Prime 6 Shark Tank Update (Season 12)

Prime 6 is a company based in New York City that produces sustainable hardwood charcoal briquettes. According to LinkedIn, the company was founded in 2018 and its charcoal is made from Planet Wood.

The charcoal is uniquely shaped, created from hardwood sawdust compressed to slow-carbonize into dense charcoal. Its hexagonal design allows for better air circulation, resulting in more even cooking. It burns longer and hotter than other charcoals and produces minimal ash.

Prime 6 charcoal can be broken down into various sizes and shapes to suit different grills, including models like Kamado Joe & Green Egg. It is also suitable for smokers and pizza ovens.

This charcoal lasts a long time and can be reused up to 7 times. The smoke it produces enhances the flavor of grilled food. However, charcoal made with chemicals and bonding agents can release harmful substances into the food.

Prime 6 Charcoal lights in 10 to 20 minutes, boasts high density and burns for over an hour. It is made entirely from 100% natural wood, with no artificial additives, smoke, or sparks. These sawdust briquettes are designed for outdoor use only, not for indoor grilling.

Who Is The Founder Of Prime 6?

The founder and CEO of Prime 6 company is Riki Franco, and her co-founder and COO is Oron Franco.

Riki Franco earned her Bachelor of Arts in Finance degree from IDC Hetzalia in Israel and completed her Masters in Business and International Management from Columbia Southern University in 2012. She previously worked as a finance officer in Mexico and the New York City area. Currently, she serves as a mentor at New York-based organizations such as NUMA New York, German Accelerator Tech, and Entrepreneurs Roundtable Accelerator.

Oron Franco holds a Diploma in Culinary Arts from The International Culinary Center in New York City. He is a professional chef and has served as the Director of Operations at The Private Chef NYC for over 6 years.

Did Prime 6 Get a Deal on Shark Tank?

Riki Franco and Oren Franco entered the Shark Tank seeking $200,000 in exchange for a 10% equity stake in their company.

Riki explained that their product, priced at $18.99 retail, equates to 30 pounds of ordinary charcoal for just 9 pounds.

The manufacturing cost comes to $3.39, leaving ample margin. Their 22-pound pack is sold at Walmart for $26.64, while the 9-lb pack can be sold for anywhere between $10.99 to $12.99.

Within one year of launch, they achieved $300,000 in sales across food service, retail, and e-commerce channels.

Kevin O’Leary made an offer of $200,000 for 25%, aiming to assist them in entering the consumer market.

Mark Cuban expressed excitement but couldn’t invest due to a prior commitment with Instafire.

Daymond John, a professional griller, matched Kevin’s offer of $200,000 for 25%.

Ultimately, founder Franco chose to accept Kevin’s offer of $200,000 for 25% equity.

Prime 6 Shark Tank Update

Due to the high demand for this charcoal product, it has become widely available on numerous platforms, with many people purchasing it for grilling.

Before appearing on Shark Tank, the company was distributed only through a few food services. However, it has now expanded to multiple distributors, including Us Foods, Sysco, Wismettac, Baldor, Chees Choice, Fortune Fish & Gourmet, and PFG.

The product is also available in various retail and online markets, such as Dierbergs, Walmart, UNFI, Lowe’s, Kroger, The Fresh Market, Piggly Wiggly, Safeway, Woodman’s Markets, Albertsons, and FoodFCity.

While specific revenue figures are not readily available at the moment, it’s likely that the company has generated millions of dollars in sales within one year of appearing on Shark Tank.

What Is Prime 6 Net Worth?

Prime 6’s estimated net worth is $2.9 million, based on the company’s lifetime sales and valuation data.