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Shark Tank returns tonight and one of the products up for the sharks is an interesting device called the Square Keg. As expected, this is exactly what it promises to be – a keg shaped like a square. The entrepreneur then tried to convince the sharks why they should invest in this seeming novelty object.
Here is what you need to know about this Shark Tank pitch and where you can buy it.
What is the Square Keg on Shark Tank?
Tim Loucks created his company Square Keg and he sells the product of the same name. As the name suggests, this is a keg that is shaped like a square, which makes it a lot easier to store and use than the giant round kegs sold for years. He went on Shark Tank and wanted $300,000 in exchange for 10% equity in his company.
The Square Keg holds eight pints of beet at once, which is about the size of a 12-pack. That means this product is mostly for people who love draft beer, Kombuchas, or mixed drinks, but it is not really made for people throwing parties. This then brought the questions from the sharks.
The financial numbers pleased the sharks. Tim had generated more than $1.4 million in gross revenue heading into his appearance on the show. A single unit costs $130 to make and sells for twice that amount to customers. While Tim lost about $250,000 in 2021, things improved since then and he was set for a net profit of about 15%.
Draymond John dropped out and neither Lori Greiner nor Peter Jones believed in the product in its current iteration enough to invest in it. They did mention that some new features could make it more viable. However, Kevin O’Leary was interested in it.
Kevin wanted 20% equity in exchange for $300,000. He made a counteroffer, but when rejected, he accepted Kevin’s deal and got his deal on Shark Tank.
Where can you buy the Square Keg from Shark Tank?
Square Keg created the world’s first square-shaped kegs and manufacture the products in the United States. Their patented keg designs provide anyone with fresh drinks on tap in their homes or on the go. The square shape provides more beverage volume in a smaller footprint, compared to round kegs, and it fits in the refrigerator or cooler.
As mentioned, these are not cheap products. Fans can buy a Square Key on the company’s website for $299.00, which is marked down right now from $428.98. There is also a way to get it with four interest-free installments or for longer, with payments of $26.99. At this time, this appears to be the only place to buy the product.
It is also available on Amazon for just a bit cheaper. It is priced $279 on their website.
What were your thoughts on the Square Keg from Shark Tank? Is this something you might be interested in buying? Let us know your thoughts in the comments below.