Appearing on "Shark Tank" is many entrepreneurs' dream. The show allows people with brilliant ideas to pitch them to a team of investors (or "Sharks") with the opportunity of securing money in exchange for either a percentage of the company, a royalty, or some other negotiation. It's resulted in skyrocketing some businesses and products to fame, such as Cousins Maine Lobster and the Squatty Potty. And back in the show's 10th season, a trio from South Carolina pitched their million-dollar idea: a "Kase Mate" that promises to keep a case of beer or soda cold for as long as seven hours, sans ice.
Teddy Giard, Logan Lamance, and Austin Maxwell sought a $100,000 investment in exchange for 10% of their company, Kanga Coolers. Giard showed up in a kangaroo costume, which might have been the thing that sealed the deal for these men. They walked away with an offer from Mark Cuban, and the company is still thriving today.
What Happened To Kanga Coolers On Shark Tank?
Kanga's "Shark Tank" appearance was notable not only for the kangaroo costume but also because Austin Maxwell, who called himself a "die-hard fan" of the show, had previously worked as engineer for another "Shark Tank" backed company before eventually launching Kanga with his business partners. Kanga had brought in more than $100,000 in sales during its first six months in business, most of which came from "custom wholesale," as companies wanted to purchase Kase Mates printed with their brands' logos. The other 30% of sales came from Kanga's online presence.
The men ran into the problem while tailgating at Clemson University, which gave them the idea to create a tiny, lightweight cooler perfect for a case of beer. Ultimately, it was enough to grab the attention of Mark Cuban, who offered $100,000 in exchange for a 20% stake in the company — double the stake the Kanga founders had offered.
However, without even thinking about it, the men took the deal and started working with Cuban. It might have been the quickest deal in "Shark Tank" history, having been made in about 10 seconds.
What Happened To Kanga Coolers After Shark Tank?
While some "Shark Tank" businesses fail, others soar — and Kanga was the latter. Co-founder Logan Lamance said in a 2019 interview published on Medium that immediately following the episode's premiere, the founders were checking emails, inventory, etc. to prepare for what could be a potential influx of customers. The post-"Shark Tank" era changed the whole business.
"We've got a warehouse; we've got full-time employees now," he told Medium writer Brandon Silverstein. "... We're paying salary and we're actually treating this thing as a real business and as a result of [the employees] putting more time into it, we're getting a lot more stuff done."
Lamance added that many workers who helped out with the business before "Shark Tank" were able to quit their jobs and work for the company full-time, though he didn't note how much sales increased after the TV appearance. He also said the company was able to get an office space. (Up until the show, he'd been working out of his parents' basement.)
Kanga Coolers Is Still In Business Today
Kanga Coolers became famous through its "Kase Mate" cooler pitch, but the company has since expanded into other types of insulated coolers. According to the brand's website, the Kase Mate is still available; there are now pouches and backpack coolers, too. Kanga also has various types of insulated drinkware available, which are suitable for different sized cans and bottles. Kanga has even started selling apparel and accessories with the brand's logo, including hats, backpacks, and golf shirts.
The extent of Kanga's sales remains unknown, but the company clearly had enough capital to launch different variations of its signature product.
While on the show, the founders were in a test deal with Anheuser-Busch; the beer company would order thousands of coolers if the test went well. According to Kanga's wholesale website, Anheuser-Busch's brands, including Bud Light and Michelob Ultra, are still available on the Kase Mates today, which suggests the beer giant chose to move forward with the Kanga partnership.
What's Next For Kanga Coolers And Its Founders?
While Kanga hasn't publicly outlined its next steps, the company's social media presence suggests it continues to grow into a massive company. Kanga has more than 73,000 Instagram followers and nearly 34,000 Facebook likes. And based on the brand's Instagram account, there are at least 15 employees,
Kanga also partnered with Dak Prescott, quarterback for the Dallas Cowboys, to send him a custom cooler. The company is also looking for influencer ambassadors to partner with the brand to promote its products and earn a portion of sales. (It's a common way for businesses to increase brand awareness and profits.)
The company's three original co-founders are still running the business, which means the friends were able to continue working together even after their products rose to fame. The company gives back, too — each year, it hosts the Kanga Coolers Charity Golf Classic.
Read the original article on Daily Meal.