Mark and Hanna Lim created the unique and patented Lollacup sippy cup to provide kids with a safer product and parents with an item that requires less cleanup.
You might be interested to learn about the Lollacup Shark Tank update since it appeared on the show. Here is what we found:
What Is Lollacup?
Lollacup is a one-of-a-kind, patent-pending Sippy cup designed to provide children with a safer product while leaving parents with fewer messes to clean up.
The Lollacup drinking straw is designed to be easy to use, safe (i.e., free of BPA and phthalates), and clean, no matter where you are.
Lollacup straws are made of material that lasts for a long time but have one disadvantage: they can stain.
Chemical engineers are trying to develop stain-resistant polymers that do not contain toxic substances.
The Lollacup company also offers straw replacement packets that can be used to replace straws ruined by pasta sauce, liquids, or anything else the kids have managed to contaminate.
|Entrepreneur||Mark and Hannah Lim|
|Product / Business||weighted sippy cup with a stylish design|
|Investment Asking For||$100,000 for 15% equity in Lollacup|
|Final Deal||$100,000 for 40% equity in Lollacup|
|Shark||Mark Cuban and Robert Herjavec|
|Episode||Season 3 Episode 12|
|Business Status||In Business|
Who Is The Founder Of Lollacup?
Hanna Lim was the founder of the Lollacup in 2011.
Lollacup is meant to be as convenient as a drinking straw, as safe as possible (it is free of BPA and phthalates), and as easy to clean as possible.
Lollacup’s inventors, Mark and Hanna Lim wanted to help parents reduce the amount of waste they had to clean up while providing a safer Sippy cup for children.
The married couple has kids and is dissatisfied with the way Sippy cups spill everywhere. Most Sippy cups are made of plastic, which they disapprove of.
When they were designing Lollacup, they knew they wanted to use BPA-free polymers, so they decided to manufacture it in the United States to provide better quality control.
Lollacup is constructed from a single piece or piece of material and thus reduces leakage and spillage.
Lollacups contain soft, long-lasting straws; however, the Lollacups can stain because the straw is long-lasting and soft.
Chemical engineers are concentrating on developing stain-resisting polymers without toxic compounds.
They made their way to the laboratory to develop a more secure sippy cup after realizing a need for one.
Lollacup Before Shark Tank
Lollacup was created by its owners, Mark and Hanna Lim, when they looked for an alternative to regular sippy cups for their two daughters, which were difficult to use. Lollacup was a straw sippy cup that they named after their daughters.
The leak-proof construction of traditional sippy cups made it difficult for their daughters to drink from straws, so their parents designed a basic container with a basic design to transition before transitioning to conventional cups and straws.
The Lollacup is not 100% spill-proof, but it has a weighted end that keeps the straw firmly in place in the liquid, so kids can still pour a drink even when the cup is tilted.
The Lollacup straw is distinguished by its one-of-a-kind design, making it an excellent choice for smoothies!
The Lollacup features a handle on both sides, so even the smallest hands can easily hold it.
If desired, you can easily store them in a diaper bag pocket or automobile cup holder while not in use. The Lollacup may be cleaned in the dishwasher and is easy to clean.
The Lims’ daughter smiled as she easily watched her mother swig from a straw at nine months old.
The pediatrician Hannah Lim consulted advised her to use straws early, so she bought three kinds of straw cups for toddlers. However, she soon found that her daughter could not drink from any cups.
Hanna found from her discussions with parents that most children did not find sipping from a straw cup with spill-proof valves stress-free, so they did not use straws.
Lollacup is a straw cup with a convenient design that is easy for children to clean and is safe for use. There are several colors to choose from.
The Lollacup is also free of BPA, BPS, PVC, Phthalates, and other potentially hazardous substances used in plastics manufacturing and recyclable.
How Was The Shark Tank Pitch Of Lollacup?
After watching Shark Tank since Season I, the Lims had taken their product to market and were on their way to success with it.
The Lollacup business was prospering during Season 3, and they were looking for capital to expand their operations and make Lollacup even bigger. This is why they chose to compete on Shark Tank.
While they might not be able to get enough support to expand, the exposure they received on national television would be far more effective in promoting the Lims’ product and enhancing the Lollacup’s reputation than any physical or digital advertising could manage.
They experienced nothing less than being part of one of their favorite television shows and interacting with the hosts.
The Lims appeared on Shark Tank seeking an investment of $100,000 in exchange for a 15 percent equity stake in their company, Lollacup.
Four months after starting their business, they could boast of making $30,000 in sales.
Lollacup is a $9 wholesale product, retailing for $18, and costs $4.50 to create, according to the couple from California.
Lollacup quickly gained popularity due to the Lims’ composure and sense of common sense when they described the Lollacup’s origins, expenses, and potential future.
What parent would not give their children the opportunity to excel academically while simultaneously making it easier for them to do so?
Kevin O’Leary offered $100,000 for a 50 percent stake in the company upon the Lims’ move offshore.
O’Leary was only interested if the Lims moved the manufacturing of Lollacup overseas since that would keep the cost below $2 per unit.
Lollacups are manufactured in the United States of America because the Lim family believes it is important to provide peace of mind for clients by ensuring that there is no chance of toxins entering the product.
Lollacup is manufactured in a facility licensed by the state of California to manufacture medical devices and developed in collaboration with the California Department of Health Services and the Food and Drug Branch.
That was only the beginning of the story. The entire panel agreed that Lollacup was a dependable product with good revenue potential.
The device is easily visible, as it is a small device that fits in the palm of your hand, and anyone who has had children or encountered parents struggling with sippy cups or genuine straws recognizes its benefits immediately.
Mark Cuban agreed and immediately began one of his infamous “24-second shot clock” agreements to pressure the Lims and their family. And it was successful.
Mark and Robert Herjavec made a risk-free investment and acquired a 40 percent ownership stake in the Lollacup in exchange for $100,000.
Final Deal: Robert Herjavec and Mark Cuban agreed to invest $100,000 for 40% equity in Lollacup.
What Happened To Lollacup After Shark Tank?
Lollacup redesigned its website after appearing on Shark Tank and introduced new products, including its first mealtime plates and bowls in bright colors, Lollaland Glass Baby Bottles, and the Lollacup Play Mat, a play mat 6’2″ x 4’3″ that costs $150.
The Lollacup company is still in operation and is developing innovative new goods for the 2016 season.
In accordance with their Facebook page, they have a children’s playmat in addition to a complete line of children’s meal plates.
Lollacup is now available in other countries, with their cups being sold at Kids Emporium in South Africa.
Lollacup Shark Tank Update
Lollacup sales skyrocketed after their appearance on Shark Tank, and they were sold out in less than a week.
Lollacup was the favorite product for the new parents to feed their children after their presence on the show.
Lollacup continues to be manufactured in the United States. You can add Lollacup to your collection of Shark Tank success stories!
Lollacup has added many items to its collection over the years in addition to their originals. There was also a “mealtime set,” which included bowls and plates.
As of June 2022, the Lollacup is still in business and generates $2 million in revenues each year.
Is Lollacup Still In Business?
Lollacup is still in business as of June 2022, generating $2 million in revenue annually.
Lollacup experienced enormous growth after appearing on Shark Tank and forming a partnership with Mark Cuban and Robert Herjavec. The brand gained exposure to a national television audience and cash.
As a result of the success of the Lollacup, the Lims have launched “Lollaland,” where they are creating other unique and sophisticated products for babies and toddlers that are both practical and beautiful.
What Is the Net Worth of Lollacup?
The valuation of Lollacup was $6,666,666 when it appeared on Shark Tank.
However, the net worth of Lollacup is around $2 Million as of 2022.