When it comes to enjoying a glass of wine on the go, there’s a company that has you covered. Goverre, a modern and chic portable drinkware company, made its way into the limelight on the popular television show, Shark Tank. Founded by Regan Kelaher and Shannon Zappala, the company offers a fresh take on wine glasses, providing wine lovers with a stylish and functional solution for their outdoor sipping needs.
As with any business, the journey of Goverre has been filled with highs and lows. From securing a deal on Shark Tank to facing unexpected legal issues, the founders have navigated through it all. Let’s delve into the story of Goverre, its Shark Tank journey, and the company’s current status.
The Goverre Shark Tank Pitch and Deal
Regan and Shannon appeared on Season 8, Episode 22 of Shark Tank, with a clear vision and a firm belief in their product. They pitched their business, asking for an investment of $200,000 in exchange for a 13% stake in Goverre.
Shark Tank is known for its tough negotiations, and this episode was no different. While the duo initially offered a 13% equity stake, the sharks had other ideas. Mark Cuban, Lori Greiner, and Robert Herjavec saw the potential in Goverre and decided to invest. However, they asked for a larger piece of the pie. The final deal was struck at $200,000 for a 33.3% stake, a higher equity percentage than Regan and Shannon had initially offered.
The investment was earmarked for inventory, production, and cash flow. However, soon after the episode aired, the company was hit with a significant lawsuit. This unexpected event consumed a substantial part of the Shark Tank funds, posing a challenge to the founders.
Despite this hurdle, the Goverre team remained committed to their vision. They used the remaining funds wisely, focusing on growing their business. Before their Shark Tank appearance, the company had achieved $384,000 in sales and $134,000 in profits, making the company’s valuation approximately $1.5 million during the pitch.
Is Goverre Still in Business?
So, what happened to Goverre after their Shark Tank appearance? Well, the company not only survived but thrived! By 2019, Goverre had hit the $2 million mark in annual sales, leading to a profit of nearly half a million dollars. These numbers signify the company’s strong growth and market acceptance post-Shark Tank.
Moreover, Goverre didn’t just stick to its original product. The company expanded its product line to include champagne flutes, cocktail glasses, and even charcuterie boards. This diversification played a crucial role in the company’s growth, allowing it to reach more customers and meet a variety of needs.
Presently, Goverre products are available in over 800 locations across the United States and Canada, making it a well-known name in the portable drinkware market. The company has also introduced new versions of their wine glasses, such as a thinner and lighter model with varietal-specific graphics.
As per the latest updates in 2021 and 2022, Goverre is still operational and continuing to innovate. The company’s expansion and consistent success indicate a significant increase in its net worth from the initial valuation of $1.5 million. While the exact figures are not publicly available, the company’s growth trajectory is a clear indicator of its success.
The Current Updates
When we talk about the recent updates of Goverre, it’s all about growth and expansion. The company, which was already doing well before its appearance on Shark Tank, has managed to exceed expectations post-show. Their innovative wine glasses, which combine style with functionality, have garnered a lot of attention and love from wine enthusiasts.
One of the major updates is the expansion of their product range. They started with portable wine glasses but felt the need to cater to a broader audience. This led to the introduction of champagne flutes, cocktail glasses, and even charcuterie boards. Now, they aren’t just a wine accessories company but a one-stop-shop for outdoor dining needs.
Another important update is their reach. The company has grown from a small startup to a significant player in the market. As of now, Goverre products are available in over 800 retail locations across the United States and Canada. They’ve also introduced new versions of their wine glasses, one of them being a thinner and lighter model with varietal-specific graphics. This shows the company’s commitment to innovation and customer satisfaction.
Goverre’s Net Worth
The financial aspects of a business are always intriguing, and Goverre is no exception. When Regan and Shannon entered the Shark Tank, they valued their company at approximately $1.5 million. This valuation was based on their sales and profits at the time, which were $384,000 and $134,000, respectively.
After the Shark Tank episode aired, the company experienced a significant boost. By 2019, Goverre hit the $2 million mark in annual sales, leading to a profit of nearly half a million dollars. Even though the exact net worth of the company is not publicly available, these figures suggest a substantial increase in its value since the Shark Tank episode.
The exponential increase in sales and the expansion of their product line are clear indicators of the company’s financial growth. The Shark Tank deal, despite the larger equity stake, has definitely played a crucial role in this financial success story.
Impact of Goverre Appearance on Shark Tank
The impact of Shark Tank on Goverre is immense. The platform not only provided the founders with the necessary funds to grow their business, but it also gave them the visibility they needed. The exposure from the show helped them reach a vast audience, which is crucial for any consumer goods company.
After the Shark Tank episode, the company saw a significant increase in sales. The credibility and validation that comes from a successful Shark Tank pitch helped boost consumer confidence in the brand. People were more willing to try out their products, resulting in increased sales and profits.
Moreover, the feedback and mentoring from the Sharks also helped the founders. Their business acumen and experience provided invaluable insights that played a key role in the company’s growth strategy. All in all, the Shark Tank appearance has been a game-changer for Goverre, setting it up for sustained success.
Goverre Business Overview
When it comes to portable drinkware, Goverre has become a household name. Founded by Regan Kelaher and Shannon Zappala, the company was a standout on the popular television show, Shark Tank, where they secured a deal with three of the Sharks. The investment was a significant boost for the company, which has used the funds to expand its product line and increase its market reach.
The essence of Goverre lies in its innovative products, which not only cater to wine lovers but also to a broader audience. Starting with stylish and functional wine glasses, the company has since expanded its offerings to include champagne flutes, cocktail glasses, and even charcuterie boards. This product diversification has played a significant role in Goverre’s growth, allowing it to reach more customers and meet a variety of needs.
As of recent updates, Goverre products are now available in over 800 retail locations across the United States and Canada. This expansion demonstrates the company’s growth and its increasing popularity among consumers. They’ve also stayed true to their innovative roots by introducing new versions of their wine glasses, like a thinner and lighter model featuring varietal-specific graphics.
Financially, the company has shown strong performance. Prior to their Shark Tank appearance, Goverre was already performing well with $384,000 in sales and $134,000 in profits. However, their appearance on the show has significantly boosted these figures. By 2019, the company had hit the $2 million mark in annual sales, leading to nearly half a million dollars in profit.
Conclusion
The story of Goverre is one of resilience, innovation, and growth. Despite facing a substantial legal issue after their Shark Tank appearance, the founders used the remaining funds wisely and managed to steer the company towards success. They expanded their product line, widened their market reach, and significantly increased their financial performance.
The impact of the Shark Tank deal on Goverre has been substantial. The investment provided the necessary funds, and the show gave the company the visibility it needed to reach a larger audience. The credibility and validation that come from a successful Shark Tank appearance also boosted consumer confidence in the brand.
In the end, the Shark Tank appearance has proven to be a turning point for Goverre. With its continued growth and expansion, the company is set for a bright future in the portable drinkware market. Its journey serves as an inspiration for other entrepreneurs and startups seeking to make their mark in competitive markets. You can check out GrowthBusinessMag for related guides!
