Cups You Can Eat: ‘Shark Tank’ LOLIWARE Edible Cups Get $600,000 Deal
Folks concerned about the impact that plastic cups have upon landfills and the environment would likely love one company’s product that recently appeared on Shark Tank. As reported by the Guardian, a publication that calls LOLIWARE the food of the future, the edible cups are an innovative way to drink something and then eat the container — with everything being used and nothing going to waste.
The LOLIWARE biodegradable cups were called “biodegr-edible” by the founders, a pair of spunky and smart women who showed their wares to the Shark Tank investors, and they quickly pounced, fighting each other for the investment. As reported by Business 2 Community, the Shark Tank battle among the shark group of investors for a bite of the edible cups was heated. The LOLIWARE firm owners ended up with more money than they expected, when they disclosed that they had $600,000 left to raise on their round of funding, and the sharks agreed to fund it.
Mark Cuban ended up laughing all the way to the bank as he became one of the sharks to invest in LOLIWARE.
As seen on the LOLIWARE website, the cups come in a variety of flavors, and are made from edible ingredients with a patent pending design. Since the cups are all natural and made from contents that are FDA-approved, they were especially attractive to the health-conscious investors.
Robert Herjavec wanted a piece of the sweet cup deal, but Barbara Corcoran spoke up about her desire to either partner with Cuban or Lori Greiner. But Lori was able to quickly clear the field by saying that she viewed the LOLIWARE cups as less than an everyday type of cup — and especially because of their expense — looked at them as a party favor. Indeed, whether or not the LOLIWARE cups become popular for everyday use or strictly as interesting party conversation starters, Cuban and Corcoran still wanted in on the deal. Mark and Barbara ended up closing the LOLIWARE deal at $600,000 for 25 percent equity.
With flavors like Yuzu Citrus, Tart Cherry, Matcha Green Tea and Vanilla Bean, the LOLIWARE cups tasted like licorice to “Mr. Wonderful,” also known as Kevin O’Leary.
Meanwhile, Herjavec was left out of the sweet deal for the sweet cups that are described as a compliment to a dessert.
Made from seaweed as well as fruits and veggies, the LOLIWARE cups are sweetened with all natural flavors, and are meant to be used in conjunction with cold beverages. Or, the LOLIWARE cups can be filled with frozen treats, and room temperature items. They are also meant to be used only once, and not saved to use over and over again. No word on what pouring a hot cup of coffee into a LOLIWARE cup would do, but stay tuned to YouTube to likely find out.
[Images via Aaron Davidson/Alex Wong Getty Images Entertainment]
