Pizza Pack Shark Tank Update | Pizza Pack Net Worth

The Pizza Pack, featured in the first episode of Shark Tank Season 14, is a collapsible pizza container designed to store multiple pizza slices effectively. 

Unlike traditional pizza boxes that occupy considerable space in the refrigerator, Pizza Pack’s compact design addresses storage issues by allowing it to collapse when not in full use. 

The container is equipped with snap-on airtight lids that create a vacuum seal, ensuring that each pizza slice remains fresh for an extended period.

Pizza Pack has five microwavable divider trays that separate slices and prevent them from sticking together.

This design preserves the pizza’s quality and enhances reheating convenience. Additionally, each container section has an air vent option, further maintaining the freshness of the slices.

Constructed from non-toxic, BPA-free, food-grade silicone, the Pizza Pack is designed to be odorless, leak-proof, and non-stick, promising a hassle-free experience for pizza lovers looking to store their leftovers. 

Its reusable nature aligns with eco-friendly practices by reducing the need for disposable containers.

Priced at $22.99, the Pizza Pack is a practical investment for those who enjoy pizza and seek a fresh-tasting slice even days after purchase. 

Its clever combination of space-saving structure, freshness-preserving features, and non-toxic materials makes it an appealing choice for anyone looking to store pizza slices safely.

AspectDetail
Company NamePizza Pack
FounderTate Koenig
ProductPizza containers and trays that collapse
Investment Seeking$100k for a 10% equity
Final Deal Accepted$100,000 for a 13% equity by Lori Greiner
EpisodeShark Tank USA Season 14 Episode 1
Business StatusIn Business
WebsiteVisit Website
Net Worth$1 million

What Is Pizza Pack?

Pizza Pack is a pizza storage container that is both expandable and collapsible, making it suitable for storing a single slice or an entire pie. Every Pizza Pack includes five divider trays that separate your slices during storage and can be used for microwaving and reheating pizza.

Furthermore, each pizza pack features a pop-top air vent to help prevent soggy slices, even when heating the pack at once!

Pizza Pack Shark Tank Update | Pizza Pack Net Worth

Pizza Pack is a revolutionary pizza storage solution that replaces bulky and space-consuming pizza boxes. It’s a compact, air-tight container system that allows for efficient and fresh storage of leftover pizza slices.

The design features collapsible, food-grade silicone containers that adjust according to the number of slices, maximizing fridge space and minimizing waste.

The key benefits include:

  • Space Saver: Collapsible containers that expand to fit your leftover pizza slices.
  • Pizza Saver: Airtight lids with optional air vents to keep pizza fresher for longer and avoid soggy slices.
  • Perfect Pizza Plates: Comes with microwavable dividers that separate slices and can be used as plates for reheating.
  • One Size Fits Most: Accommodates up to 18-inch pizza slices, with the option to trim slices for an ideal fit.
  • Safe & Durable: Made from non-toxic, BPA-free, leak-proof, and non-stick silicone, suitable for microwave, freezer, and dishwasher.

The Pizza Pack is patented and a must-have for pizza enthusiasts looking to enjoy their pizza just as much the next day. It’s the ultimate solution for anyone who wants to efficiently save space in their fridge and keep their pizza tasting great.

Who Is The Founder Of Pizza Pack?

Tate Koenig is the Founder & CEO of The Cheese Chopper and the entrepreneurial mind behind the innovative product Pizza Pack. His background and diverse experiences contributed to his product development and entrepreneurship journey.

Before conceiving the idea of Pizza Pack, Tate completed a Bachelor of Science in Business from Oregon State University in 2012.

His early career involved working in various capacities, such as an Operations Manager at Full Contact Fighting Federation and a lumber broker for Shelter Products Inc., Idaho Pacific Lumber Company, and Resources LLC.

His involvement with Citizens of the World (COW), a non-profit organization since 2009, where he has served as president, exemplifies his leadership skills and commitment to social causes.

The inspiration for creating Pizza Pack stemmed from a common food storage issue: preserving leftover pizza slices effectively without occupying excess space in the refrigerator.

Tate Koenig identified the need for a more efficient solution that maintains the freshness of pizza slices while being space-friendly.

Thus, the Pizza Pack was born, a collapsible pizza container featuring snap-on airtight lids for vacuum-sealed freshness.

Before stepping into the limelight on Shark Tank, Tate Koenig had already experienced pitching to investors with his previous product, the Cheese Chopper, in Season 12 Episode 20.

Despite not securing an investment then, he persevered and returned to Shark Tank with his new creation, Pizza Pack.

Tate’s determination saw him inventing and developing Pizza Pack while managing a farm with his girlfriend and baby. He committed to his entrepreneurial vision by investing $25,000 into the business.

He also strategically leveraged e-commerce platforms such as Amazon to generate sales before appearing on Shark Tank, highlighting his savvy business acumen.

The clever design of the Pizza Pack addresses the pain points of pizza lovers by offering a compact and hygienic way to store multiple pizza slices.

His experience before Shark Tank laid a solid foundation for his pitch, showcasing an innovative product and a proof of concept through its initial sales success.

How Was The Shark Tank Pitch Of Pizza Pack?

Founder: Tate Koenig
Business: Food Storage / Pizza Containers
Ask: $100,000 for 10% equity.

Tate Koenig returned to Shark Tank in Season 14 to pitch his new Pizza Pack product after an unsuccessful attempt with a different company.

The Pizza Pack is a pizza storage container designed for refrigeration and transport. Tate presented the product’s financials, revealing a cost of $4 per unit and a selling price of $24.99, boasting significant margins that intrigued the Sharks.

Pizza Pack Shark Tank Update | Pizza Pack Net Worth

Despite some concerns about the product’s price point, the Sharks were impressed with the $250,000 in revenue since its launch in April, primarily through online sales on platforms like Amazon. Notably, the customer acquisition cost was under $3.

Lori Greiner inquired about Tate’s plans for the investment, to which he replied it would be for inventory expansion.

Investment Offers and Negotiations:

  • Kevin O’Leary proposed $100,000 for 10% equity with a $1 per unit royalty until recouping the investment, decreasing to 50 cents in perpetuity.
  • Lori Greiner offered $100,000 for 15% equity.
  • Mark Cuban expressed interest in acquiring the entire company, initially offering $1.5 million after Tate stated he would accept $5 million. There was no agreement on this front.
  • Barbara Corcoran and Robert Herjavec opted out without making offers.

After consideration, Tate accepted Lori Greiner’s slightly revised offer.

Final Deal: $100,000 for 13% equity with Lori Greiner

Investment Table

Shark’s NameInvestment OfferedCounter Offer by FounderFinal Deal Accepted
Kevin O’Leary$100,000 for 10% + royaltiesDeclined
Lori Greiner$100,000 for 15% equity$100,000 for 13%
Mark CubanAcquisition offer of $1.5 million$5 million counterofferNo deal
Barbara CorcoranNo offer made
Robert HerjavecNo offer made

The outcome was a successful deal with Lori Greiner at slightly better terms than her initial offer. The future appeared optimistic for Tate and Lori as they aimed to scale the company further.

The pitch on Shark Tank served as a significant stepping stone for Pizza Pack’s journey. Buyers interested in the Pizza Pack could visit the company’s website or find it on Amazon.

Did Pizza Pack Get a Deal on Shark Tank?

Yes, Pizza Pack secured a deal on Shark Tank. Entrepreneur Tate Koenig pitched his Pizza Pack product in Season 14 Episode 1 and struck a deal with Shark Lori Greiner.

He initially sought $100,000 for a 10% equity stake but ultimately agreed to give up 13% equity for the same investment.

What Happened To Pizza Pack After Shark Tank?

Tate Koenig’s Pizza Pack, after a successful pitch on Shark Tank Season 14, secured a deal with Lori Greiner. Koenig negotiated a $100,000 investment for a 13% stake in the company. This came after impressive initial sales of $250,000 and a cost-effective production model.

The episode’s live-audience format and quick airing caught Koenig off-guard, leading to inventory shortages. With 22,000 orders at one point, especially around Christmas, Pizza Pack faced difficulties fulfilling the surge in demand.

Despite these challenges, Pizza Pack is still operating. The product range has expanded to eight colors, with a part of the proceeds from the pink container donated to the National Breast Cancer Foundation. The product’s popularity soared on TikTok, accumulating over 12 million views.

Pizza Pack maintains its retail price of $24.99 on its website. It’s also available on Amazon and Walmart, earning a 4.4-star rating from over 3,000 reviews. Despite some design critiques, it remains a valuable kitchen gadget for pizza lovers.

Koenig expressed ambitions to partner with pizza chains to deliver Pizza Packs directly. He continues inventing new kitchen gadgets on his website, indicating potential growth and innovation.

Despite initial post-show hiccups, Pizza Pack has sustained its business post-Shark Tank with continued sales, social media traction, and an expanding product line. Its success story is an encouraging benchmark for aspiring entrepreneurs and innovators in the culinary industry.

Pizza Pack Shark Tank Update

After Tate Koenig presented Pizza Pack on Shark Tank Season 14, the product experienced a surge in popularity and sales. 

Pizza Pack secured an investment of $100,000 for 13% equity from Lori Greiner, and the company gained a valuable partner renowned for her marketing expertise.

This strategic alliance positioned Pizza Pack for increased sales through improved marketing strategies.

The product’s main sales channel has been Amazon, which has been quite successful, with reported sales of $250,000 by April 2022. The appearance on Shark Tank likely boosted its visibility, leading to further sales growth post-episode.

Pizza Pack Shark Tank Update | Pizza Pack Net Worth

Despite a higher price point, which might be a hurdle, Pizza Pack’s high profit margin indicates a healthy business model. 

However, Pizza Pack may need to consider adjusting its pricing strategy to stay competitive with brands like “XCMJTM” that offer similar products at lower prices.

In summary, Pizza Pack is still in business and has capitalized on its Shark Tank appearance to enhance its market presence and sales, with the backing of Lori Greiner and a strong marketing push anticipated for the future.

Is Pizza Pack Still In Business?

Yes, Pizza Pack is still in business and thriving. Founded by Tate Koenig, the company offers a space-saving, quality-preserving solution for storing leftover pizza with its collapsible container featuring divider trays and a vented lid.

After appearing on Shark Tank and securing a deal with Lori Greiner, Pizza Pack has continued to sell its products through various online platforms, including Amazon, Etsy, Walmart, and their website, Pizzapack.com.

The brand has expanded its product line and enjoys a positive customer reception with a 4.4-star rating on Amazon. Pizza Pack is well-positioned with annual revenues of around $250,000 and expected growth due to Shark Tank exposure.

What Is the Net Worth Of Pizza Pack?

Our research shows Pizza Pack’s net worth is $1 million. Pizza Pack was valued at $769,230 after securing an investment in Shark Tank from Lori Greiner.

Also, read about other businesses that appeared on episode 01 of season 14 of Shark Tank:

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