We all struggle to do other activities while holding a can of liquor. But, in 2002, BevBuckle was launched into the market as a solution to this problem by Kriner.
BevBuckle is a free-of-charge tool that you might require to support your beverage when you are chopping vegetables or grilling meat.
He introduced his company on Shark Tank, episode 1 of season 4, hoping to win over the Sharks. Was it a hit? Follow the article to know about it.
Quick Facts
| Founders name: | Jay Kriner |
| Business details: | Drink-holding belt buckle |
| Founded in: | 2008 |
| Location : | Beresford, South Dakota, USA |
| Asking of Company: | $50,000 for 10% equity |
| Accepted Deals: | $50,000 for 51% equity |
| Shark on board (Investors): | Barbara Corcoran |
| Shark Tank Episode: | Season 04 Episode 01 |
| Net Worth | $500,000 |
| Business Status: | Active |
| Last Updated: | Mar 12, 2024 |
| Social Media | Facebook |
About the Founder
The owner of the company is Jay Kriner. The idea behind his invention came as he tends to balance his drink against the buckle on his belt in clubs. One day, he realized this problem and came with BevBuckle. On his website and at beer ceremonies, he offered BevBuckle for sale.
He held a licensing deal for the item, commonly referred to as the Beer Buckle, at the time of the recording.
Founding the BevBuckle
A belt that is made to hold beverages is called BevBuckle.
According to the BevBuckle web page, this item is the initial extendable waist buckle that allows your preferred tinned or bottled beverage.
Using a belt with a buckle frees up your hands from holding the drink so you may do something else like greet a person’s hand, prepare meat for a barbecue, or even consume a bag of chips. The customers can select from several styles to use with BevBuckle.
Shark Tank Appearance
The BevBuckle, according to Kriner, is one of the greatest intriguing ideas that have ever been featured on a Shark Tank program.
The businessman continued by saying that it was challenging to maintain the balance of beverages while mixing with partygoers, from which he developed the idea for BevBuckle.
O’Leary had concerns regarding his sales and questioned about it. Indeed, Jay has grossed more than 4,000 pieces in the past four seasons. This translates to sales of $340,000.00, which somewhat eases the Sharks’ minds. The Sharks were disappointed to hear that. Jay is the owner of the patent and can sell the Bev Buckle for $10 apiece. According to the front layout, the buckles can be priced between $35 to $110.
Jay requested an investment of $50,000 with 10% equity. Robert Herjavec delivered the initial offer, but he demanded 75% ownership of the company. Jay was quite hesitant about it. However, in between their conversation, Barbara interrupted and proposed 51% equity in the business.
Ultimately, Jay approved Barbara to collaborate with him and exited the Tank, with an agreement.
After Shark Tank
Unfortunately, the deal between Barbara and Jay fell through. However, Barbara offered input and potential collaboration with the owner. But Jay refused. Now, BevBuckle has made its exposure in California and is priced at $24.95 each.
Although there is not much current information available, based on their yearly revenue and publicity from the show, the business’s projected value as a whole is roughly $1.5 million. Currently, the valuation has reached to $$500,000, which is estimation.