Biem, A device that can turn any stick of butter to spray, was started by Doug Foreman in 2012. As of September 2023, Biem’s net worth is $10 Million and they’re pulling in a whopping $1.5 million in annual revenue.
On October 14, 2016, they appeared on Season 8 of Shark Tank USA and made a deal with Lori Greiner, for $500,000 for 14% equity. The final valuation was $3.57 Million, down from the founder’s initial estimate of $10 Million.
Biem Butter Company is no longer in business as of 2023. But their products are available on the website.
Biem Net Worth
| Net worth | $10 Million (business valuation) |
| Lifetime sales | $1.5 million |
| Investor | Lori Greiner |
| Founder | Doug Foreman |
Biem Net Worth Timeline
| Net Worth 2023 | Out of Business |
| Net worth valuation in 2016 after appearing on Shark Tank | $3.57 Million (business valuation) |
| Net worth valuation in 2016 before appearing on Shark Tank | $10 Million (business valuation) |
Biem Pitch on Shark Tank
| Company name | Biem |
| Product | A device that can turn any stick of butter to spray |
| Episode | Season 08 Episode 04 |
| Founder | Doug Foreman |
| Asked for | $500,000 for 5% equity |
| Final deal | $500,000 for 14% equity |
| Shark | Lori Greiner |
| Location | USA |
Don’t miss these products from Season 8
Biem Founder
Biem was founded by Doug Foreman in 2012. He is a very smart innovator of kitchen products. He has already introduced various kinds of products to the US market. Biem’s founder, Doug Foreman, has a net worth of USD 1.5 Million as of 2023.
Key accomplishments
| Year | Accomplishment |
| 2020 | Biem Butter Spray was the first butter spay in the world |
| 2016 | Biem Butter Spray appeared on Shark Tank |
Conclusion
Some companies that appear on the show have not achieved great success, and the Biem was one of them. Sometimes businesses don’t succeed for many reasons. Sometimes, the deal falls through after the founders say yes on camera. Or, as you’ll see, sometimes things happen to the founders themselves, and they choose to abandon the business. Anything is possible. However, Biem went out of business in 2017. And the product is no longer available in the market.