Shark Tank Coldest, a line of cooling products founded by David Stark and Joe Ahmad, telecasted Shark Tank USA in 2024 on Season 15. The founders were seeking $600,000 for 2% equity in their business, but unfortunately, they couldn’t secure a deal with the Sharks. In this article, we will explore Coldest Net Worth in 2024, its Shark Tank pitch summary, and more.
Coldest Net Worth
As of May 2024, Coldest’s net worth is $10 million, and its annual revenue was $15.1 million in 2022.
| Net worth | $10 million *estimated |
| Annual Sales Revenue | $15.1 (In 2022) |
| Profits | Not Available |
| Lifetime sales | $22 million |
| Employees | 50-200 employees |
Coldest Net Worth Timeline
| Net Worth 2024 | $10 million |
| Net Worth 2023 | $9.5 million |
| Net Worth 2022 | $9 million |
Shark Tank Coldest Update from Season 15
The Coldest Water bottles are designed to keep your drinks very cold for a long time. They can keep drinks cold for 36 to 100 hours, as proven by testing them against more than 50 other brands.
The company was started by a group of engineers with the goal of creating the best products for keeping things cold. Their products have a rubber bottom to prevent slipping. In addition to water bottles, they also make other items designed to stay cold, including a pillow, a dog bed, and a dog bowl. The founders shared their story on the Shark Tank show. They said their father is coming from Jordan, and their mother is coming from the Philippines.
The founders asked for $600,000 in exchange for 2% equity, valuing the company at $30 million. They also displayed samples of the Coldest water bottles for the Sharks to see. Mark asked about the company’s background, and in response, Dave shared Coldest’s sales history.
Dave stated that sales were $900K in 2017 and $2.5 million in 2018. Also, Sales were $5.9 million in 2019 and $9.3 million in 2020. In 2021, they made $12.4 million, and in 2022, $15.1 million. However, despite the $15.1 million in sales, they lost $400,000 that year.
The Sharks were surprised by this. Further, Dave explained that inventory sold out quickly. When Daymond asked about the inventory value, Dave said it was worth $2.5 million across 350 categories. Also, they said each item sells for $55.99 and costs $10 – $12 to make. When asked about their revenue goal, Dave said they aimed for $22 million in revenue in 2023.
Lori Greiner liked the brand’s original idea but thought they had too many SKUs and too much inventory. Because of this, she decided not to invest.
Mark Cuban believed the brothers did an excellent job with marketing. However, when they revealed they spent over $3 million on advertising last year, Mark lost interest and decided not to invest.
Robert Herjavec needed clarification on why the company lost money despite high sales. Because of this, he also decided not to invest. Daymond chose to step out because he found the business model challenging. Dave then proposed to increase the equity margin to 20%, which caught Kevin’s attention.
However, Kevin initially showed no interest in the water bottle or their presentation, but he changed his mind after hearing about the sales history. He offered $600,000 for 7% equity, with a payment of $2.25 per unit until $300,000 is recovered. But Joe declined the royalty deal. Instead, he offered a loan of $600,000. Then, he proposed to repay $900,000 within 3 to 5 years.
Kevin was uninterested in this offer, so he revised his offer to $600,000 for 5% equity, with $2.25 per unit sale until $300,000 is recovered. Dave countered with $1.5 million for 5% equity, with the 5% to be paid back in the next three years, covering the $1.5 million total investment. However, Kevin didn’t agree to their proposal. After a brief discussion, they couldn’t agree on Kevin’s deal and left without making a deal.
| Company Name | Coldest Water Bottles |
| Founders | David Stark and Joe Ahmad |
| Business | Line of cooling products |
| Episode | Season 15, Episode 15 |
| Asked Deal | $600,000 for 2% equity |
| Final Deal | No Deal |
| Sharks | No Sharks |
| Business Status | In Business |
| Company Website | Visit Website |
| Headquarter | Naples, Florida |
What Happened to Coldest after Shark Tank?
As of May 2024, the Coldest is still in business. Following the recent airing of the show, Coldest is ready to handle a surge in orders. They expect to become profitable in 2024 and plan to streamline their product offerings.
You can buy their water bottles on coldest.com, which has popular items, including the Coldest Gallon Jug and Sports Bottle. Also, the website boasts 150,000 verified customer reviews, indicating Joe’s prowess as a digital marketer.
Looking forward, Coldest has bigger plans than just selling products. The founders aim to launch Coldest World, a theme park that immerses visitors in the brand’s universe. This ambitious project is scheduled to be completed by 2030.
Due to appearing on Shark Tank, the company has also experienced remarkable success and profit, leading to increased sales. Its headquarters are now in Naples, Florida, and the company has grown its staff to 51-200 employees.
Coldest Founders
David Stark and Joe Ahmad twins are Coldest’s founders, and they started the company in 2014. The company began its journey in a garage. The initial years were challenging, with all profits reinvested into the business. Dave initially saved $14,000, which he used to invest in Coldest.
David brings his technical expertise to the company as an engineer and inventor. He also graduated from Florida State University with a degree in Engineering.
He is the driving force behind the company and typically works long days, often up to 19 hours. He’s passionate about expanding the company’s reach and enhancing its products. Challenges energize him, and he enjoys finding solutions. Also, outside the work, he enjoys riding his electric longboard and spending time with his pets.
In 2017, David transitioned the storage operations to a 2500 sq. ft warehouse in a remote area. The turning point came in 2018 when Joe joined the venture. In 2020, they expanded their product line to include other cold items. In August 2021, Coldest relocated to a 15,000 sq. ft warehouse in Fort Myers and opened its first retail store in Coastland Mall, Naples.
Despite the challenges posed by the pandemic, it brought unexpected benefits, with a significant increase in demand.
Another co-founder, Joe Ahmad, holds a Bachelor’s degree in Engineering from Florida Atlantic University and is the company’s Head of Marketing. He previously worked as a civil engineer, constructing bridges for the State of Connecticut. However, his true passion lay in building businesses. Before co-founding Coldest, Joe attempted ten business ventures, all of which failed.
While listening to a podcast by Tom Bilyeu, founder of Quest, Joe realized the importance of fully committing to one job for success. This inspired him to dedicate himself entirely to his brand.
Coldest Achievements and Awards
| Year | Achievements and Awards |
| 2024 | The company was featured in Shark Tank Season 15 |
Conclusion
Shark Tank is a TV show that showcases different business ideas and helps them succeed. Coldest was one of the ventures featured on the show. Despite losing the deal, the company showed that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.
Before you leave, check out the other company updates in Season 15, Episode 15
