Hibear Net Worth 2024 Update & Their Shark Tank Pitch!

Hibear, an adventure flask founded by Mark Tsigounis, telecasted Shark Tank USA in 2024 on Season 15. The founder was seeking $150,000 for 5% equity for their business. But unfortunately he couldn’t secure a deal with any Sharks. In this article, we will explore Hibear Net Worth in 2024, its Shark Tank pitch summary, and more.

Hibear Net Worth

As of January 2024, Hibear’s net worth was $1 million, and its annual revenue was $320K in 2022. 

Hibear Net Worth Timeline

Shark Tank Hibear Update from Season 15 

U.S. Navy Veteran Mark Tsigounis has designed a unique line of drink products with multiple features. He was asking for $150,000 for 5% equity, valuing his company at $3 million. Hibear is a revolutionary water bottle, especially for camping and outdoor adventures.

Mark’s main product, the All Day Adventure Flask, offers numerous drink options. It can make cold brews, cocktails, and more. The flask includes a pour-over feature for brewing coffee or aerating wine. 

Robert and Lori praised Mark’s innovative idea. Robert then asked how he came up with the idea. Mark Tsigounis explained that he thought of it while hiking 2,186 miles on the Appalachian Trail from Georgia to Maine in 107 days. He noticed that serious hikers need multi-purpose items for efficiency, but his product isn’t just for them. 

Robert said the product is reliable for anyone. Mark agreed with him and said that it’s also a great corporate gift and comes in seven colors.

Guest Shark Emma asked about the cost of making and selling each unit. Mark Tsigounis said it costs $15.50 to make and sells for $95. Emma then asked about the competition and what sets Hibear’s Flask apart. Mark explained that it is a high-quality 36-ounce flask with ten extra features. There, Kevin praised the product for its exclusivity.

Mark Tsigounis further discussed their three different sales. That was retail, direct-to-consumer, and corporate. Corporate sales make up 40% of their total sales. Emma asked about the total sales, and Mark said they had made $745,000. 

Emma asked when the business started, and Mark Tsigounis explained that they launched a Kickstarter campaign in 2020. Also, he said that they secured a $150,000 pre-seed investment in June and shipped their first products to California by July 2021. Also, Mark Tsigounis said that they have made sales of $320,000 in 2022. He also shared his plan to reach $1 million in sales next year and to start selling on Amazon.

Robert asked about debts which they have, and Mark Tsigounis mentioned they have a $200,000 debt. Kevin O’Leary advised Mark Tsigounis to avoid retail because the product might look like just another water bottle. Instead, he suggested focusing on online direct-to-consumer sales, where Mark Tsigounis can explain the product’s unique features to customers.

Mark Cuban liked the product but felt it would be too difficult to scale, so he decided not to invest. Guest shark Emma Grede also thought the product was good but believed it was too early for her to invest, so she opted out as well. Kevin didn’t like the pricing, especially after Mark Tsigounis said that customer acquisition costs $52 per sale. So, Kevin decided not to invest.

Robert Herjavec liked Mark and the product but felt it was too niche. So, he also decided not to invest. Lori said there were too many water bottles on the market, and she wasn’t ready to invest. Finally, Mark had to leave the show without a deal.

Summary of the Sharks’ Deal List!

What Happened to Hibear after Shark Tank?

As of June 2024, the Hibear is still in business. Since its founding on January 1, 2017, Hibear has aimed to inspire environmental responsibility with eco-friendly products. Hibear also offers a range of accessories and emphasizes sustainability with reusable packaging materials and Climate Neutral Certification.

With 20,000 Instagram followers and recognition in various magazines, Hibear continues to grow in popularity. While not yet available on Amazon, they offer bundle deals on their website and are expanding their retail presence. Despite not securing a deal on Shark Tank, Hibear remains a promising player in their industry, poised for future success. You can purchase your Hibear product by visiting their website.

Hibear Founder

Mark Tsigounis is the founder of Hibear which was started in 2017. He graduated with a Bachelor of Science in Business Administration from UNH Peter T. Paul College of Business and Economics. After six years of a Bachelor of Science in Business Administration degree, he pursued an MS in Finance at Suffolk University’s Sawyer Business School. During those six years, he worked at American Express Financial Advisors as a Financial Advisor and at Fidelity Investments as a Retirement Investment Specialist and Investment Representative.

In February 2011, Mark joined Merrill Lynch as a Financial Advisor, where he worked until February 2012. He then served as a Financial Consultant at E-Trade Financial for over two years. Since 2011, he has also been a Lieutenant Commander in the US Navy Reserve Supply Corps.

While traveling in Africa, Mark discovered an insulated bottle that kept water cold all day, even in the intense heat. With the help of his team and after three years of research and development, Mark created the All-Day Adventure Flask, known as the Swiss Army tool of insulated bottles. 

This flask can store water, coffee, and cocktails. It includes an insulated thermal core, cocktail strainer, steel basket, and pour-over lid, offering a versatile outdoor drinking experience. Also, he is the co-founder of Morea Brand.

Hibear Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. Hibear was one of the ventures featured on the show. Despite the loss of 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.