Snactiv is a multitasking snack tool that combines the functionality of tweezers and chopsticks, allowing users to snack without getting their fingers dirty.
This handy tool was designed to help people enjoy snacks while working or gaming without leaving grease or crumbs on their devices.
Snactiv appeared on Shark Tank in November 2021, and since then, it has made significant strides in its growth.
The company, owned by Kevin Choi and Edwin Cho, is currently valued at $2 million USD. The founders, as of 2024, have an individual net worth of $400,000 USD.
Snactiv’s Shark Tank Journey
When Kevin and Edwin appeared on Shark Tank, they were seeking $200,000 for 10% equity in their company. Initially, the Sharks were not impressed, but the situation changed when the duo revealed their sales figures, which impressed the investors.
Kevin O’Leary made an offer of $200,000 for 10% equity with an additional royalty of $1 per unit until $1 million in sales.
A guest Shark, Kevin Hart, along with Lori Greiner, also made a joint offer of $200,000 for 20% equity, leveraging Lori’s QVC experience and Kevin’s marketing expertise.
After some negotiation, the team decided to accept the Kevin Hart and Lori Greiner offer for $200,000 in exchange for 20% equity.
Post-Shark Tank Success
Following the Shark Tank appearance, Snactiv saw a significant boost in sales. The company, which had already made $187,000 in sales before the show from its $16 product, continued to grow. They expanded their market internationally, selling in Singapore and Canada.
The company has also collaborated with gaming influencers such as SNACCDaddyTeej, Jessimama, and Darkraizard, and formed partnerships with companies in South Korea, Taiwan, and Hong Kong, with plans to expand into Japan.
Current Status
Snactiv continues to operate with a utility patent and remains active on social media platforms like Facebook, Instagram, and Twitter.
Although it faces competition from chopsticks, Snactiv remains a unique product in its niche market, and its expansion into new regions shows the potential for continued growth.
