Mark Tsigounis, founder of Hibear, a company that produces the Swiss Army Tool of insulated bottles, appeared on Shark Tank Season 15 Episode 19. He sought an investment of $150,000 for 5% equity, valuing the company at $3 million.
The inspiration for Hibear came when Mark and his wife were on a trip to a remote area and couldn’t find a coffee store like Starbucks. He wanted an insulated bottle that could craft beverages, leading to three years of research and development, resulting in the All-Day Adventure Flask.
Mark launched a crowdfunding campaign on Kickstarter on September 8, 2020, raising $98,357 in 30 days. By July 2021, all backers had received the All-Day Adventure Flask product, which was officially announced on Kickstarter. However, from 2021-2023, many backers commented that they had not received the product yet.
In July 2021, Reno Seed invested $150,000 in Hibear during a pre-seed round. Mark sought a partner like the Sharks to help him expand his business.
Hibear’s All-Day Adventure Flask is designed for crafting beverages like coffee and cocktails anywhere. The bottle features a Pour Over Lid, Cocktail Strainer, Steel Basket, Sleeve, Flask, and Thermal Core. It is easy to clean and comes in eight different colors, priced at $95 each.
To find out whether Hibear secured a deal on Shark Tank, you would need to watch the episode or look for a follow-up on the outcome.
| Company Name | Hibear Co | |
| Founder | Mark Tsigounis | |
| Founded | 2017 | |
| Product | All-Day Adventure Flask | |
| Asked For | $150k for 5% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode (Shark Tank USA) | S15 E19 | |
| Air Date | April 5th, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Reno, Nevada, USA | |
| Lifetime Worth (Sales) | $0.8M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Hibear Co?
Mark Tsigounis is the founder and CEO of Hibear Company, which he started in 2017. In addition to running this business, he has been the Lieutenant Commander of the US Navy Reserve since 2011.
How Was The Shark Tank Pitch Of Hibear?
After seeking investment from the Sharks, Mark Tsigounis pitched his product, the All-Day Adventure Flask. The production cost of the flask is $15.50, while the retail price is $95. Corporate clients account for 40% of their sales.
The company’s lifetime sales total $745,000, with $320,000 in sales last year. Tsigounis is projecting million-dollar sales for the next year but currently faces $200,000 in debt and is not yet profitable.
Mark Cuban felt the business would be too challenging to scale and declined to invest. Kevin O’Leary expressed concerns about the company’s lack of profitability.
Emma Grede stated that the business was too early-stage for her to invest. Robert Herjavec admired the product but decided not to invest, and Lori Greiner chose not to invest at that time.
Sharks Offers list!
| Sharks | Offers |
|---|---|
 Robert Herjavec | No Offer |
 Kevin O’Leary | No Offer |
 Mark Cuban | No Offer |
 Emma Grede | No Offer |
 Lori Greiner | No Offer |
| Founder’s (Countered) | No Offer |
| Final Deals | No Deals |
Hibear Shark Tank Update
All the Sharks declined to invest in Hibear. Currently, there is limited information available about the business.
After his Shark Tank appearance, Mark Tsigounis highlighted the benefits of his product, positioning it as an ideal solution for travelers. We will provide updates on Hibear as more information becomes available. Stay tuned for further developments.
What Is Hibear’s Net Worth?
Hibear’s net worth is estimated at $1 million. Before appearing on Shark Tank, the company had raised $150,000 from various investors. It may require additional funding for marketing to expand its reach.
Annual Revenue by Years
Note: This report is based on our research and data so far. In this, we are only estimating the annual revenue.
| Years | Annual Revenue |
| 2024 | *estimated |
| 2020-2023 | 0.8M *estimated |
Funding Reports to Date!
| Years | Funding Amount | Investor |
| 2021 | $150k | Reno Seed Fund |
Founded in 2017 by Navy Commander Mark Tsigounis, Hibear Design Co focuses on outdoor travel and gear. To establish and grow the brand, substantial investment in marketing will be necessary.
The company is headquartered in Reno, Nevada, and has 2-10 employees, according to its LinkedIn profile.
Yes, Nowhere Bakery is still in business as of July 2024.
