Pie Wine Update | Shark Tank Season 15
Pie Wine co-founders Kevin and Joshua pitched their brand in Shark Tank. It’s a canned wine brand that tastes great with pizza.
The company was started only two weeks ago when the episode was recorded. However, they received distribution commitments of around $400,000 from various parts of the company.
Kevin O’Leary and Mark Cuban have already invested in the wine business. Will they compete with their own brand or acquire Pie Wine? Find out everything in the Pie Wine update!
| Company Name | Pie Wine |
|---|---|
| Founders | Kevin Michael Klein, Joshua David Green |
| Founded | 2023 |
| Product | Canned sweet wine that pairs with pizza |
| Ask | $200,000 for 7.5% equity |
| Deal | No deal |
| Sharks | No shark |
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Pie Wine after Shark Tank!
Kevin Klein and Joshua Green pitched Pie Wine on Shark Tank but couldn’t secure any deal from the sharks. Mr. Wonderful and Mark Cuban have already invested in similar businesses, and they don’t want to compete with each other.
In terms of the Pie Wine update, the company is still in business but actively looking for investment. As of March 2024, the company has started a crowdfunding campaign on Start Engine and raised approximately $3247 at a $10 million company valuation.
About Pie Wine
Kevin Klein and Joshua Green are the co-founders of Pie Wine. They started this company in 2023. It is a sweet, sparkling, easy-drinking canned table wine that goes great with Pizza.
The founders claim it to be Pizza’s new side piece. Pizza goes best with a sweet, slightly bubbly wine traditionally known as a Lambrusco.
The founders call Pie Wine the greatest thing to happen to Pizza after pepperoni. It comes in various flavors like Sweet Za, Classic Crisp, and the World Famous Red.
Pie Wine Shark Tank Pitch Recap
The founder’s original ask was about $200,000 for 7.5% of the company. The sharks then tried the Pie Wine and really liked it.
John: I have never had wine with pizza, and I only now realize it’s so delicious.
Founder: Yeah. There’s never been an official drink with Pizza. Some people think it’s beer, but it’s terrible. Their flavor profiles don’t work.
Lori then pointed at the packaging details for the Pie Wine. She said that she can’t figure out what the can actually contain, which is confusing taglines that might hurt the product itself.
John: Why don’t we find out if that issue is valid or not? What are your sales?
Founder: We have launched only two weeks ago. We have distribution in eight states. We already have distribution commitments of between $300,000 and $400,000. And it can grow up to half a million in 30 days.
Candace: Something I have been curious about. You started it two weeks ago, so this can’t be your full-time job.
Founder: We have been working on this for the last 2 years.
The founders then revealed they already have full-time jobs that pay them well. One of the founders is even a CFO of one of the largest spatial computing video game companies.
Kevin: So guys, this is a side hustle for you.
Founder: No, this is not a side hustle. We have already invested $300,000 in it.
One of the founders said he had even sold his house to invest in this business. They are all in for the business.
Candace: What are your margins?
The founder said it costs $1.50 to make one can, and they plan to reduce it to $1.25 with more production. They will then sell it to distributors for $3.25.
Candace: There are already other canned sparkling wines. Who is your biggest competitor? Because I feel like the market is really saturated.
Founder: Bev is one of our biggest competitors. They recently got sold for pre-money valuation before they had any sales at $7 million. We are offering a discount on our valuation because we desperately need a shark on board.
Kevin: Okay, Guys, fantastic presentation. The good news is that this category is growing. I am launching my own sparkling line, so I can’t compete with myself, but I hope you get a deal here. I am out.
The founders said that they had already predicted which shark would be the one to go out first.
Mark: Look, I love what you guys are doing. The branding makes perfect sense to me. Your product is right on target, right on trend.
Mark: But the problem for me is that I’ve got BeatBox Beverages that’s going to make $100 million in sales this year. So, for those reasons, I am out.
Daymond John then said that he was unsure whether he could add any value to the company. He feels the market is extremely saturated, and there are already so many big players, some of whom are the Sharks themselves.
John: I don’t know if I’m really ready to take that fight on. So, with that being said, I am out.
Lori: Look, for me, there are just a few boxes that haven’t been checked yet. It’s just too early to invest. So, I’m sorry. I wish you good luck, but I’m out.
Candace: Listen, I think you’ve found a hyper niche here. I think it could potentially have mass appeal. But it’s a little too risky for me. It’s not the space that I like to play in. I don’t think that I am your target market.
Founder: I proposed to my wife with a ring inside of a sprinkles cupcake.
Sharks start laughing. Candace then says that she really likes their product, but it’s just not the right investment for her. She went out of the deal.
Pie Wine failed to secure any deal in Shark Tank.
Pie Wine Update
The first episode of Shark Tank Season 15 was filmed in May 2023 and aired on 29 September 2023. Unfortunately, Pie Wine couldn’t onboard any sharks and left without a deal.
However, their appearance on ABC’s Shark Tank gave them free marketing opportunities, and Pie Wine was featured in many food blogs and news portals.
We checked their online store, and it seems Pie Wine is still in business, but they don’t have the funds to fulfill the orders. The majority of their products are not in stock!
They started a crowdfunding campaign on Start Engine and received only $3247 at $10 million company valuations.
Our team has followed the founders to know their future plans for scaling this business and is awaiting a response. As soon we get any response, we’ll come up with a fresh Pie Wine update!
Meanwhile, you can read more company updates from Shark Tank Season 15:
Final Words
We have seen countless times that Sharks have been hesitant to invest in products that compete with the products of other Sharks. Pie Wine was also in competition with two sharks, which made the remaining three play safe and stay away from this market even when the product was actually good.
