed to sell a total of 150,000 bottle units, generating $750,000 in revenue. Bill Walton mentioned that he has no formal deal with the business but does use the Clean Bottle himself.
In the last 12 months, Dave made a profit of $118,000, but he is currently working on a new stainless steel bottle that requires significant funding. Additionally, he needs money to support his family and is looking for a strategic investor to help grow the business.
Daymond John offered $60k but he want 25% equity in the company. On the other hand, Kevin O’Leary made an offer of $100k for 0% equity but asked for $0.50 per bottle sold.
Barbara Corcoran mentioned that 5% equity seemed offensive to her. Robert Herjavec then made an offer of $60k for 10% equity, while Mark Cuban stated that the business would require significant funding and offered $60k for 8% equity.
Robert Herjavec, wanting to secure the deal, made a revised offer of $60k for 5% equity, exactly matching the initial offer Dave made to the Sharks.
Dave wanted to close the deal with Mark Cuban and proposed a 6% equity deal. However, Robert Herjavec offered the exact terms Dave initially sought but felt Mark might present a better offer. Consequently, Robert decided to opt out.
Mark Cuban stated that 6% equity was not sufficient. Dave counter-offered $60k for 7% equity, but Mark was unwilling to adjust his offer.
Ultimately, Dave decided to accept Mark’s initial offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | $60k for 8% equity |
| Kevin O’Leary | $100k for 0% equity + $0.50 per bottle sold |
| Robert Herjavec | $60k for 5% equity |
| Barbara Corcoran | No Offer |
| Daymond John | $60k for 25% equity |
| Founder’s (Countered) | $60k for 7% equity (mark) |
| Final Deals | $60k for 8% equity |
Clean Bottle Shark Tank Update
Dave believes that Mark Cuban is an excellent strategic partner for Clean Bottle and that his involvement will significantly benefit the business’s growth. After the episode aired, the company’s sales skyrocketed.
Dave launched a range of stainless steel products, including water bottles, mugs, and other accessories.
During our research on Clean Bottle, we discovered that on June 16, 2023, Houston, Texas-based Ergode, Inc., a brand aggregator founded and led by CEO Rupesh Sanghavi, acquired Clean Bottle Company. The deal amount has not been disclosed.
Check out Shark Tank Season 3 Business Update.
Here are some updates on the progress of businesses from Season 3 and 1. Check them out!
