Dave and Marko set out to find funding for their new alcoholic brand Vodka Plus at Shark Tank. They were looking for a $250,000 investment. In turn, they offered a 10% stake in the company.
It surely was one of the more exciting projects to enter the stage at Shark Tank. Let’s find out what happened to Vodka Plus and if they managed to secure funding in the long run.
Read what happened to Vodka +’s worth and networth update in brief here.
What is Vodka Plus?
Simply put, Vodka Plus is an alcoholic drink for the health-conscious. Of course, alcohol can never be healthy but it doesn’t have to be unnecessarily unhealthy.
The main selling point of the product is its low sugar content. Most of their products use salvia instead of sugar and achieve incredible calorie ratings.
Some items in the Vodka Plus lineup do have sugar in them but they are kept to a minimum. Only one year after its creation, Vodka Plus is on the shelves of 5 different stores around Australia.
Who are Dave and Marko?
Dave Nelson and Marko Pavasovic are friends. Dave likes to spend time in the gym. The friends wanted a healthier alternative to drinking alcohol.
Marko was a truck driver. He worked long hours and he also had a second job. After finishing the deliveries he went onto the gym and gave lessons as a personal trainer.
How did they come up with the idea?
One evening when they were out for a few drinks with Marko they started thinking and joking around. What if there was an alcoholic drink that didn’t have so many calories?
If you’ve ever been on a diet then you know drinking is a big no-no. Whenever you drink, you totally mess up your calorie intake. It’s a big enemy of losing weight due to the high sugar content in all alcoholic drinks.
Vodka Plus was created to overcome this issue. The friends decided to take the joke and make it real life.
What happened to Vodka Plus at Shark Tank?
The friends Marko and Dave walked in to present their ideas. They laid out the terms for a $250,000 investment at a 10% stake. This puts the value of their company at $2,500,000.
Before getting to the nitty-gritty they wanted the audience to loosen up so they invited the Sharks for a drink. They happily accepted and soon after everyone had a Vodka Plus in their hands.
The Sharks started asking the hard-hitting questions to Marko and Dave and it became evident that the $2,500,000 assessment was an overvaluation.
At this point they were already on the shelves of hundreds of stores around the country yet they were struggling to turn a big profit. This proposed risks for the Sharks.
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Did the Sharks bite?
The overvaluation turned almost all Sharks away. They agreed on one thing: the product is great. They loved the design and they loved the taste. However, they thought they can’t put a normal offer on the table.
Only Steve made an offer for a 40% stake in the company. The guys thought hard about it but they weren’t keen on giving away 40% of Vodka Plus.
Other Sharks also chipped in with advice. They told the guys to go to a proper bank. They had great assets and a viable strategy. Any bank will be happy to give them money with fewer strings attached.
In the end, they declined the offer from Steve and walked away without investors.
What happened to Vodka Plus after Shark Tank?
The guys went on to create a successful business. Vodka Plus is sold throughout Australia. It’s a niche product but it’s not hard to find anymore.
Future plans also include launching the brand overseas very soon. The first countries where Vodka Plus might appear are New Zealand, China, the US, and some parts of Europe.
What is the net worth of Vodka Plus in 2022?
The current net worth of the company is $3,000,000. They are still around and still going strong. It’s one of the few great businesses that received no funding from the Sharks but managed success on their own. They have a website and by the looks of it, they are not planning to go away anytime soon.