FinalStraw Shark Tank Update | FinalStraw Net Worth

FinalStraw is an ingenious product that had its moment in the limelight during Season 10 of the popular American television show Shark Tank. The creators of this product set out with an ambitious goal: to contribute to the fight against plastic pollution, specifically the ubiquitous plastic straw, by introducing a reusable, compact, and convenient alternative.

The core product is a collapsible, reusable straw from food-grade stainless steel and 100% post-consumer recycled plastic. When expanded, the straw is comparable to a standard drinking straw, while when collapsed, it tucks neatly into a small case.

The case, designed to be lightweight and compact, can be attached to a keychain, making it easy for users to carry the straw everywhere they go. The FinalStraw has a telescoping cleaning brush that ensures the straw stays clean and hygienic between uses.

Choosing FinalStraw is a significant step towards sustainable living. Not only is it reusable, potentially reducing thousands of single-use straws from ending up in landfill or oceans, but it is also made with eco-friendly materials.

This shows a commitment not just to the end product’s function but also to its entire lifecycle. The convenience offered by the small form factor and easy-to-carry case encourage habitual use, which is a key factor in adopting more sustainable practices.

FinalStraw ensures that individuals can contribute to reducing plastic waste and protecting our environment by offering a solution that combines practicality and sustainability.

The product’s appearance on Shark Tank underscores its innovation and potential to bring about meaningful change in our consumption habits.

What Is FinalStraw?

FinalStraw is the world’s first collapsible and reusable straw designed to reduce plastic waste. Made of stainless steel and silicone, this sleek metal straw is durable and foldable, making it easy to carry with you wherever you go.

FinalStraw is revolutionizing the fight against plastic waste as the world’s inaugural collapsible and reusable straw.

​Crafted using a combination of top-grade stainless steel and silicone, this remarkable, sleek metal straw assures long-lasting performance and exceptional portability due to its ingenious foldable design.

FinalStraw fits seamlessly into your bag or pocket, allowing you to enjoy its eco-friendly benefits wherever you are.

The creators of FinalStraw have made it their mission to reduce global waste by ensuring that each straw lasts a lifetime. FinalStraw helps prevent millions of disposable plastic straws from entering landfills and oceans yearly.

Who Is The Founder Of FinalStraw?

FinalStraw was co-founded by Emma Cohen and Miles Pepper. Emma Cohen, who holds a Master’s in Environmental Management and Sustainability from Harvard, was the company’s CEO.

Miles Pepper, a professional cinematographer, brought his product design skills to the table to make the FinalStraw a reality.

Emma Cohen has been passionate about sustainability and waste reduction throughout her career. She previously worked for Los Alamos National Laboratory, where she focused on behavioral change and waste reduction initiatives.

The idea for FinalStraw came to her when she and Pepper noticed the alarming amount of plastic waste accumulating in the environment, especially in the oceans. Straws, often single-use and non-recyclable, represented a significant portion of this waste.

Their observation of the environmental issue aligned with a cultural shift. Around the same time, the “Straw Wars” were heating up, with cities beginning to enact plastic straw bans. Cohen and Pepper saw an opportunity to make a real impact.

They recognized the need for a convenient, reusable alternative to single-use straws that people could easily incorporate into their daily lives. This led to FinalStraw – a portable, collapsible, reusable straw.

Before appearing on Shark Tank, FinalStraw had already gained significant traction. The co-founders launched a Kickstarter campaign in April 2018 to raise $12,500 to fund their first production run.

The campaign took off, far exceeding their initial goal and raising nearly $1.9 million from more than 38,000 backers worldwide.

The immense popularity of the product and the clear market demand for sustainable alternatives to single-use plastics set the stage for their successful appearance on Shark Tank.

How Was The Shark Tank Pitch Of FinalStraw?

Emma Rose Cohen and Miles Pepper, co-founders of FinalStraw, entered the Shark Tank to share their vision of environmental protection and reduce the usage of traditional plastic straws.

Emma and Miles were seeking an investment of $625,000 for a 5% equity stake in their company, valuing FinalStraw at $12.5 million. They introduced their innovative, collapsible, reusable straw to the Sharks, emphasizing its environmental benefits and market potential.

The founders handed out samples to the Sharks, demonstrating the practicality and sustainability of their product. They then revealed the cost structure, indicating that each straw cost $5.00 to manufacture and was sold for $19.99, a healthy margin of approximately 75%.

They also highlighted their successful crowdfunding campaign on Kickstarter, which raised nearly $2 million, and the impressive daily sales of $15,000 since the campaign’s conclusion.

However, the Sharks had mixed views about the product and its potential. Although appreciating the company’s vision, Lori Greiner didn’t believe FinalStraw was the ‘future of straws’, making her the first Shark to withdraw from the negotiations.

Kevin O’Leary, often referred to as “Mr. Wonderful,” offered $625,000 for a 10% stake in the company, with an additional royalty of $2.00 per unit sold until he recouped three times his initial investment.

Daymond John also dropped out, citing concerns about the scalability of the business.

As negotiations continued, Kevin O’Leary grew impatient and retracted his offer. Mark Cuban was the last remaining Shark.

Despite expressing concerns about the product, he offered $625,000 for a 25% equity stake in the company. Emma countered this offer, proposing $625,000 for a 12.5% stake, which Mark declined, leaving FinalStraw without a deal in the Shark Tank.

Despite not securing a deal, FinalStraw achieved significant success after the show. In 2019, the company reported over $10 million in revenue and expanded its product line to include reusable spoons, forks, and knives.

The products can be found in various retailers and online. They continue to generate an average annual revenue of $8 million and maintain their commitment to introducing innovative, eco-friendly products. This is a testament to their vision and determination to provide sustainable alternatives to traditional single-use plastic items.

What Happened To FinalStraw After Shark Tank?

Despite leaving Shark Tank without a deal, Emma Rose Cohen and Miles Pepper made significant strides in developing FinalStraw into a successful business. Following their appearance on the show, the product gained such substantial traction that it led to the emergence of cheaper knockoffs on platforms such as Amazon, eBay, and Alibaba.

In response, the company utilized its resources to secure a utility patent for FinalStraw, enabling them to combat these counterfeit products within the U.S. market.

In 2018, the company managed to make a considerable $4.8 million in sales, and the product found its place on the shelves of retailers across the country. However, the success of the business brought about internal tensions.

Emma sued Miles for launching a competing reusable straw company, which led to a chain of events resulting in Miles leaving the company. He went on to focus on other eco-friendly projects, such as launching Sanikind on Kickstarter, which successfully raised over $300,000.

Meanwhile, Emma remained dedicated to FinalStraw and sought new retailers and contracts. In August 2019, the company was rebranded as “Final,” reflecting its expanded mission to create reusable alternatives to single-use items.

The company introduced several new products, including the FinalWipe, a reusable wipe that met its $50,000 Kickstarter goal in just eight hours and raised over $250,000 within a month.

Final also launched the BiggieStraw, a larger reusable straw for smoothies and milkshakes, and introduced the FinalFork and FinalSpork, collapsible, reusable utensils designed to replace single-use plastic forks and sporks.

As of 2023, the company, now known as Final, offers five products and brings in an annual revenue of $7 million. They continue to innovate and expand their product line, remaining committed to their mission of reducing the environmental impact of single-use plastics.

Despite the challenges and internal disputes, FinalStraw’s journey after Shark Tank underscores the power of a compelling vision and a commitment to sustainability.

FinalStraw Shark Tank Update

After FinalStraw’s appearance on Shark Tank in Season 10, they did not secure a deal with the Sharks. However, the company has experienced significant growth and success since then.

Despite not receiving an investment from the Sharks, FinalStraw made a lasting impression on the show with its vision and successful crowdfunding campaign. After Shark Tank, FinalStraw faced various challenges and obstacles.

They encountered copycat products and dealt with a lawsuit against co-founder Miles Pepper. Additionally, fraudulent listings on Alibaba drained their resources and affected revenue. Despite these setbacks, FinalStraw rebounded and continued to thrive.

FinalStraw expanded its product line beyond collapsible metal straws to include utensils and larger straws for beverages like boba tea and milkshakes. They achieved annual revenue of $8 million and have become a recognized leader in the reusable straw market.

FinalStraw was named USA Today’s “Best Reusable Straw of 2023.” The company is led by CEO Emma Rose Cohen, who has driven FinalStraw’s success.

They maintain an active online presence and receive positive feedback from their website and Instagram followers. FinalStraw remains committed to providing eco-friendly alternatives and innovation, and they continue to promote their mission of combating single-use plastics.

It’s worth noting that there is no information about the founders separating and Emma leading the company under “Final,” as mentioned in one of the sources. The most reliable and recent information indicates that FinalStraw is still in business, operating under its original name.

Is FinalStraw Still In Business?

Yes, FinalStraw is still in business. Despite not securing a deal on Shark Tank, FinalStraw has experienced significant growth and success since its appearance. They have expanded their product line and continue to fight against single-use plastics.

FinalStraw, now rebranded as “Final,” offers a range of collapsible and reusable products, including the FinalStraw, FinalWipe, BiggieStraw, FinalFork, and FinalSpork. Their products have gained positive reviews, and the company has achieved an annual revenue of $7,000,000 in 2022.

With successful Kickstarter campaigns, strong sales, and continued innovation, FinalStraw has become a leader in the reusable straw market. They have expanded their presence in various stores and online platforms, offering eco-friendly alternatives.

FinalStraw’s commitment to reducing plastic waste and providing sustainable alternatives has contributed to its ongoing success. They continue to be active in their mission and have a promising future in the market.

What Is the Net Worth Of FinalStraw?

According to our research, the net worth of FinalStraw was estimated to be $15 million as of 2023. The valuation of FinalStraw was $12.5 million when it appeared on Shark Tank.

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