Snactiv Shark Tank Update (Season 13)

Snactiv is a unique chopstick designed to keep your hands clean while eating. This innovative chopstick attaches securely to your finger, making it easy to enjoy snacks like chips and popcorn without getting your hands dirty. It can be challenging to use traditional chopsticks for foods like rice, but Snactiv simplifies the process for snacking.

If you’re busy with work on your laptop or mobile and crave something salty, Snactiv lets you enjoy snacks without mess. The chopstick fits comfortably on any finger and grips food effectively.

The founders of this innovative product, Kevin Choi and Edwin Cho, have extensive backgrounds in product launches. They have worked with major companies like Mattel, Disney, Marvel, and ZipRecruiter before inventing Snactiv. This fun, practical tool serves as a special snacking accessory.

Kevin and Edwin appeared on Shark Tank Season 13, Episode 10, seeking $200,000 for 10% equity at a $2 million valuation. Snactiv, also known as a snacking tool, is produced by Inoobi, Inc., a California-based manufacturer launched in 2021.

The tool is free from BPA and phthalates, designed to avoid touching surfaces while on your finger. Made with flexible rubber for comfort, it is available in two colors—light and dark—and priced at $14.99. Whether you’re gaming, reading, or working, Snactiv allows you to snack without dirtying your hands.

You can purchase Snactiv from Amazon or the company’s website.

 Another Shark Tank Pitch

• Tenikle

Who Is The Founder Of Snactiv?

Snactiv is a subsidiary of Inoobi, Inc., a manufacturer launched in 2021. The inventors of Snactiv are Kevin Choi and Edwin Cho.

Kevin Choi

Kevin is a product designer and the founder and president of Inoobi, Inc. He has worked on product design for several companies, including Magic Jump and Mattel. As of December 2022, Kevin is also self-employed with WKC Designs, in addition to his role at Inoobi.

Edwin Cho

Edwin is the co-founder of Inoobi, Inc. He has a background in marketing, having worked for companies such as Mattel, ZipRecruiter, and Fuhu.

Snactiv Before Shark Tank

After inventing the snacking tool, Kevin and Edwin launched a crowdfunding campaign on Kickstarter on March 30, 2021. The campaign, which ran for 30 days, had a goal of $20,000 but ultimately raised $41,700 from 911 backers.

By December 2021, the company had shipped the snacking tool to all backers, and the product received positive feedback from users.

Kevin and Edwin decided to quit their jobs to focus full-time on their company. They went on Shark Tank with the aim of taking their product, Snactiv, global.

How Was The Shark Tank Pitch Of Snactiv?

Edwin and Kevin appeared on Shark Tank seeking $200,000 for 10% equity in Snactiv. During their pitch, they gave a live demonstration of the snacking tool’s functionality while working.

Seeing Kevin Choi use the Snactiv tool, all the sharks laughed. The landed cost of Snactiv is $2.60, while the cost with a case is $2.82.

Barbara told Kevin Choi, “You can be my next husband.” Kevin responded that he didn’t come to make a deal today; he came to marry Barbara.

The business, operating for 5.5 months, has generated $187,000 in total sales. They plan to expand into retail due to high demand in Asia and are working with international distributors in Korea, Taiwan, and Hong Kong. So far, they have secured $50,000 in international purchase orders and hold a utility patent for the product.

Kevin O’Leary expressed interest, offering $200,000 for 10% equity plus a $1 royalty per unit sold until $1 million is paid.

Kevin Hart and Lori Greiner both offered $200,000 for 20% equity. Mark Cuban accepted the deal before any changes were proposed. Kevin Choi countered with 15% equity to Kevin Hart and Lori Greiner.

Kevin O’Leary then reduced his offer to 5% equity and lowered the royalty to $0.50 per unit. Edwin and Kevin Choi ultimately accepted the offer from Kevin Hart and Lori Greiner.

Finalize: Kevin Hart and Lori Greiner invest $200K in “Snactiv” for 20% equity.

Snactiv Shark Tank Update

Snactiv secured a deal on Shark Tank with Kevin Hart and Lori Greiner investing $200,000 each for 10% equity. This snacking tool, known for its innovative finger chopsticks, was profitable before appearing on the show and was already expanding internationally.

As of June 2022, the company has focused on expanding globally, partnering with international dealers in Canada and Singapore to make the product available.

By December 2022, Snactiv’s annual revenue was estimated at around $1 million. The company is aiming to increase its presence in more Asian countries by the end of 2023.

Following the Shark Tank episode, Snactiv’s sales saw a significant boost. The snacking tool has received positive feedback on social media platforms like Instagram and Twitter, with many users expressing satisfaction.

The founders, Kevin Choi and Edwin Cho, are concentrating on expanding the product’s reach in Asian markets, where there is high demand for the finger chopsticks.

As of December 2022, the deal with Kevin Hart and Lori Greiner is still in progress. We will continue to follow Kevin and Edwin for further updates.

What Is Snactiv Net Worth?

On Shark Tank, Snactiv sought investment at a valuation of $2 million. After negotiations, the deal was finalized with a valuation of $1 million. The company’s annual revenue for 2022 is estimated at around $1 million.

The Snactiv product is now available on Amazon, the company’s website, and in retail stores in Singapore and Canada.

Kevin Choi and Edwin Cho are working full-time on expanding the business internationally, focusing on Asian markets.

As of December 2022, the Snactiv snacking tool is in stock on Amazon, where it holds a rating of 4.5 out of 5 stars. Its comfort rating is 4.6.

Yes, Snactiv is still in business as of April 2024.