Prepdeck under Alexander Eburne offered the Sharks a 10% stake in his company for $750,000 in exchange for their investment.
Prepdeck has a net worth of $26 million. It is a company known for its meal prep kits and organizational systems, which made a splash on season 13 of Shark Tank.
However, Eburne ultimately left the Shark Tank without securing a deal from any of the investors.
Prepdeck Net Worth
- Net Worth: $26 Million
- Annual Sales: $15.9 Million
- Founder: Alexander Eburne
- Asked For: $750k for a 7.5% equity
- Shark Tank Deal: No Deal
- Lifetime Sales: $41 Million
- Employees: 20+
Prepdeck Revenues and Profits
Before hitting Shark Tank in 2022, Prepdeck already boasted impressive sales. Launched in 2018, they surpassed their initial crowdfunding goal by tenfold, raking in over $850,000.
By 2021, they’d sold over 150,000 units, achieved $6.2 million in sales, and were projected to hit $10 million at the time of their pitch, showcasing consistent growth and financial viability.
During the first 12 months after the episode aired on Shark Tank, Prepdeck’s sales skyrocketed and made over $18.5 million during that period.
As of today, the company generates an impressive $1.25 million in monthly sales, with 95% of those revenues coming through online mode.
What is Prepdeck?
Prepdeck offered an innovative solution for meal-prepping enthusiasts: a kit combining color-coded containers, a chopping board, and recipe cards. It aimed to streamline the meal prep process, saving time and reducing waste.
Sharks Reaction
The Sharks weren’t exactly impressed at first. Mark Cuban thought there were already too many similar products available, and Barbara Corcoran wasn’t a fan of the plastic cutting board.
Lori Greiner worried whether they could make and sell enough of them, and Daniel Lubetzky wanted them to aim for a wider market.
Only Kevin O’Leary, known for his tough negotiations, saw some promise, but he, being “Mr. Wonderful,” was mainly interested in the financial details.
Negotiations
O’Leary offered $750,000 but with a twist: a loan at 9.5% interest and a 5% equity stake. Eburne countered with lower interest and less equity, highlighting Prepdeck’s strong sales and growth. The Sharks remained hesitant, offering variations but sticking to loan structures.
Final Deal: PrepDeck Shark Tank Update
Unable to reach a mutually beneficial agreement, Eburne opted to walk away without a deal. While the Sharks passed, the exposure undoubtedly increased Prepdeck’s brand awareness and customer base. Since that day, Prepdeck’s net worth has more than doubled.