Edible Drinkware Earns $600K Deal on 'Shark Tank'
A team of entrepreneurs, upset by the waste produced from drinkware, introduced a new line of biodegradable (and edible) cups on "Shark Tank," and won a $600,000 deal.
Chelsea Briganti and Leigh Ann Tucker pitched their new line of edible drinkware, called Loliware, to the high-profile investors on Shark Tank, and secured a $600,000 deal including a 25 percent stake from Mark Cuban and Barbara Corcoran, according to Sustainable Brands.
According to Loliware's website, the cups are 100 percent all natural, non-GMO, gelatin-free, gluten-free, plastic-free, BPA-free, non-toxic and FDA compliant. The cups are available in five flavors—Yuzu citrus, tart cherry, Matcha green tea, vanilla bean and an unflavored clear.
The cups are made from seaweed, organic sweeteners, and natural flavors and colors from fruits and vegetables.
"You can throw them in the grass or disintegrate them in a matter of minutes with hot water," Briganti told The Guardian. "For every cup eaten [or composted], we are saving a plastic cup from entering the landfill. Billions of plastic cups are entering the landfill every year. If Loliware replaces even a small percentage, that would have far-reaching impact."
Tucker added that the cups are designed to be used for special occasions, such as outdoor concerts, weddings or festivals, which could provide opportunities to use the cups in a promotional way, the same way edible items are gifted at events.