Draft Top Shark Tank Update (Season 12)

Draft Top is a handy tool that removes the top of aluminum cans, creating a wide opening for comfortable drinking and full-flavor experience. It features four rotating blades that easily fit any standard 8- to 16-ounce beverage can.

To use Draft Top, simply place it on the can and squeeze the handle while gently rotating the can. This innovative American-made tool is crafted from durable stainless steel and high-impact ABS plastic. Its compact size (4.5 inches x 3 inches x 0.5 inches) makes it perfect for carrying in your pocket.

Company NameDraft Top
FounderPatrick Parizo and Armand Ferranti
ProductManual Topless Can Opener
Asked For$300,000 for 10% Equity
Final Deal$300,000 for 20% Equity
SharkDaymond John
Episode (Shark Tank USA)Season 12 Episode 13
Air DateFebruary 12, 2021
Business StatusIn Business
Lifetime Sales$10 Million *estimated
WebsiteVisit Website
AddressAtlanta, Georgia, United States
Go To AmazonBuy Now

Another Shark Tank Pitch

Who Is The Founder Of Draft Top?

Draft Top Company’s co-founder and president, Armand Ferranti, studied Bachelor of Science from Embry-Riddle Aeronautical University. He was working as an aerospace underwriter in AXA US for 11 years.

Patrick Parizo is the Chief Executive Officer of this company. This is a marketing specialist, he studied marketing at Strayer University. He worked as a LeVel Brand Promoter for 7 years at LeVel, so he knows how to scale the product very well.

Sean Kelly is the Co-Founder and Co-Inventor of the company. He studied International Business and Marketing at the National University of Ireland, Galway.

After that, he studied Bachelor of Science in Business Management at the University of South Carolina.

Alex Caracappa is the Chief Technology Officer of the company. He studied mechanical engineering at Worcester Polytechnic Institute.

He used to work in mechanical engineering at Symbotic for 4 years. In 2020, he joined Draft Top as Chief Technology Officer.

The founder’s Kickstarter campaign for this business raised $595,789 by January 2020. The IndieGoGo campaign launched that same month, brought in an additional $834,828.

However, the COVID-19 pandemic disrupted production and shipping, causing closures and delays (be more specific if possible). Despite these challenges, the business achieved $1.6 million in sales within its first 8 months.

Did Draft Top Get a Deal on Shark Tank?

Patrick & Armand brought their company Draft Top to Shark Tank in which they demanded $300,000 from the Sharks in exchange for 10% equity in their company.

On Shark Tank, Patrick said that it’s been 8 months since they started this business and that they have made $1.6 million in sales so far. This amount came after selling them 70,000 units. Most of the $1.6 million came through crowdfunding. Their total sold so far is worth $2 million.

Robert Herjavec said that I have tried 4 times to make the top of the can topless through this tool, but if it is not working, then I will be out.

The making cost of this product is $4.13 and its selling price is $24.99. This is a very good margin with the selling price however it becomes expansive with this price.

Armand says that their sales have dropped by half in the last 3 weeks. Because their biggest problem is inventory.

Lori Greiner said that she loves innovation, people will like your concept because you have proved it through your sales. Lori’s question was why should she use this product. So she is out of a business offer.

Kevin says that the $300K you asked for is wrong. So he also says why this can needs to be opened completely. So that’s why he’s out of it.

Mark Cuban has also opted out of this business deal because he does not find this business scalable.

The founder says that they need a mentor, they already have half a million dollars in the bank.

Daymond John made his offer for this business of $300k for 20% equity. Patrick took this offer.

Draft Top Shark Tank Update

The company initially projected to exceed $3 million in sales by the end of 2021. However, as of July 2022, they have managed to sustain a $3 million annual sales run rate.

Draft Top Shark Tank Update
Photo Credit: Draft Top Instagram Account

What Is The Draft Top Net Worth?

Based on the company’s lifetime sales report and last valuation, the net worth is estimated at $11.5 million.

This product was ordered by 16,735 backers on Kickstarter, but there have been reports of delays in receiving the product.

A person says about this.

This looked cool when it first came out on Kickstarter a couple of years ago, but after waiting more than two years and seeing other products that were the exact same that I could get right now, obviously we all got scammed on this one. What a waste

Bryce Kraft

Many people have given negative reviews about this product, the same 50% positive and 50% negative reviews are also available on Amazon.

Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x