Coffee Joulies are small, stainless steel capsules that look like coffee beans but are made of metal. Coffee Joulies capsule is designed to fit perfectly into your cup of hot coffee, turning into a frothing hot beverage when poured in.
When the temperature rises excessively high in the water, this device cools it down to a perfect drinking temperature by slowly releasing heat. This process allows you to enjoy a perfect cup of coffee.
Your coffee will stay perfectly hot for a long time. These magical beans absorb heat and reflect heat to the coffee. Coffee Joulies are produced in the USA and at Sherrill Manufacturing in New York.
They appear similar to a magic coffee bean made out of stainless steel. Add hot coffee to a hot beverage, and you initiate a chain reaction based on the coffee’s heat.
When you pour a cup of coffee that is too hot to touch and will burn your mouth, these coffee drinks immediately go to work and reduce the temperature to the optimal level.
Magic beans store the extra heat generated and release it slowly, allowing you to have a perfect cup of coffee over an extended time.
What Is Coffee Joulies?
Coffee Joulies is a product that was featured on Shark Tank. It is a stainless steel reusable coffee bean designed to keep your coffee at the perfect temperature. The joulies are placed in the cup of coffee, and when the coffee reaches the desired temperature, the joulies will cool down to maintain that temperature.
The idea for Coffee Joulies came from founder Justin Foster, who was looking for a way to keep his coffee hot while he worked in his garage. He came up with the idea of using stainless steel because it is a good conductor of heat. After testing various prototypes, he came up with the final product, which consisted of five joulies per canister.
Coffee Joulies are tiny beads made of a high-tech phase-change polymer. You can pour them directly into coffee or sandwich them between the walls of your Joulies coffee cup.
Coffee Joulies is a phase-changing capsules designed to be placed in a cup of coffee. The coffee cools quickly when served excessively hot, becoming cold coffee and gradually releasing heat to keep the coffee warm as you drink.
Therefore, the coffee stays at an ideal sipping temperature for an extended time. Coffee beans have the property of absorbing and reflecting heat.
The Joulies function by swiftly absorbing heat and lowering the temperature of the coffee to a drinkable level (140 degrees). A steady temperature is maintained for several hours once the Joulies reach 140 degrees.
|Company Name||Coffee Joulies|
|Entrepreneur||Dave Jackson And Dave Petrillo|
|Product||A stainless steel bean with heat-absorbing properties that keep coffee at the perfect temperature|
|Investment Asking For||$150,000 For 5% equity in Coffee Joulies|
|Final Deal||$150,000 For a royalty of $6 per unit until $150,000 is repaid|
|Shark||Kevin O’Leary, Lori Greiner, Daymond John, And Robert Herjavec|
|Episode||Season 4 Episode 15|
|Business Status||In Business|
Who Is The Founder Of Coffee Joulies?
The Coffee Joulies were created by Dave Pentrillo and Dave Jackson together. Dave Pentrillo began his career at Lutron Electronics in 1993 after graduating with a mechanical engineering degree.
He was appointed President of Coffee Joulies in 2011, a post he continues to hold today. He has also been working as an engineer while leading Coffee Joulies. Dave Jackson earned his mechanical engineering degree concurrently with Pentrillo. He works as a mechanical engineer and co-owner of Coffee Joulies.
The Daves’ created and manufactured the initial batch of Joulies. A year later, they launched Kickstarter, raising $306,944 in less than two months. Kickstarter’s enormous success won them a spot in the Kickstarter Hall of Fame, which provided much-needed publicity and increased brand awareness.
Additionally, Kickstarter provided the Daves with the funds necessary to begin commercial production of Julies. That same year, the company received an additional boost when the Shopify Build-a-Business competition crowned them a winner.
Coffee Joulies Before Shark Tank
The Coffee Joulies were invented by Dave Petrillo and Dave Jackson, mechanical engineers from New Jersey. The Joulies were little stainless-steel capsules filled with an inventive substance that quickly brought a hot beverage to a drinking temperature.
This would allow the capsules to keep the liquid at its temperature for an extended period. They initially raised funds through a Kickstarter effort in March 2011. Their objective was $9,500, which they met in three days.
They earned a significant boost from Kickstarter towards the end of the month-long campaign. 4,800 backers gave more than $300,000 to bring their idea forward.
They completed their production process and converted their concept into a finished product thanks to their initial success and substantial financial backing.
How Was The Shark Tank Pitch Of Coffee Joulies?
Dave Jackson and Dave Petrillo appeared on Shark Tank requesting an investment of $150,000 for an exchange of 5% equity in Coffee Joulies. Dave Jackson and Dave Petrillo confidently walk on the Shark Tank in happy clothes.
Dave Jackson and Dave Petrillo are asking for $150K for a five-percent stake in Coffee Joulies. They valued Coffee Joulies at $3 million. This should enable them to begin the negotiations. Dave’s Joulies cost $3.65 each to make. They retail for $50 for a set of 5.
Coffee Joulies sold more than 500,000 cups of coffee last year for $575k, with a profit of about $50k. As a company, they have a very good working relationship with most major retailers.
Steve Petrillo and Dave Jackson have already made their first profit from the sales of their Coffee Joulies. They are cash flow positive. That’s a question I cannot answer. The estimated amount sold for this year is one million dollars.
Kevin O’Leary says he wants to own at least 33% of a company before he becomes interested in buying it.
Kevin O’Leary will give them the money they are asking for but wants to receive $6 for every Julius set sold until he gets his money back. He desires to have the funds for long life.
Lori Greiner almost immediately says yes to Kevin O’Leary and is willing to work with him to get this Deal done. Dave loves getting Coffee Juliettes on QVC and is willing to support it. Kevin O’Leary likes the idea and is willing to support it.
Rob Herjevic takes Lori’s lead and seeks to ink the Deal alongside his relationships with Bed Bath and Beyond and Target.
Daymond John dropped out very early because he did not think he could add much value and noticed that other sharks were swarming over the Deal. He asks that he be a part of it as well.
The Deal was offered to 4 sharks, which seems great for all parties involved. Dave Jackson and Dave Petrillo are paid the money, and the Sharks contact them to help them expand the company. The Sharks each get a share for $37,500.
Mark Cuban, the only Shark who never wants to be outdone, offers his Deal and his way of thinking on how the Joulies should be marketed and sold. He offered them 250k for a 12% stake, and they accepted.
He offers them $250k and 12% of the business, but with the condition that they do not immediately go to QVC.
Dave and Dave believe that it is better to start by building a brand for a company and then attempt to sell it to a larger retailer. Dave Jackson and Dave Petrillo decide to talk to a friend on the phone and try to get them to agree to a deal.
Robert quickly realizes that paying $7 per set for the Joulies at wholesale is far too much for such a small company. He’s hoping to reduce his expenses to approximately three dollars.
If they do not change their offer, they could lose the Deal to Mark Cuban. Cuban sits back and thinks he has everything lined up for him. O’Leary gets up and speaks to the two Daves. They only want $3 for every order that is placed online.
It is not common to see all 5 Sharks showing their interest. However, it does happen, as you might expect. Dave O’Leary and his team are back on Shark Tank and stated that 4 sharks are better than one.
Daymond John shouts Ya, Baby! He will feel better knowing that he just got a very good deal. This will likely happen within just a couple of days. The pair choose the four-Shark arrangement, launching Coffee Joulies on a Shark agreement.
Final Deal: $150,000 for a royalty of $6 per unit until $150,000 is repaid.
What Happened To Coffee Joulies After Shark Tank?
It’s not surprising that Coffee Joulies have grown in popularity following their appearance on Shark Tank and the sharks’ attention. They had already won the Shopify Built a Business Competition when they appeared on the show, a competition that included high-end marketing advice and a cash award.
The Joulies have benefited from widespread support and assistance from several sources; online sales have soared, and they have received vast marketing assistance.
Bed Bath & Beyond sold a similar product for a while but is no longer available. The product has been negative reviews, mostly because ceramic mugs absorb heat from a hot beverage.
A product can be kept warm for a shorter time in this case. Coffee Joulies can be purchased on the friendly-looking website and Amazon, offering a reasonable and well-marketed discount when purchased together with Thermos insulated mugs.
A similar product, Booze Joulies, was introduced in 2015 to help cool and maintain a glass of scotch’s temperature in reverse.
The Daves maintained their composure in the face of adversity and never gave up, eventually realizing their dream as they built the Joulies brand. I’ll toast them with a cup of somewhat lukewarm coffee and wish them the best of luck.
Coffee Joulies Shark Tank Update
Coffee Joulies benefited from the boost provided by Shark Tank for new inventions, but their agreement with the Sharks was never finalized.
Coffee Joulies are available through Bed Bath and Beyond’s website and other retailers, such as Amazon, even though they briefly sold a knockoff product. Sharks strike a lucrative contract with Coffee Joulies, according to reports.
The website of Coffee Joulies is still operational, but everything has been “sold out.” They are currently unavailable on Amazon. Both men describe their companies as “open” on their LinkedIn profiles, but Peleton has employed Petrillo since May 2019.
Is Coffee Joulies Still In Business?
The agreement was never completed following Shark Tank’s new inventions. Customers are attracted to it because it cools a wide range of hot temperatures, so your tongue will never burn, gradually releasing heat to a level that heats your cup of coffee or tea.
This generates income for the business, as consumers enjoy trying new things. Furthermore, they were also available on Amazon, which allowed them to reach out to customers across the globe.
A set of five Joulies costs $50, each costing $3.60. The company has good cash flow, generating $575,000 in revenue and $50,000 in profit in its first year.
The company anticipates one million sales from Bed Bath & Beyond and OfficeMax contracts. The creator of Coffee Joulies never shut down the website despite Bed Bath & Beyond’s marketing of knock-off products.
You can still purchase them on Amazon. Based on the most recent update from 2022, the company has not updated its website since 2017. Although its public LinkedIn profile isn’t listed, it has no product available on Amazon.
What Is the Net Worth of Coffee Joulies?
The valuation of Coffee Joulies was $3 million when it appeared on Shark Tank. The net worth of Coffee Joulies is above $5 million as of 2022.