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. 

Net worth$1 million
Annual Sales Revenue$320,000 (2022)
ProfitsNot Available
Lifetime sales$745,000
Employees5 Employees

Hibear Net Worth Timeline

Net Worth 2024$1 million
Net Worth 2023$800K
Net Worth 2022$500K

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.

Company NameHibear
Founder Mark Tsigounis
BusinessAn adventure flask
EpisodeSeason 15, Episode 19
Asked Deal$150,000 for 5% equity
Final DealNo Deal
Shark No Sharks
Business StatusIn Business
Company WebsiteVisit Website
HeadquarterReno, Nevada, United States

Summary of the Sharks’ Deal List!

SharkOfferCounter Offer
Mark CubanNo OfferN/A
Kevin O’LearyNo OfferN/A
Lori GrinearNo OfferN/A
Robert HerjavecNo OfferN/A
Emma GredeNo OfferN/A

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

Hibear Founder Mark Tsigounis

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

YearAchievements and Awards
2021The company’s innovative products earned them a Red Dot Award and later an iF Design Award in 2021, boosting their reputation
2022Their flagship product, the All-Day Adventure Flask, was voted Best Tailgating Gear by Outside Magazine in 2022
2024The company was featured on Shark Tank Season 15


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.

Before you leave, check out the other company updates in Season 15, Episode 19.

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Malan White

Malan White is an experienced article writer with many years of experience in the field. He is one of the best writers on our site. Malan has gained a lot of knowledge about writing articles, mainly about business news. He is also a top fan of the Shark Tank TV show and enjoys watching it in his free time.

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