As of 2023, Prepdeck is worth $17 million. Prepdeck simplifies meal preparation. All ingredients, herbs, spices, and utensils are conveniently organized in one container. The company was featured on Shark Tank USA in March 2022. And unfortunately, they couldn’t get any deal from the Sharks.
Prepdeck Net Worth in 2023
|Net worth||$17 million (2023)|
|Annual Sales Revenue||$10 million (2021 projecting)|
|Lifetime sales||$16 million|
What is the purpose of Prepdeck?
We all are stuck in a busy lifestyle. So, cooking a meal can also add more work to the list. Hence, we tend to use more and more kitchen gadgets to ease our work. But the downside is it takes a lot of space from our kitchen and makes a mess. Then, if you are searching for something useful while saving space, you should know about Prepdeck.
What is Prepdeck?
Prepdeck is a Kitchen organization system replacing many kitchen gadgets. It consists of a magnetic cutting board and 15 containers with measurements on the side with matching lids. Also, it contains 4 in-1 peelers, a zester, slicer, grater, juicer, and a drawer for storage.
Who is the owner of the Prepdeck?
Alexander Eburne is the founder of PrepDeck. Not only that he is the CEO of EcoSmart Fire. It creates eco-friendly fireplaces and fire pits. Before starting his business, he also worked as Business Development Manager at Axis Telecommunications company. Prepdeck’s founder Alexander Eburne has a net worth of 7 Million USD as of 2023.
What happened at the Shark Tank?
Alexander joined Shark Tank Season13 Episode 16 hoping for $750,000 for 7.5% equity of his business. His business is a kitchen organizing system with many benefits. Firstly he introduced his business to the sharks. Then he describes how he got inspired after his wife get pregnant with the first child.
Sharks were excited about his past year’s sales and his expected revenue of $10 million. Also, the Sharks were impressed by his plans with the invested money. But Barbara Corcoran decided to get out of the deal first. She is not a fan of plastic design cutting boards or containers.
But Kevin O’Leary gave an offer of a $750,000 loan at 9.5% for 36 months for 5% of the stake. He guaranteed Chef Wonderful endorsement plan. guest shark Daniel Lubetzky and Mark Cuban decided not to invest. According to them, they can’t see a clear understanding of the market. Lori Greiner was not interested in the low equity and high asking cost. So she is also out.
Alexander tries to reduce Kevin’s interest rate of 9% and interest-only payment. Also, he requested to decrease the equity to 3%. But Kevin was stable with his deal.
Prepdeck SHARK TANK UPDATE
Prepdeck started in 2018 and got popular after the IndieGoGo campaign. The owner was able to raise around $359,602.His goal was a modest $25000 and delivered around 150,000 units.
One item cost around $129 and he had around $19 million in sales.
After his amazing introduction Sharks got a chance to examine the product. One unit sells for between $99 to $119 and the owner gained around $ 1 million in 2019. It increased to $ 6.2 million in 2020 and $ 10 million in 2021. The 25% present of the revenue went to customer acquisition and the product has 69% of the gross margin. Also according to him net profit in 2020 was $525,000.
Not only these his profit and investment balance also took the shark’s attention.
He planned to spend $ 250000 each on inventory, product development, and team building. However, not most of the sharks were interested in the deal. So, finally remained only with Kevin O’Leary’s offer. But Alexander disagreed with the offer. Hence finally, Prepdeck decided to leave Shark Tank without a deal.
What happened to Prepdeck after the Shark Tank?
Alexander decided not to go with the deal after trying to reduce the equity share with Kevin. But as usual, the Prepdeck also had the Shark Tank effect. Many people throughout the US started to notice the product after the show. Due to this, the company‘s sales increased rapidly.
The Prepdeck also introduced new gadgets like a soup cube container after the shark Tank. Also according to the reports, it was featured in a popular magazine. Not only that but also the company increased its marketing plan and did an online social media (Instagram, Linkedin) campaign. Amazon Launchpad Innovation Grant and the Innovator of the Year award last year.
According to the reports, Prepdeck still is in business in 2023.
Competitors of Prepeck?
Several competitive products are emerging in the market for prep decks. Some are Turntable Kitchen Pairings Box, Plated, and the container store.