Most coolers on the market are heavy, expensive, and don’t keep drinks cold for long hours. That’s why entrepreneurs Chad Lee and David Kittle founded Foam Cooler in 2022. Their company makes lightweight, durable, and leakproof coolers using 100% EVA foam. These coolers are portable, float on water, and have a sustainable, long-lasting design.
They pitched their business on Shark Tank, asking for $150,000 in exchange for 10% equity, valuing the company at $1.5 million. They needed the sharks’ help to boost retail sales. In the end, they secured a deal with Daymond John for $150,000 in exchange for 30% equity.
| Company Name | Foam Cooler | |
| Founder | Chad Lee and David Kittle | |
| Founded | 2012 | |
| Product | Foam made Cooler | |
| Asked For | $150K for 10% equity | |
| Final Deal | $150K for 30% equity | |
| Sharks | Daymond John | |
| Episode (Shark Tank USA) | S16 E6 | |
| Air Date | Nov 22th, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Charlotte, North Carolina, USA | |
| Lifetime Worth (Sales) | $1.5 Million *estimated | |
| Valuation | $1.5 Million | |
Who Is The Founder Of Foam Cooler?
The hybrid soft-hard cooler company Foam Cooler was founded in August 2022 by Chad Lee and David Kittle.
Chad is a sales professional who completed his MBA from Oklahoma City University. He has worked at several companies, including Nexgrill Industries, Inc., Jasco Products, and others.
David comes from a product design background. He has years of experience as an industrial designer at major companies like Sports Awards, The Coleman Company, and PlayPower.
How Was The Shark Tank Pitch Of Foam Cooler?
After entering Shark Tank, Chad and David demonstrated their Foam Cooler by testing its durability—placing it under a road roller.
Chad told the sharks that, as of 2024, they had made $137,000 in sales and had received a commitment for an order worth $251,000.
Kevin O’Leary asked them how their product differs from others in the market. Chad explained that their cooler is much lighter. The landed cost is $25, the wholesale price is $50, and the retail price is $99. They had also launched their product in 95 Target stores just a week before their Shark Tank appearance and were selling directly without distributors.
Guest shark Todd Graves asked how much they had invested in the business. David replied that they had invested $150,000 so far.
Lori Greiner decided the business wasn’t the right fit for her and backed out. Mark Cuban also opted out, saying he didn’t see the right risk-to-reward balance. Todd Graves felt other sharks were better suited for the deal, so he also stepped out.
Kevin O’Leary, believing the business carried high risk, offered $150,000 for 33.3% equity. Daymond John, however, proposed $150,000 for 30% equity, saying he could help with licensing.
Chad countered Daymond’s offer with 17% equity for the same amount, but the sharks didn’t budge. In the end, Chad and David accepted Daymond John’s offer of $150,000 for 30% equity.
Breakdown Sharks Offer
Note: Here’s a quick summary of the offers and counteroffers between the Sharks and Chad Lee and David Kittle:
| Sharks | Offers |
| Kevin O’Leary | $150k for 33.3% equity |
| Daymond John | $150k for 30% equity |
| Mark Cuban | No Offer |
| Lori Greiner | No Offer |
| Todd Graves | No Offer |
| Founder’s (Countered) | $150k for 17% equity |
| Final Deals | $150k for 30% equity |
Foam Cooler Shark Tank Update
Foam Cooler is now available in over 50 independent retail stores nationwide, more than 100 REI outdoor sports stores, and Target retail stores. In addition, the product is also being sold on Amazon.
By 2024, the company had achieved estimated sales of around $1 million, with the majority of sales occurring during the summer season. They have also started taking B2B orders, offering custom printing options such as logos and brand names.
What Is Foam Cooler Net Worth?
On Shark Tank, the cooler company secured a deal at a $500,000 valuation. Within a year, the company generated over a million dollars in sales. Although it is a seasonal product, assuming a growth rate of 7%, Foam Cooler’s estimated net worth could be around $1.2 million.
