SquareKeg is an innovative way to store your favorite party drinks. And it doesn’t take up much space, so you can keep it in the fridge. When you take it out, it turns into a cooler. Tim Loucks marketed the product on Shark Tank Season 14 and struck a deal with Kevin O’Leary. SquareKeg is estimated to be worth $2 million by 2024.
Tim and Birgitta Lux
Tim and Birgitta Lukes are residents of Spokane, Washington. Birgitta graduated from high school and studied beauty therapy. Tim graduated from Eastern Washington University with degrees in business, communications, and life sciences.
He started out in construction, mortgage lending and sports promotions. Later, he moved into sales and account management. Tim was the Director of Sales at Spok for over two years and now works as a Sales Representative at Stryker.
Founding SquareKeg
Getting a degree seemed like an achievement at first, but Tim soon regretted it. He became unhappy with the corporate world because it restricted his creativity. At this stage, he had the idea to create a container that could keep drinks cold.
He hired a team to design a minimalist product that could easily fit in a fridge or on a table. He also teamed up with his wife after his previous partner left. After months of hard work, they finally produced the first SquareKeg prototype.
Tim often refers to his product as keg beer, and the company was founded in 2017. In 2020, the founder launched a Kickstarter campaign hoping to raise $150,000, but only received $60,000.
Appeared on Shark Tank
In 2022, Tim and Birgitta Lux were contacted by the producers of Shark Tank. The couple couldn’t refuse, as they realized how much value the sharks could bring to their company. They signed on, but Tim marketed the product himself. The episode was filmed in July 2022, and three months later, it was announced that it would officially air on television in Season 14.
After Shark Tank
After the show aired, Tim saw a huge increase in orders from the publicity. In the short term, this helped reduce their customer acquisition costs since they relied heavily on paid advertising. The company lost $250,000 in 2021 and only recently became profitable. In 2023, SquareKeg sales reached $3.5 million, and Cuban joined the deal after the initial publicity.
They sell two mini kegs, the SquareOne and the SK Nitro, exclusively online. You can buy their products on Amazon and SquareKeg.com. On their website, the SquareOne model has an average rating of 4.9 stars out of 103 reviews. Most recently, they launched the SquareOne Vino, a wine device that impressed Kevin.
The only negative review we saw stressed that it is not suitable for non-carbonated beverages. Also, the SquareOne model costs $299 on its website and $279 on Amazon. Overall, the product is expensive, but there are not many portable beer kegs on the market. Currently, SquareKeg has a revenue of about $300,000 per month and is worth an estimated $2 million.
Categories: Shark Tank
Source: dut.edu.vn
