Drinking wine is a delicate experience. However, opening a bottle of wine with a corkscrew is impractical. Copa di Vino is a single-serve glass of wine that can be taken with you. Founder James Martin took his product to Shark Tank twice and rejected all offers each time. As of 2024, Copa di Vino is valued at $20 million.
James Martin’s Background
James Martin grew up in The Dalles, Oregon. He studied electrical engineering at Linn-Benton Community College and mathematics at Portland State University.
In 2003, he became the head of beverage manufacturing company Quenett. When James had the opportunity to purchase an abandoned flour mill in the area, he wanted to convert it into a brewery. His neighbors and family helped him open Sunshine Mill Brewery in 2005.
Creation of Copa di Vino
The Oregon native was on vacation to France, visiting the country’s iconic vineyards, and during his trip he rode a high-speed train, where he first hit upon the idea of drinking wine on the go.
After returning home, Martin was determined to develop technology to turn his idea into reality. The product was launched in 2009 and the founder named it Copa di Vino, which means “a glass of wine” in Italian.
Martin eliminated the need for bottles and corkscrews. Putting wine in the glass significantly shortens its shelf life, but the entrepreneur also found ways to extend it. Because of this, his business flourished.
Shark Tank appearance
James Martin first appeared on the second season of Shark Tank, asking $300,000 for a 5% stake. Kevin O’Leary offered $600,000 for a 51% stake, but the wine entrepreneur thought the price was too high and turned down the deal. When he left Shark Tank, all the Shark Tankers disliked him.
A year later, Copa di Vino sales had grown from $600,000 to $5 million, but it was still plagued by inventory issues. He was eager to return to the show and show the Sharks his success.
In 2012, he appeared in the third season, still seeking $300,000 for a 5% stake. This time, the Sharks were all interested. Kevin, Mark Cuban, and Robert Herjavec offered $600,000 for a 30% stake. James stopped to have a drink during the negotiations, which further angered the Sharks, and they all backed out.
After Shark Tank
After the first episode aired, the company expanded distribution by partnering with major retail brands such as 7/11, Walmart, Kroger, and Ralph’s Wines. Although he was one of the most annoying salesmen on the show, not accepting deals was better for him in the long run. The company continued to grow and the inventory issues were resolved.
In December 2020, Splash Beverage Group acquired Copa di Vino for $5.98 million. At the time, Copa di Vino had annual revenues of $2 million. Since the acquisition, Copa di Vino has grown its annual sales to nearly $6 million. As a result, the business is now worth an estimated $20 million. James Martin’s personal wealth is estimated at $4 million.
Splash Beverage Group is a public company on the New York Stock Exchange with a market capitalization of $29 million. Currently, Splash is losing money, with its stock price down 50% in the past year.
Categories: Shark Tank
Source: dut.edu.vn
