Have you watched an episode of Shark Tank where BeerMKR participated in this show? You may wonder about the net worth of this company. So, here is the information about net worth and other things related to BeerMKR.
BeerMKR Net Worth
According to News Dawnn, the net worth of BeerMKR is around $200 million dollars.
According to TheCinemaholic, BeerMKR was begun by Aaron Walls and Matt Goff. They were students of Cornell University in New York. With Brett Vegas and Evgeniy Tkachenko, they did experimenting with brewing beer during their college days. Initially they designed BEERMKR. So, they were able to continue experimenting with different ingredients and flavours of beer.
Aaron got MBA in Marketing and Entrepreneurship and Matt got Phd in Biomedical Engineering. Even though they have different academic background, however, they are able to collaborate well. BrewJacket was founded by them in 2013 which is now BEERMKR. Then, Brett who also got an MBA from Cornell and Evgeniy who worked at NASA joined the team. After they joined, the company got the support that it needed to create their fully loaded home brewing system.
Brett stated that compared to other brewing systems, the brewing system that they have is smaller, cleaner and basically idiot-proof. Also, it is more convenient because it can take only a few minutes to set up and will alert you through your smartphone app when the beer is ready to be taken out.
Location and Fund of BeerMKR
Quoted from TheCinemaholic, the location of BeerMKR is now in Boulder, Colorado. This location has the craft-startup atmosphere for this company to grow. At first, at the Great American Beer Festival in Denver, this company made a debut and then the team launched a Kickstarter campaign in September 2018. It helped them gather a lot of funds that they need. Their target at first was $100,000 and it was significantly surpassed. Their campaign was pledged $398,276 by 1000 supporters.
As explained in TheCinemaholic site that this company needed to move soon into a larger area so that they can house expanding operations and were helped in their initial stages of inventory financing by Kickfurther.
In 2017, they got funding from Sage V Ventures which is a local food venture fund. The growth of this company was noticed by the media and BeerMKR was featured in online publications such as Business Wire, CNET, the Boulder Daily Camera and The Spoon.
In 2021, at Consumer Technology Association’s annual trade show, the sleek beer brewing system was featured. This show took place online because of the Covid-19 pandemic.
Now, the team of BeerMKR is looking at its next step to get big funding in the ballpark of a million dollars. They have sold 1,000 units and there are still more orders entering. Now, BeerMKR can be found through their website and also online stores such as Amazon.com and the price is $579 where it comes bundled with a BeerTap. An additional Beer Tap to save additional quantities or varieties of beer is sold for $119. The price of the premade MKRKITS is $12 and it comes in a variety of blends such as Future IPA, Chubby Stout, Jurassic Ale, and Redwood IPA.
However, talking about beer, you must avoid drinking it since it contains alcohol. As you know that if someone is drunk, they can do anything, even bad things because they are under the influence of alcohol so that it does not endanger you but also others.
About BeerMKR in Shark Tank
According to the Denver Post, When Aaron Walls and Brett Vegas pitched their Boulder-based startup with a $25 million valuation, they knew that they would get some denial from the investors on Shark Tank show. BeerMKR, which is a brewer that makes a gallon of commercial quality beer in 12 days, has not hit the market yet. Nevertheless, the founders of this product hoped that their product would convince the ‘sharks’ to bite in the show.
In the show, they asked for a $500,000 investment for 2 percent of the company. In response, they got a few raised eyebrows and laughed. Vegas said that this show tends to rely on sales as a metric for valuation, but they were still working on fulfilling their Kickstarter orders, so it was different for them. In addition, Vegas also said that they were in a weird position where they had incredible technology and a big potential to disrupt a $100 billion domestic beer market, so they went in with a high valuation knowing full well they would get yelled at.
After they registered for Shark Tank last year, Vegas and Walls came up in the show with bringing ice-cold home brews in Friday night’s episode of the network reality show. The episode where they appeared was filmed in September.
An offer from Kevin O’Leary or Mr. Wonderful was turned down by them for a loan in exchange for a higher stake in the business.
Then, Vegas said that at the end, they felt fine because they were able to validate the product and showcase it on a national level. He also said that their decision was fair because it is hard to assign that valuation and that forecast to an item that is not in the market yet. In addition, he said that if they do not believe the risk is worth the potential, then they will just need to prove them wrong.
Even though Vegas and Walls walked away from the show without getting a deal, they are confident in their $25 million valuation of BeerMKR. Vegas said that what it came down to was what they thought were reasonable sales, you know how many units they had to sell and how many Mkr kits and it did not take many to hit a $25 million valuation. He also said that if they could sell 10,000 machines, it means that they could easily hit $5 million and they had sold 1,000 in a month through their Kickstarter.
In the show, Barbara Corcoran was the first to pull out. She remarked that the deal is like asking us to believe in the fairy godmother. She also said that they had virtually no sales and they had $3 million put into it already and they had to proof of concept even and she must be missing something basic, but she is out.
After BeerMKR appeared on that show, Vegas said that the traffic of their site increased from a few hundred visitors a day to around 8,000 and sales are following suit.