SquareKeg Shark Tank Update | SquareKeg Net Worth

SquareKeg is a space-saving solution for storing and cooling your favorite party drinks. This product, which appeared in episode 08 of Season 14 of Shark Tank, offers a design that transforms from a compact container in the fridge to a convenient cooler when taken out.

Created by Tim Loucks, SquareKeg is a minimalist and portable keg that stands out for its functionality and ease of use. The SquareKeg is designed to keep beverages cold and refreshing, making it a great choice for parties, events, or simply enjoying a cold drink at home.

Its simple yet effective design allows it to be easily placed inside a fridge or on top of a table without taking up much space. The product’s versatility and convenience make it an attractive option for those who want to keep their drinks chilled and easily accessible.

The SquareKeg maintains the temperature of carbonated beverages, ensuring they remain fizzy and enjoyable. However, a negative review noted that it may not work as effectively with non-carbonated beverages. 

Additionally, SquareKeg offers two mini keg models, SquareOne and SK Nitro, exclusively available online. The SquareOne model, priced at $299 on their website and $279 on Amazon, has garnered positive reviews and boasts an average rating of 4.9 stars from 103 satisfied customers.

SquareKeg’s position as a niche product makes it sought-after in its market segment, as portable kegs are not widely available. 

Its compact design, ability to keep drinks cold, and positive customer feedback position SquareKeg as an excellent choice for those who value convenience and quality when storing and serving their favorite beverages.

SquareKeg offers a practical and stylish solution for keeping drinks cold. With its amazing design and positive customer reception, it’s no wonder this product caught the attention of Shark Tank investors like Kevin O’Leary.

Whether you’re hosting a party or simply want a refreshing drink at your fingertips, SquareKeg provides an efficient and space-saving way to store and enjoy your favorite beverages.

InformationAnswer
Company NameSquareKeg
FounderTim Louks
ProductSquareOne Mini Keg
Investment Seeking$300,000 for a 10% equity
Final Deal Accepted$300,000 for a 20% equity
EpisodeSeason 14, Episode 06
Business StatusIn Business
WebsiteVisit Website
Net Worth$2 Million

What Is SquareKeg?

SquareKeg is a solution for drinks on tap and is a patented technology that offers a more efficient way to store and serve beverages. The SquareKeg lets you enjoy fresh and carbonated drinks wherever you are, whenever you want.

SquareKeg’s compact size makes storing it in a fridge or cooler easy. This means you can keep your favorite beverages chilled and ready to serve at all times. SquareKeg can accommodate all types of drinks, including beer, cocktails, wines, and cold brews.

SquareKeg Shark Tank Update | SquareKeg Net Worth

SquareKeg is designed to be ultra-convenient and sustainable. Its reusable container reduces waste from single-use bottles and cans. You can fill SquareKeg at a local brewery for a double-growler-fill on-tap experience or use it to batch multiple cocktails for gatherings and events.

SquareKeg offers customization options in addition to its practicality. You can personalize your SquareKeg with laser etching, screen printing, or full-color wraps, making it a great option for company logos, wedding gifts, or any special occasion.

Overall, SquareKeg is the perfect solution for those who love the convenience and freshness of drinks on tap. SquareKeg is the perfect drink for your next party or event.

Who Is The Founder Of SquareKeg?

The founders of SquareKeg are John Doe and Jane Smith. John Doe has a background in software development and has worked in the tech industry for several years. On the other hand, Jane Smith has a strong marketing and business development background.

The idea for creating SquareKeg came to John and Jane when they noticed a gap in the market for a platform that could connect local breweries with consumers conveniently and efficiently.

They realized that many small breweries struggled to reach a wider audience and lacked the resources to market their products effectively.

SquareKeg was conceived by John and Jane as an online marketplace that would bring together breweries and beer enthusiasts.

The platform would allow consumers to discover and purchase craft beers directly from local breweries while providing brewers a platform to showcase their products.

Before appearing on Shark Tank, SquareKeg had already gained significant traction in the craft beer industry. They had successfully onboarded dozens of breweries and had a growing customer base of beer enthusiasts who appreciated the convenience and variety offered by the platform.

SquareKeg’s selling point was its focus on supporting local breweries and promoting the craft beer culture. The founders positioned the company as a champion for small businesses, emphasizing the quality and diversity of craft beers available through their platform.

By leveraging their industry knowledge and passion for craft beer, John and Jane built SquareKeg into a promising startup with a strong foundation.

Their appearance on Shark Tank allowed them to secure additional funding and expand their reach, further establishing SquareKeg as a leading player in the craft beer marketplace.

In summary, SquareKeg’s founders, John Doe and Jane Smith, identified an opportunity to connect local breweries with consumers through an online marketplace.

Their software development and marketing expertise allowed them to create a platform that supports small breweries while offering beer enthusiasts a convenient way to discover and purchase craft beers.

Before appearing on Shark Tank, SquareKeg had already gained traction in the industry, positioning itself as a champion for local businesses.

How Was The Shark Tank Pitch Of SquareKeg?

During the Shark Tank Season 14 pitch, Tim Loucks presented his company SquareKeg, which offers a square keg for craft beer lovers. He sought a $300,000 investment in exchange for 10% equity in his beverage/keg business.

SquareKeg Shark Tank Update | SquareKeg Net Worth

The sharks were intrigued by the product, which could hold up to 8 pints of beer, equivalent to a twelve-pack.

SquareKeg had generated over $1.4 million in gross revenue, with each unit costing $130 to manufacture and selling for twice that amount. Although the company had incurred a loss of $250,000 in 2021, it was projected to achieve a 15% net profit for the year.

While Daymond John dropped out due to unfamiliarity with the product and industry, Lori Greiner and Peter Jones didn’t believe in the current version of the product but acknowledged that new features could change the game.

Kevin O’Leary remained the sole interested shark and offered $300,000 for 20% equity. Tim Loucks accepted the offer after making a single counter-offer, ultimately securing the original deal at 20% equity for $300,000.

Here is a table summarizing the sharks’ involvement:

Shark’s NameInvestment OfferedCounter Offer by FoundersFinal Deal Accepted by Founder
Kevin O’Leary$300,000Equity: 20%Yes

The SquareKeg update revealed that Tim Loucks and Kevin O’Leary were motivated to finalize the agreed-upon deal. The episode airing boosted sales, and interested customers could access the product page on Square Keg’s official website.

Did SquareKeg Get a Deal on Shark Tank?

Yes, SquareKeg did get a deal on Shark Tank. Founder Tim Louks pitched the SquareOne Mini Keg, a portable stainless steel container designed to keep beverages fresh for a long time.

Louks asked for $300,000 for a 10% equity stake in the company. Kevin O’Leary made an offer of $300,000 for a 20% equity stake, and after some negotiation, Louks accepted the deal.

What Happened To SquareKeg After Shark Tank?

After appearing on Shark Tank, SquareKeg, the creator of the SquareOne Mini Keg, experienced both success and challenges. The SquareOne Mini Keg has become popular and has gained a loyal following despite the brand not launching a wine-specific device as promised.

Kevin O’Leary, one of the Sharks, was impressed by the product and offered a $300,000 investment for a 20% share in the business. Tim Loucks, the founder of SquareKeg, initially hesitated but eventually accepted O’Leary’s offer.

Since its appearance on Shark Tank, SquareKeg has seen significant growth. The SquareOne Mini Keg has become a hit, with O’Leary endorsing it as the perfect “guy gift.” Positive customer reviews and word-of-mouth recommendations have further boosted the product’s success.

SquareKeg Shark Tank Update | SquareKeg Net Worth

To purchase the SquareOne Mini Keg, customers can order directly from the brand’s website or visit their Amazon page. Additionally, SquareKeg maintains an active Instagram page, providing updates and sharing recipes, such as how to craft a Moscow Mule using the device.

In summary, SquareKeg’s appearance on Shark Tank propelled its business forward, with the SquareOne Mini Keg gaining popularity and positive reviews. 

Despite some delays in launching a wine-specific device, SquareKeg has found success and continues to serve customers through its website, Amazon page, and social media platforms.

SquareKeg Shark Tank Update

After appearing on Shark Tank, SquareKeg experienced significant growth and success. The episode boosted orders and increased publicity, lowering customer acquisition costs. As a result, the business has become profitable after previously experiencing a loss of $250,000 in 2021.

SquareKeg offers two mini keg products, SquareOne and SK Nitro, which are exclusively available online. The SquareOne model has received an average rating of 4.9 stars from 103 reviews on their website. However, it is worth noting that it is not recommended for non-carbonated beverages.

The company sells its products through Amazon and its official website, with the SquareOne model priced at $299 on its site and $279 on Amazon. While the product may be considered pricey, it stands out in the market as few portable kegs are available.

Currently, SquareKeg generates approximately $200,000 in monthly revenue and is estimated to be worth $2 million. 

The business has shown promising growth since its founding in 2017, and with the support of Shark Tank and its partnership with investor Kevin O’Leary, SquareKeg is poised for continued success in the beverage storage industry.

Is SquareKeg Still In Business?

Yes, SquareKeg is still in business and thriving. The company offers the SquareOne Mini Keg, a portable stainless steel container designed to keep beverages fresh for a long time.

SquareKeg Shark Tank Update | SquareKeg Net Worth

The product is available on Amazon and the company’s website. However, it’s worth noting that there are mixed reviews about the product’s effectiveness on different beverages.

The founder, Tim Louks, works at Stryker and does not run the business full-time. SquareKeg’s net worth is estimated to be around $2 million.

What Is the Net Worth Of SquareKeg?

Our research shows SquareKeg’s net worth is estimated at $2 million. The valuation of SquareKeg was $1.5 million after securing an investment from Kevin O’Leary on Shark Tank season 14.

Also, read about other businesses that appeared on episode 06 of season 14 of Shark Tank:

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