Shark Tank Recap: Pipcorn
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Pipcorn, a mini popcorn, found its way into The Shark Tank on the show's 100th episode.
The company's founders Pipcorn Jeff and Jen Martin, a brother and sister team explained that the company's flavors are popped in small batches and seasoned by hand.
The product is all natrual, gluten free, non-GMO, vegan, and whole grain.
The company explained its genesis on its website.
The Pipcorn seed was planted when Jeff was helping Jen move apartments in the spring of 2010. In desperate need of a snack, Jen remembered these special little kernels that she had gotten a few days earlier. Five minutes later, they were snacking on the best popcorn they had ever had. Two years later (and an unbelievable amount of support from family and friends), they launched Pipcorn and the rest is history!
Pipcorn is half the size of regular popcorn. The company pops it in a small amount of olive oil. No butter or cheese is used. Currently it comes in truffle, sea salt, kettle and rosemary flavors.
The brother and sister duo were seeking $200,000 for 10% of their company.
"I was working at a health food store and I never thought popcorn could get better, but a farmer showed me this and I went home and popped it," Jen said.
According to Jeff, the company sold $200,000 last year. The company is in 18 Whole Foods stores. The product was featured last year on Oprah's "Favorite Things" episode.
"How do we make money," said Kevin O'Leary. "How do I get my money back if I'm a 10% shareholder?"
O'Leary highly questioned the valuation. "You will not get $200,000 for 10%," he said. "Mr. Wonderful" dropped out first.
Robert Herjavec offered $200,000 for 20%. The siblings rejected the offer.
"You guys are winners," Barbara Corcoran said offering to meet their $200,000 for 10% demand, albeit with some conditions. She wanted to receive money every time the brother and sister pair took money out of the company.
Herjavec said he believed in them and offered $200,00 for 10% with no contingency.
The siblings accepted Corcoran's offer.