Product designer David Kittle and his family, who suffer from food allergies, always carry a cooler on picnics, road trips, beach outings, and camping. He observed that most cooler boxes are bulky, heavy, expensive, and easily breakable. Leveraging his product design expertise, he developed a lightweight, un-breakable foam cooler box made primarily from EVA foam, featuring a convenient seatbelt strap for easy carrying.
David and his co-founder Chad Lee appeared on Shark Tank Season 16 to seek funding from the Sharks. Their goal was to increase their inventory and invest more in marketing. We’ll find out what all five Sharks think about their business.
| Company Name | Foam Cooler | |
| Founder/Co-Founder | David Kittle and Chad Lee | |
| Founded | 2022 | |
| Product | Lightweight foam cooler | |
| Asked For | $150K for 10% Equity | |
| Final Deal | $150k for 30% equity | |
| Shark | Daymond John | |
| Episode | S16 E6 | |
| Air Date | Nov 22th, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Charlotte, North Carolina, United States | |
| Annual (Revenue) | $150,000 *estimated | |
| Worth / Valuation | $1.5 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
What Is the Background of The Founder?
Foam Cooler was founded in 2022 by David Kittle and Chad Lee. David, a product designer, has worked on various product design projects for major companies like Sports Awards and The Coleman Company, Inc.
Chad Lee, a sales and marketing professional, has served as a Sales Director for companies such as Jasco Products and Nexgrill Industries, Inc.
This YouTube video will give you a better understanding of how the FOAM Cooler works.
Business Pitch Episode Recap
Chad Lee and David Kittle appeared on Shark Tank and asked the sharks for $150,000 in exchange for 10% equity in their company. They demonstrated the durability of their lightweight, unbreakable, and long-lasting cooling product, the EVA Foam Cooler.
To prove its strength, they brought a construction roller on stage and placed the EVA Foam Cooler under it, showing that the cooler didn’t break.
Their lifetime sales have reached $114,000, and currently, they have commitments for another $137,000, bringing their total sales to $251,000.
David, who has a background in product design, revealed that he has designed many Shark Tank products, including Guardian Bikes and more.
The landed cost of each cooler is $25, with a retail price of $99 and a wholesale price of $50.
Chad and David have already spent a total of $150,000 on their business. Lori Greiner believes that this is a great product and that she will become a customer, but she feels it’s not the right investment for her. So, she is out.
Mark Cuban said that he doesn’t see the risk-to-reward balance in this business, so he is out.
Todd Graves praised Chad and David’s business journey and said that he would become a customer, but he cannot invest money in their business, so he is out.
Kevin O’Leary showed interest in the business and offered $150,000 for 33.3% equity. Daymond John also expressed interest and offered $150,000 for 30% equity.
Chad Lee countered both Kevin and Daymond with an offer of $150,000 for 17% equity. Since neither Daymond nor Kevin provided any flexibility in their offers, Chad Lee and David Kittle decided to accept Daymond’s offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Todd Graves | No Offer |
| Kevin O’Leary | $150k for 33.3% equity |
| Mark Cuban | No Offer |
| Daymond John | $150k for 30% equity |
| Lori Greiner | No Offer |
| Founder’s (Countered) | $150k for 17% equity |
| Final Deals | $150k for 30% equity (Daymond) |
Foam Cooler Shark Tank Update
David Kittle and Chad Lee are very excited to work with Daymond. After the episode aired, the company’s official website saw a significant increase in traffic, which likely had a positive impact on sales.
We believe that the price of the cooler is quite high compared to regular coolers, and we hope they will reduce the landed cost to offer the product at a more reasonable retail price.
You can check out Season 16 for more business progress reports.
