ProntoBev is a wine chiller that can chill a bottle of wine to the ideal temperature in less than 30 seconds. Alexander Simone, a young entrepreneur who pitched his invention on Shark Tank in 2017, invented it.
He struck an agreement with Mark Cuban, who contributed $100,000 in exchange for a 25% stake in the company. But what is the current net worth of ProntoBev, and what happened to the company after Shark Tank?
What is ProntoBev and How Does It Work?
ProntoBev is a device that employs unique technology to swiftly and efficiently chill wine. It is made up of a stainless steel chamber that can hold a regular 750 ml bottle of wine and a base with a cooling gel.
Simply pour the wine into the chamber, push the button, and wait 30 seconds. The wine is subsequently chilled to the appropriate temperature, which the user can regulate. Other beverages, such as beer, champagne, or juice, can also be chilled with the gadget.
Simone got the concept for ProntoBev while he was at a pub with a female and wanted to impress her with a bottle of wine. The wine, however, was too hot, and he had to wait for it to cool in an ice bucket.
He reasoned that there had to be a better way to chill wine and began developing his prototype. He made 13 failed tries before creating a viable product in 2015.
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How Did ProntoBev Do on Shark Tank?
Simone made an appearance on Shark Tank in Season 9, Episode 11 on November 26, 2017. He requested $100,000 for 5% of his company, which he valued at $2 million. He showed his invention to the sharks, who were astonished by its speed and efficiency.
However, they were concerned about the market size, competition, and production costs. Simone disclosed that he had received $60,000 through an Indiegogo campaign, but that he had yet to fulfill any orders.
He also stated that he had spent $150,000 of his own money on product development and that he required further funds to begin mass manufacturing. He claimed that the device cost him $15 and that he planned to sell it for $97.
The sharks were wary of his figures and questioned his valuation. They also stated that there were other wine chillers on the market and that his invention was neither unique nor proprietary. They were curious about how he would distinguish himself from the competitors and safeguard his intellectual property.
Simone attempted to defend his product, claiming that he had a pending patent and that his gadget was faster and more convenient than any other wine chiller on the market. He also claimed to have a devoted customer base and favorable reviews from wine experts and fans.
The sharks were not persuaded, and they began to leave one by one. Robert Herjavec, Lori Greiner, and Kevin O’Leary all announced their departures. Barbara Corcoran stated that she liked Simone but did not believe his product had a large enough market. She also stated that she was leaving.
The sole remaining shark was Mark Cuban, who stated that he enjoyed the product and was a wine enthusiast himself. He stated that he was willing to make an offer, but that he would want a larger ownership in the company.
He offered $100,000 for a 25% stake in the company, bringing the worth down to $400,000. Simone paused and attempted to bargain for less equity. He stated that he would give up 10% of the company but not more. Cuban stated that he was not interested in a counteroffer and that the agreement was take-it-or-leave-it.
He stated that he needed to make a decision fast or else he would withdraw his offer. Simone understood he had no choice but to accept Cuban’s offer. He shook Cuban’s hand and expressed gratitude for his investment. He expressed his enthusiasm for working with him and expressed his desire to see ProntoBev succeed.
What Happened to ProntoBev After Shark Tank?
Simone encountered various hurdles in bringing his product to market after the contract with Cuban. He had to deal with concerns with manufacturing, delivery delays, and consumer complaints.
In addition, he had to compete with other wine chillers such as the Cooper Cooler, HyperChiller, and VinPodium. The product is still available for pre-order on the ProntoBev website, but it has not yet been dispatched.
The product is planned to ship in early 2023, according to the website, and consumers will be contacted when their orders are ready. The website also states that the product is now out of stock and that customers can sign up for a waitlist to be notified when it becomes available again.
The website also includes testimonials from consumers who have received and are pleased with their ProntoBev devices.
The product has been highlighted in numerous media outlets, including Forbes, Business Insider, and The Huffington Post. A 30-day money-back guarantee and a one-year warranty are also available on the Internet.
Based on Shark Tank’s appraisal, ProntoBev’s net worth is expected to be around $100,000 in 2023. This figure, however, could alter depending on the product’s sales and revenue, as well as the status of the arrangement with Cuban.
It is unclear whether the contract with Cuban has been completed or whether he is still associated with the company. ProntoBev is still a young firm with a lot of room for growth and success. It features a distinct and original product that may appeal to a niche market of wine enthusiasts.
It also has a passionate and driven creator who has surmounted numerous challenges to realize his mission. ProntoBev has the potential to become a household name in the wine industry with the appropriate strategy, marketing, and distribution.
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