Pizza Pack is a collapsible container designed to store several pizza slices perfectly. Its snap-on airtight lids create a vacuum seal, keeping the slices fresh for an extended period. Tate Koenig, the founder, appeared in Shark Tank Season 14, Episode 1 to pitch his Pizza Pack.
Tate is also the founder of The Cheese Chopper and previously appeared in Shark Tank Season 12, Episode 20 with that product but did not secure an investment.
In Season 14, Tate returned with a new product, Pizza Pack, hoping to raise funding. Typically, after eating pizza, leftover slices are stored in boxes and placed in the fridge. However, more boxes are needed as the number of slices increases, taking up extra space. An airtight container is essential to keep the pizza fresh and save fridge space.
Pizza Pack was created to solve both space and freshness issues with traditional pizza containers.
Tate asked the sharks for $100K in exchange for 10% equity, valuing his company at $1 million. This valuation was considered average for the product.
| Company Name | Pizza Pack |
| Founder | Tate Koenig |
| Founded | 2022 |
| Product | Collapsible Pizza Container & trays |
| Asked For | $100k for a 10% equity |
| Final Deal | $100k for a 13% equity |
| Shark | Lori Greiner |
| Episode (Shark Tank USA) | S14 E1 |
| Air Date | Sep 23, 2022 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Portland, Oregon Metropolitan Area, US |
| Go To Amazon | Buy Now |
Another Shark Tank Pitch
Who Is The Founder Of The Pizza Pack?
Tate Koenig is the Founder and CEO of The Cheese Chopper. In 2009, he co-founded Citizens of the World, a non-profit organization, where he currently serves as president.
In 2021, Tate invented the Pizza Pack, an innovative food storage solution.
He earned his Bachelor of Science in Business from Oregon State University in 2012. Before attending college, he worked at Hubbard Auto and Electric and TK Orchards.
After completing his degree, Tate joined Shelter Products Inc. in 2013 as a lumber broker. Since 2002, he has also been the Operations Manager for the Full Contact Fighting Federation. In 2018, he became a lumber broker for Idaho Pacific Lumber Company.
Currently, Tate serves as the President of Citizens of the World (COW) and works as a lumber broker for both Resources LLC and Idaho Pacific Lumber Company.
How Was The Shark Tank Pitch Of Pizza Pack?
Tate Koenig entered Shark Tank with his Pizza Pack, seeking $100,000 for 10% equity, valuing his business at $1 million. During his pitch, he reminded the sharks of his previous appearance in Season 12.
The production cost of the Pizza Pack is $4, and it retails for $24.99. While the price may seem high, the product offers a strong profit margin. Tate acknowledged that lowering the price could increase sales.
Since its launch in April, the Pizza Pack has generated $250,000 in sales, primarily through online platforms like Amazon. The average customer acquisition cost is $2.83, and the business has profited $60,000 from these sales.
Tate’s utility and design patents are currently pending, and he has three business partners. He personally holds a 35% stake in the company and has invested $25,000 of his own money. He came to Shark Tank seeking additional inventory.
Barbara Corcoran didn’t find the product appealing and bowed out without making an offer. Robert Herjavec followed suit.
Kevin O’Leary praised the product, calling it a winner. He offered $100,000 for 10% equity, but with a $2 per unit royalty until his investment was repaid, then the royalty would drop to 50 cents per unit in perpetuity.
Lori Greiner also made an offer but without a royalty, proposing $100,000 for 20% equity.
Mark Cuban, impressed, suggested buying the entire company. He asked Tate how much he would sell the business for, and Tate responded with a $5 million price tag.
Daymond John made an offer of $100,000 for 25% equity. Lori then revised her offer to $100,000 for 15% equity. Tate countered, asking Lori to meet him halfway, and they ultimately agreed on 13% equity.
Finalize: Lori Greiner invested $100K in Pizza Pack for 13% equity.
Pizza Pack Shark Tank Update
When Tate Koenig first appeared on Shark Tank in Season 12, he didn’t secure an investment because his product was not seen as useful by the sharks. However, when he returned in Season 14 with his new product, the Pizza Pack, the sharks saw its potential.
After a brief negotiation, Lori Greiner invested $100,000 for 13% equity in the business.
Most of the sales for the collapsible pizza container have been through Amazon, where it gained traction quickly after its launch. Despite its success, the business faced inventory shortages, which limited its ability to fulfill more orders.
The Shark Tank audience showed strong interest in the product, and many viewers were likely eager to purchase it. The Pizza Pack is an excellent solution for pizza lovers, providing a practical and space-saving way to store leftover slices.
In addition to the Pizza Pack, Cheese Chopper LLC sells other products on its website, including a Collapsible Meal Container and the original Cheese Chopper.
As of April 2022, the Pizza Pack had generated $250,000 in sales, and by September 2022, sales had continued to grow. The price of the Pizza Pack increased to $23.99 by October 30, 2022, and Instagram influencers like ‘Kortney and Karlee’ (with over 66.9K followers) promoted the product on their platform.
Lori Greiner is proving to be a valuable partner, mentor, and investor for this business. With her marketing expertise and knowledge of market trends, she is well-positioned to help boost sales further.
Although the product has a strong profit margin, its relatively high price may be a barrier to even greater sales. To reach more customers, a price reduction could be beneficial.
We will soon provide updates on the Pizza Pack’s sales and annual revenue.”
What Is Pizza Pack’s Net Worth?
The collapsible pizza container is a unique product and a fantastic addition for every pizza lover. Based on its current sales, we estimate the Pizza Pack’s net worth at $769,000.
The parent company of Pizza Pack, Cheese Chopper LLC, appeared on Shark Tank Season 12 but unfortunately did not secure a deal. However, the entrepreneur’s next product, the Pizza Pack, attracted a significant investor in Lori Greiner. Sales for this product have outperformed those of the previous product, a sentiment echoed by Kevin.
To compete effectively, the Pizza Pack needs to lower its sale price. Additionally, a solid marketing strategy will be essential for continued growth.
Yes, Pizza Pack is still in business as of April 2024.
