Read the Preview Post about these thermal regulating Coffee Beans
Highlights
- Coffee Joulies are stainless steel, thermal energy regulating “beans” that keep coffee at the perfect drinking temperature for up to 5 hours.
- Entrepreneurs David Jackson and David Petrillo pitch their product on Shark Tank, seeking $150,000 for 5% equity, and eventually secure a deal with four Sharks.
- Despite the initial success and exposure from Shark Tank, the deal with the Sharks never closed, and as of 2023, the product is no longer available for purchase.
Overview
| Category | Details |
|---|---|
| Name | Coffee Joulies |
| Founders | David Jackson and David Petrillo |
| Industry | Coffee Accessories |
| Product | Thermal regulating coffee “beans” made of stainless steel |
| Funding | Seeking $150,000 |
| Investment Ask | $150,000 |
| Equity Offered | 5% |
| Valuation | $3 million |
Coffee Joulies (pronounced Coffee Jewelies) are stainless steel encased, thermal energy absorbing and reflecting, coffee “beans” that cool your coffee to the perfect drinking temperature and keep it at that temperature for a longer time. The thermal beverage regulators, which debut in episode 414, allow for a consistently satisfying coffee drinking experience with every cup. Entrepreneurs, engineers, friends, and coffee lovers David Jackson and David Petrillo are another Kickstarter success story that’s found its way to the Shark Tank. The pair raised over $300,000 to manufacture their heat regulating coffee beans and allowed them to go from concept to manufacturing in just a few months. Coffee Joulies are Made in the USA at Sherrill Manufacturing, a silverware factory in upstate New York.
Coffee Joulies Pitch
Dave Jackson and Dave Petrillo come to the Shark Tank in episode 413, with their product, Coffee Joulies. They’re looking for $150,000 investment, in return for 5% of the company. The Coffee Joulies contain a proprietary material, that melts as it absorbs the excess heat, then releases the heat back into the liquid as it solidifies.
The pair gives the Sharks a demonstrations, claiming that the product will keep the coffee at 140 degrees, for up to 5 hours. They present the Sharks with coffee that was poured 3 hours ago, which is still hot.
The Joulies cost $3.60 apiece to make, and sell for $50 per a package of 5. The company is cash-flow positive, clearing $575,000 in the past year, with a $50,000 profit. They expect sales to clear 1 million in the next year, with pending contracts with Bed Bath and Beyond and Officemax.
Daymond John remarks that the other Sharks are “about to do some really invasive surgery” on the pair about the 5%. He’s out.
Kevin O’Leary says that he wants 33% of any startup he funds, but the business has him intrigued. He offers them $150,000, in return for $6 per sale until he recoups his investment, and $1 per sale in perpetuity. Lori Greiner offers to join the deal, bringing her QVC contacts. Robert Herjavec steps up as well, offering his contacts with Bed Bath and Beyond to sweeten the deal.
Daymond John wants to join the other Sharks in their deal. Kevin O’Leary says he’s “Mr. Retail,” and invites him into the deal.
Mark Cuban makes a separate offer, of $250,000 in return for 12% of the company. He disagrees with the other Sharks on the best way to market the product.
Jackson and Petrillo opt to phone a friend to discuss the offers on the table. While the pair are out of the room, the Sharks discuss the offer. O’Leary follows them out, to change the deal, lowering the wholesale royalty to $3.
The pair opt for the four-Shark deal, launching Coffee Joulies with a Shark deal.
Coffee Joulies Shark Tank Update
Coffee Joulies enjoyed the boost that Shark Tank brings to new inventions, but the deal they made with the Sharks never closed. While Bed Bath and Beyond offered a knock-off product for a time, Coffee Joulies are still available from their website and through other outlets like Amazon. Looks like the Sharks made a hot deal with Coffee Joulies.
Fast forward to 2021 and the company Facebook page hasn’t been updated since 2017. The website is still live, but everything is “sold out.” On Amazon, they are “currently unavailable. Both guys still list the company as “open” on their LinkedIn pages, but Petrillo has been working as a product designer for Peleton since May, 2019. Is this business on the way out? We’ll keep you posted.
The above status has not changed as of February, 2023.
Posts about Coffee Joulies on SharkTankBlog
Company Information
BUY Coffee Joulies
….I wonder if I could use a whole bunch of those to keep a hot bath warm for hours. Wait…I might actually liquefy if I do that.
Selling on Amazon doesn’t sound like a huge success. Anyone can do that. People rejected it because the joulies were too large and a person needed too many in a regular cup of coffee.
I love these coffee joulies. I bought a set approximately a year after I send them on shark tank and I still use them to this day 10 years later. I just use three rather than five so I have more room in my super large mug for my tea.
I think it’s such a scam when Shark Tank put an episode on that doesn’t even close the deal.