Kevin Choi and Evan Cho come onto “Shark Tank” Season 13 seeking an investment of $200,000 for 10% of their business. Their episode, which aired on January 7, 2022, is notable as the first to have “Jumanji: Welcome to the Jungle” and “Ride Along” star Kevin Hart on the show as a guest shark. Hart’s platform is more than enough to shoot any brand through the stratosphere.
At first, their product and demonstration leave the sharks in a laughing riot. But amongst using them, they start seeing the appeal, with Hart even saying, “Like, instantly I just got happy.” It costs them $2.60 to make the Snactiv itself, which is upped to $2.80 when the case is included. In five and a half months, they’ve done $187,000 in sales. Due to increased demand from Asian countries, the team plans to focus their retail efforts on this region. They’ve secured deals with distributors in Taiwan, Hong Kong, and Korea.
Kevin O’Leary kicks off the offers 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 decide to team up, offering the $200,000 for a 20% stake, with each shark taking 10%. Hart believes his personality will drive sales, while Greiner promises that she can bring down production costs. Mr. Wonderful gets competitive, taking the royalty down to $0.50 and the equity to 5%. Choi and Cho ultimately choose to go with the Hart and Greiner, with Choi calling the deal “a no-brainer.”
