Coffee Joulies Shark Tank Update | Coffee Joulies Net Worth

Coffee Joulies, which appeared on Season 4 of Shark Tank, is designed to enhance the coffee-drinking experience by managing the beverage’s temperature.

Coffee Joulies are small, bean-shaped stainless steel “stones” with a special phase-change material (PCM). This PCM has the unique ability to absorb or release heat depending on the surrounding temperature. 

Here’s how they work: when you pour your hot coffee into a mug with Joulies, the PCM inside the Joulies melts, absorbing excess heat from the coffee, helping it to cool down more quickly than it would on its own.

When the coffee reaches the optimal drinking temperature of around 140 degrees Fahrenheit, the PCM starts to solidify, releasing the stored heat back into the coffee and keeping it at the perfect temperature for a longer period.

You can enjoy your beverage longer by ensuring a drinkable temperature for as long as possible with this product, and you can also prevent burning your mouth with too-hot coffee. This coffee maker adds a touch of class to your morning routine with its sleek, bean-shaped design.

The Coffee Joulies are a great choice for coffee lovers because they resolve a common problem – maintaining the perfect coffee temperature. They are also reusable and easy to clean, making them eco-friendly.

They can be used with coffee and any hot beverage, providing versatility. Additionally, they make a wonderful gift for any coffee enthusiast, adding a blend of practicality and novelty to the coffee-drinking experience.

What Is Coffee Joulies?

Coffee Joulies are unique coffee accessories designed to control your coffee’s temperature. They are shaped like oversized coffee beans and are crafted from polished stainless steel.

Coffee Joulies’ magic lies in what’s inside. They are filled with a phase change material (PCM) engineered to melt at a specific temperature.

The Coffee Joulies absorb the excess heat when you pour hot coffee into your cup. This process helps cool your coffee to a drinkable temperature faster than normal.

Once the coffee reaches this optimal temperature, the PCM begins to solidify again. As it solidifies, it slowly releases the stored heat back into your coffee, keeping it at a comfortable drinking temperature for an extended period.

This cycle of absorbing and releasing heat helps to keep your coffee at the perfect temperature for longer.

Coffee Joulies are reusable and safe to clean in the dishwasher, making them a convenient tool for coffee lovers who want to savor their hot beverage at an ideal temperature for as long as possible.

Coffee Joulies are innovative coffee accessories designed to help regulate the temperature of your coffee. Here’s some more information about them:

• Coffee Joulies are shaped like coffee beans and are made of stainless steel.
• The inside of these Joulies contains a special phase change material (PCM) that melts at a specific temperature.
• When you pour hot coffee into your mug, these Joulies absorb the excess heat, cooling your coffee to a drinkable temperature faster.
• Once the coffee reaches the optimal temperature, the PCM begins to solidify again, slowly releasing the stored heat back into your coffee.
• As a result, your coffee remains at a comfortable drinking temperature for an extended period.
• You can reuse Coffee Joulies countless times, and they are dishwasher safe.

These Joulies are designed for those who want to enjoy their coffee at the perfect temperature for as long as possible.

Who Is The Founder Of Coffee Joulies?

Coffee Joulies was conceived and brought to market by Dave Petrillo and Dave Jackson, two mechanical engineers from New Jersey. Both Dave had worked together on various engineering projects since their high school days and shared a passion for problem-solving and inventing. 

Dave Petrillo holds a Bachelor’s degree in Mechanical Engineering from Rensselaer Polytechnic Institute. He previously worked on various product designs, including medical devices and consumer electronics.

On the other hand, Dave Jackson has an impressive background in renewable energy, focusing on wind and solar power. The duo’s love for coffee and their knack for invention led them to design the Coffee Joulies.

The idea for Coffee Joulies was born out of a common frustration – the experience of coffee that was too hot to drink and cooled too quickly. They wanted to find a solution to maintain coffee at the perfect drinking temperature for an extended period.

Their combined engineering and product design expertise made them uniquely capable of tackling this challenge.

Before appearing on Shark Tank, Coffee Joulies was launched through a Kickstarter campaign in 2011, where they sought $9,500 to produce their first batch.

The project resonated with many people, and they raised more than $300,000, well beyond their initial target. The overwhelming response on Kickstarter helped validate the market demand for their innovative product, and they set up a production facility in a former Oneida silverware factory in Sherrill, New York. 

Their appearance on Shark Tank came as the next step in their journey to expand their business and reach a wider audience. It allowed them to showcase their product to a panel of potential investors and millions of viewers at home.

How Was The Shark Tank Pitch Of Coffee Joulies?

Dave Petrillo and Dave Jackson, the founders of Coffee Joulies, appeared on Season 4 of Shark Tank. The duo confidently explained the science behind their product, demonstrating how the phase change material inside each Joulie could quickly absorb excess heat from hot coffee and then slowly release it back into the coffee as it cooled, thereby maintaining an optimal drinking temperature for a longer period.

Petrillo and Jackson were seeking an investment of $150,000 in exchange for a 10% stake in their company, valuing Coffee Joulies at $1.5 million.

They showcased their product’s potential by sharing their success story on Kickstarter, where they had already raised $300,000, and explained how they had started manufacturing in a former Oneida silverware factory.

The Sharks were intrigued by the Coffee Joulies concept but had varied opinions. Kevin O’Leary expressed skepticism about the price point and the product’s mass-market appeal.

Daymond John was concerned about the cost of manufacturing in the United States.

On the other hand, Lori Greiner recognized the potential novelty appeal to coffee lovers, although she had concerns about the potential market size. 

The breakthrough came when Kevin O’Leary, who had initially expressed doubt, teamed up with Robert Herjavec, who saw the potential for the product in the corporate gift market.

The pair offered to invest $150,000 for a 20% stake in the company, double the equity originally offered.

Despite the higher equity stake, Petrillo and Jackson accepted the offer, recognizing the value of having Herjavec and O’Leary’s expertise and connections as part of their business.

The successful pitch resulted in a valuable partnership that could help propel Coffee Joulies to greater heights.

Final Deal: $150,000 for a royalty of $6 per unit until $150,000 is repaid.

Did Coffee Joulies Get a Deal on Shark Tank?

Coffee Joulies founders David Jackson and David Petrillo appeared on Shark Tank in the 14th episode of Season 4. They sought an investment of $150,000 in exchange for a 5% equity stake in their company. 

Their pitch was convincing, demonstrating their product’s effectiveness to the sharks who tasted neither hot nor cold coffee. They also revealed that their business had generated $575,000 in the past year and shared their secured contracts with retailers such as Bed Bath & Beyond and OfficeMax, projecting future sales of $1 million.

Initially, Daymond John backed out. However, Kevin O’Leary, Lori Greiner, and Robert Herjavec expressed interest in the proposal. They proposed a cooperative deal with the entrepreneurs. 

Mark Cuban also proposed his deal, offering $250,000 for a 12% equity stake. Daymond John decided to join the cooperative deal upon observing the enthusiasm of his fellow sharks.

Ultimately, the founders accepted the combined offer from O’Leary, Greiner, Herjavec, and John. According to the episode’s terms of the deal, they would receive $150,000 in return for $6 from every retail order and $3 from every wholesale order until the investment was recouped. After that point, the sharks would only receive $1 from every order.

Therefore, Coffee Joulies did manage to secure a deal on Shark Tank, making their pitch one of the more memorable ones from Season 4.

However, nearly a decade later, the company’s activity has subsided significantly, with their inventory sold out and no updates on their social media accounts since 2017.

What Happened To Coffee Joulies After Shark Tank?

The appearance of Coffee Joulies on Shark Tank brought a significant boost to their business. The exposure to a national audience raised awareness of the product and drove an increase in sales.

The investment and business advice from Kevin O’Leary and Robert Herjavec allowed Dave Petrillo and Dave Jackson to scale their operations and reach a wider customer base.

The investment allowed them to lower their production costs, and as a result, they reduced the retail price of Coffee Joulies, making the product more accessible to a broader range of consumers.

They also expanded their product line to include a Joulies-branded travel thermos that further enhanced the effectiveness of their product.

Coffee Joulies leveraged the corporate gift market as suggested by Robert Herjavec during their Shark Tank pitch.

They introduced custom engraving options, allowing businesses to give branded Joulies as corporate gifts or promotional items, further boosting their sales.

Coffee Joulies continued to sell their products on their website and through various online retail platforms.

Their success story demonstrates how a simple, innovative idea can become a successful business venture with the right mix of entrepreneurial spirit, market understanding, and strategic partnerships.

Coffee Joulies Shark Tank Update

After their appearance on Shark Tank, the founders of Coffee Joulies, Dave Petrillo and Dave Jackson, didn’t close the deal with the sharks. However, their exposure to the show led to an increase in sales.

They started selling their Amazon products and secured deals with OfficeMax and Bed Bath & Beyond. These retailers agreed to sell Coffee Joulies in several of their locations. In addition to this, they offered a discount for customers who bought Coffee Joulies along with their Thermos insulated mugs.

However, despite the initial success, the product faced much criticism and negative reviews. On Amazon, the product had a 3.5-star rating out of 181 reviews. Many customers claimed the Joulies were a waste of money and did not function as promised.

To expand their product line, the company introduced Booze Joulies in 2015. The Booze Joulies, similar to the original product, were designed to cool alcoholic beverages and maintain their temperature. The manufacturing location for these was China, unlike the original Coffee Joulies made in the USA.

The company also introduced a double-wall glass mug that was claimed to be 50% thicker than other glass mugs and offered better insulation than traditional ceramic mugs. They sold a variety of other accessories on their website as well.

However, as of 2023, the Coffee Joulies website is down. Their social media pages have also been inactive, with no updates since September 2017 on Facebook, and their Instagram account has been deleted.

According to his LinkedIn profile, Dave Petrillo is a Staff Hardware Lead at Peloton Interactive. His LinkedIn profile also shows Coffee Joulies as an active position.

There is no information about Dave Jackson’s current status or occupation after Coffee Joulies.

Is Coffee Joulies Still In Business?

Our research shows that Coffee Joulies is out of business. The deal the founders, Dave Petrillo and Dave Jackson, made on Shark Tank with Kevin O’Leary, Lori Greiner, Robert Herjavec, and Daymond John was never finalized.

Furthermore, the company faced a significant challenge when Bed, Bath & Beyond reportedly began selling a knockoff version of their product. It could suggest that the company is not operating or not producing new products, but it is also possible that they are temporarily out of stock or in a period of transition.

Without further information or updates from the company, it’s difficult to say whether Coffee Joulies is still in business.

What Is the Net Worth of Coffee Joulies?

According to our research, the net worth of Coffee Joulies is $0 since the company is out of business. The valuation of Coffee Joulies was $3 million when it appeared on Shark Tank.

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