If you’ve ever worked from home, you’ve probably had a snack or two while sitting at your desk. It’s convenient, but it’s also a quick way to get your keyboard dirty instantly. With their snacking accessory, Snactiv, entrepreneurs Kevin Choi and Evan Cho feel the ultimate solution is literally at your fingers. The product is simple: a small set of plastic tongs worn on your middle and index fingers and act as extensions to pick up snack foods like Cheetos and chips. The simple equipment is ideal for gamers and people who work from home, since it allows you to enjoy your favourite snacks without having your fingers covered in grease or dust.
Choi and Cho met while working at a Los Angeles software startup. With their combined experience working for big businesses including Mattel, Disney and Hasbro, they founded Inoobi Inc. in 2021 to begin producing their own goods. In March of that year, the team launched a Kickstarter campaign for Snactiv. Within a month, they had surpassed their $20,000 goal, with over 900 backers pledging a total of $41,700. They started delivering in October and were already getting excellent feedback.
Snactiv has shown potential as a creative and interesting product that is ideal for the modern world, where many people have shifted to remote work. However, is it sufficient for the sharks to take a bite? Here’s what happened to Snactiv on Shark Tank.
Kevin Choi and Evan Cho appeared on “Shark Tank” Season 13 in search of a $200,000 investment for 10% of their business. Their episode, which debuted on January 7, 2022, is famous for including “Jumanji: Welcome to the Jungle” and “Ride Along” star Kevin Hart as a guest shark for the first time. Hart’s platform is powerful enough to shoot any brand through the stratosphere.
At first, their products and demonstration made the sharks laugh. However, when they use them, they begin to realize the benefit, with Hart even admitting, “Like, instantly I just got happy.” The Snactiv alone costs $2.60, which is increased to $2.80 when the case is included. They’ve made $187,000 in sales in 5 and a half months. Because of rising demand from Asian countries, the team intends to focus their retail efforts in this region. They’ve secured deals in Taiwan, Hong Kong and Korea.
Kevin O’Leary starts things off with a classic royalty deal. The investor wants $1 for each Snactiv sold until he makes $1 million, which will then see him obtain his 10% equity stake. Kevin Hart and Lori Greiner choose to form a partnership, offering $200,000 for a 20% stake, with each shark getting 10%. Hart feels his charisma will increase sales, but Greiner promises to reduce production costs. Mr. Wonderful becomes more competitive, lowering the royalty to $0.50 and increasing the equity to 5%. Choi and Cho eventually decided to go with Hart and Greiner, calling the agreement “a no-brainer.”
What happened to Snactiv after Shark Tank?
The predictions were not far off. The “Shark Tank” impact hit Snactiv like a truck when the show aired, with the company selling out almost instantly. Snactiv soon announced their partnership with DoorDash. With the purchase of food or drinks from the service, the cooperation offered a free limited edition Snactiv. However, it was only available in Seattle, Chicago and San Diego. Later that year, Snactiv was able to reach Singapore and Canada in search of fresh distribution opportunities.
In any case, not everything went smoothly after “Shark Tank.” It’s unclear whether their agreement with Greiner and Hart went through because the product isn’t listed on Greiner’s website. This isn’t uncommon for “Shark Tank” agreements, which can take a year or more to complete, but Greiner doesn’t have the finest track record when it comes to closing deals to begin with. Furthermore, some cheap copycat brands have begun appearing on Amazon and other sites and the team has announced that they are taking action against them.