Snactiv is snacking tool, that looks like finger chopsticks, that keep your hands and devices clean when working or playing a game. This multitasking snacking tool fits between your fingers and allows you to pick up your messy snacks without getting your fingers or your devices getting messy and dirty.
Snactiv Net Worth
In 2022, the net worth of Snactiv is estimated to be more than $1 million.
The founders of Snactiv are Edwin Cho and Kevin Choi. They both are professional designers and hail from Los Angeles, California. Kevin Choi attended the Otis College of Art and Design and got a degree in toy design. Meanwhile, Edwin Cho enrolled at New York University where he studied international business.
After graduating from New York University, Edwin Cho started working at a children’s software startup named Fuhu. There, he made a lot of connections with people working in various industries. This was also where Edwin Cho met Kevin Choi.
Kevin Choi was working at various well-known companies, like Disney, as an industrial designer. After meeting Edwin Cho, both also worked together at Mattel, which is a toy manufacturing company. Kevin and Edwin have a lot of expertise as engineers and designers, having developed a variety of products that range from software to toys.
The two designers and engineers then decided to start a business together and move on from the corporate world. In 2020, they joined together to launch Snactiv. They began with a Kickstarter campaign which successfully raised about $41,000.
Kevin and Edwin came up with the idea of Snactiv when Edwin got constantly annoyed with Kevin who was always snacking while working. They then designed a tool that would keep fingers and devices clean while also allowing the user to eat their snacks.
Snactiv During Shark Tank
Edwin Cho and Kevin Choi entered Shark Tank seeking $200,000 in exchange for a 10% stake in their company. This showed that they valued their business at $2 million. They were also looking for a Shark who would help them in eradicating counterfeit goods.
The duo began their pitch by demonstrating how eating without using the Snactiv can create a mess. When they showed the product, the Sharks laughed. Kevin O’Leary asked whether a person can type while using these finger chopsticks, to which the answer was positive.
Kevin O’Leary then offered $200,000 in exchange for a royalty of $1 per unit until he recouped $1 million, at which point the royalty would cease and he will maintain a 10% stake in the company.
Kevin Hart and Lori Greiner considered collaborating and made an offer of $200,000 in exchange for a 20% equity. When Edwin and Kevin countered a 15% stake to Kevin O’Leary, Kevin O’Leary reduced his equity to 5% and his royalty to 50 cents. Edwin and Kevin then agreed to Lori Greiner and Kevin Hart’s offer and went out with a deal.
What Happened to Snactiv After Shark Tank Deal?
After the deal at Shark Tank with Lori Greiner and Kevin Hart, Snactiv has been performing really well. The company has been selling its product all over the United States of America. It is also currently working with third parties in various countries, like South Korea, Taiwan, and Hong Kong.