Where Is BagBowl From 'Shark Tank' and How Much Is It Worth?
BagBowl was a 'Shark Tank' company pitch that made a deal with one of the sharks. Here's a BagBowl update and details on its net worth.
Those who tune in to ABC's Shark Tank may recall a pitch from Season 4 of the reality series. Two brothers made their pitch to the sharks for their company BagBowl, which made a product intended to turn any bag into a bowl. The reaction from the Sharks was mixed — here's what happened to BagBowl and where it's net worth stands today.
BagBowl was created by brothers Brian and Kevin Fleming, who went on the show in Season 4, Episode 404. They pitched their idea of a collapsible sleeve that could convert any bag into a bowl, originally created as a way to transport dog food easily while traveling.
How did the Fleming brother's come up with BagBowl?
The Fleming brothers came up with the BagBowl idea over 10 years ago. According to SharkTankBlog, Kevin had a habit of inventing and developing products, and BagBowl was created to solve the problem of feeding the dog on a trip. Brian, a real estate broker, also had some marketing experience.
Here's what happened when BagBowl appeared on 'Shark Tank.'
In their appearance on Season 4 of Shark Tank, the Fleming brothers explained their product and concept to the Sharks. It's basically a collapsible round piece of plastic that attaches to a bag. They hadn't made any sales yet, and Brian described the company as a "pre-revenue startup." They requested $40,000 in exchange for a 33 percent stake in their company.
It turned out that BagBowl was a relatively untested product at the time of their television appearance. GazetteReview said they had previously called it InstaBol and had invested $40,000 or their own funds.
Here's how the Sharks responded to their pitch:
- Kevin O'Leary questioned how unique it was and whether they'd be able to get a patent.
- Daymond John said the company is: “pre-orders, pre-marketing, pre-sales, pre-patent, and pre-everything."
- Mark Cuban said it seemed like they just came on the show to promote their product.
The goofy pitch style didn't appeal to all of the investors. In particular, when Brian called Mark Cuban "Cubes" (a nickname that no one had ever used on him before), they lost their chance at Cuban for an investor.
The brothers, whom Cuban called "wantrepreneurs" (people who have an idea of starting a business but don't really have what it takes to follow through), received two offers after their pitch.
- Robert Herjavec offered them $40,000 for a 45 percent stake of BagBowl.
- Lori Greiner offered them $40,000 for a 33 percent stake of BagBowl.
Which Shark invested in BagBowl?
In a surprising move, the brothers requested a moment off the Shark Tank stage to discuss the offer made by Greiner. The Queen of QVC was taken aback and slightly insulted, as she'd offered exactly what they requested in their pitch. Finally the Flemings accepted Greiner's offer of $40,000 for a one-third stake in the company.
How much money did BagBowl make?
Unfortunately for the Fleming brothers, BagBowl never took off as a popular product on the market. Greiner's skill on QVC got the product in front of more American customers, but there were manufacturing delays that kept orders from being fulfilled for two months after the Shark Tank episode aired.
Eventually, BagBowl products were for sale on Amazon, but customer reviews didn't rave about the product's quality. BagBowl had 3 out of 5 stars from only 37 global ratings. The company's total revenue is unknown.
The BagBowl company went out of business in 2018, and there are no longer BagBowls available for sale on either QVC or Amazon.