“Cricket Cooler” got featured on Shark Tank Australia in 2015 February. It was founded by Adam Dubrich & Leigh Warren.
Cricket cooler net worth in 2022
Here is an update on Cricket Cooler’s net worth so far.
|Cricket Cooler’s Net worth before appearing on Shark Tank||1.4 Million USD|
|Cricket Cooler’s Net worth [year between appearing and now]||2 Million USD|
|Cricket Cooler’s Current Net worth (2022)||4 Million USD|
Cricket Cooler’s founder Adam Dubrich & Leigh Warren has a networth of 4 Million USD as of 2022.
Shark Tank is the home for clever, super, fantastic, worthy, and even crazy business ideas that can be a part of human life.
So, Cricket cooler is another crazy idea pitched in Shark Tank Australia Season 1.
The Cricket Cooler is the solution to keeping your drinks cold while you play a cricket match anywhere.
Let’s look at,’ What happened to Cricket coolers after Shark Tank?
What is Cricket cooler?
Cricket Cooler is a wheeled cooler with a capacity of 33 liters that can be used for various purposes. Two South Australian businessmen innovated it.
It is a must-have accessory for the cricket fanatic tired of making makeshift wickets from boogie boards and cans of soft drinks. It comes equipped with built-in bail and stumps that rotate upwards and double as a handle, a bottle opener, and cup holders. It is a crazy and must-have gadget for cricket fans worldwide, not only for Aussie cricket-crazy ones.
Who is the founder of Cricket cooler?
Adam Dubrich and Leigh Warren are the inventors of the product. They are South Australians. Adam and Leigh mentioned that in Shark Tank, they had a third silent partner in the business, and all three owners have an equal 33% share of the company.
What happened at the Shark Tank?
With a successful Kickstarter campaign in September of that year, they raised more than $40,000. A quick order increase from 1000 to 5000 units was mentioned in their Shark Tank Australia pitch as an immediate necessity.
They also mentioned that they were working on the business part-time and that it was a side project for them. When Steve Baxter claimed they weren’t entrepreneurs because they kept their day jobs, it created the first real drama in their presentation.
He accused them of wanting safety and no risk. It’s possible to start a side project business selling a physical product like the Cricket Cooler directly to online customers in the early stages of the company.
On the other hand, Janine Allis was adamant about it not being a side project.
Naomi offers $80k for 20% plus a $200k loan after three sharks back out. It’s worth $400k, or 28.5% of what the founders wanted. Using a loan for a large part of the deal is one-way Sharks on the US version of the show get around the investor needing the total amount.
As other Sharks have said on the US version, they’ll almost always offer additional funds as needed, usually as loans to cover purchase orders. Adam and Leigh discuss the offer quietly and fear devaluing the business. However, they asked for 10% equity for $80k plus a $200k loan ($800k valuation, 57% of initial ask).
Naomi insisted on $80k for 20% plus a $200k loan. Adam and Leigh discuss Naomi’s offer in the hallway and accept $80k for 20% plus a $200k loan.
What happened to the Cricket cooler after Shark Tank?
Company had to change and update its business after receiving the deal from Shark Tank. Cricket cooler’s net worth was 1.4 million US dollars before appearing on Shark Tank. And they earned over 2 million USD in the financial year they appeared on Shark Tank Australia.
After the Shark Tank, the Cricket cooler price marked around $119.95. After Shark Tank, Cricket cooler sales spread around many social media (Facebook, Instagram, LinkedIn) and online sales websites. Cricket cooler Amazon availability is an example of it.
also read: what happened to Muff Wader ( drink holding clothes) after shark tank
Competitors of Company
There are no specific competitors that can be found for the cricket cooler because it is a unique product in the market.