David and Joe Ahmad pitch Coldest, their insulated water bottle business that keeps water cold for 36 hours, in Shark Tank episode 1516. The business was Founded in 2015 in a garage and has grown into a 72,000-square-foot facility today. That’s because they had the vision to want the coldest water in the hottest state: Florida. They designed a stainless steel, double-wall, vacuum-insulated bottle that keeps water cold longer than any other brand out there.
The company expanded beyond just water bottles. They now make pillows, sheets, and other bedding that keep you cool with temperature-regulating bamboo viscose fabric. There are a wide variety of bottles, tumblers, cups, and jugs, plus ice packs and even dog bedding. All the bottles are leakproof. They even sell flavoring for your water.
The Coldest is a premium brand and has a premium price. A “standard” water bottle is $55. They sell via “drops,” where they’ll have a custom color or design on a particular product. All their products are available on their website and Amazon Store. They even have their own retail store at the Coastland Mall in Naples, Florida. Believe it or not, the company plans on opening an amusement park called “Coldest World” in 2030! They probably need a Shark for that endeavor.
About Coldest
| Category | Details |
| Founder (Plural if multiple) | David and Joe |
| Product Type | Insulated Water Bottles |
| Funding (Pre-Shark Tank) | Self-Funded |
| Investment Asked | $600,000 |
| Equity Offered | 2% |
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What Happened on the Shark Tank Episode?
David and Joe enter the Shark Tank and announce that they’re the twins that started Coldest. They started the company in Naples, Florida, and it gets hot there. The entrepreneurs wanted to create the coolest things that keep things colder longer. They introduce their water bottle. They tested their bottle versus over 50 of the largest hydration brands out there and it will keep drinks cold for up to 36 hours. The design features include a nonslip rubber bottom, and it’s 100% leakproof.
But they wanted more cold, so they designed the Coldest pillow because they were tired of being sweaty at night. They also designed the Coldest Dog Bed and the Coldest Dog Bowl because dogs like to sleep cold, too. They ask for $600,000 for 2% of their business, and then they ask the Sharks: “Who wants to get buried in an avalanche of cash and join us in expanding the universe of Coldest?”
The Sharks have the Limitless series water bottles on their tables. It comes with 3 lids, and it keeps water cold for 36 hours. Their parents are both immigrants. Dad is from Jordan, and Mom is from the Philippines. They’re both Engineers, so their entire life, the twins thought Engineering was the only thing to get into. The twins have been obsessed with business their entire lives. They did side hustles: software businesses and building websites for clients. They knew how to build brands, but their side hustles kept failing. With every failure, they learned a lesson. Then 2015 came, and that’s when Coldest began.
David had $14,000 saved up and put it into Coldest. He sent the money to the factory for 1000 water bottles, and his brother asked, “Do you really think you’re going to sell 1000 water bottles? Do you know how competitive that market is?” David got scared and wanted to cancel the order, but it was too late. It took 5 months to sell them on Amazon. In 2017, Joe said, “You make the best, Coldest product, and I’ll focus on marketing.”
Let’s Talk Numbers
They proceed to list their revenue. 2017 was $900,000. 2018 was $2.5 million. 2019 was $5.9 million. 2020 was $9.3 million. 2021 was $12.4 million. 2022 was $15.1 million. Last year, they lost $400,000 because they kept loading up on inventory: more colors and more SKUs. They’re adding more categories as well. All of their money since day 1 has been going back into the brand. They have $2.5 million worth of inventory at cost and over 350 SKUs. The bottles the Sharks have retailed for $59.99 and cost $10-$12 landed. This year (2023), they are on track to do $22 million. They justify their $30 million valuation based on how well they’re scaling. Lori says the problem is they aren’t making money.
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What Makes Coldest Unique?
- The Coldest Water has double-wall vacuum insulation. This helps the water stay cold for up to 36+ hours or hot for up to 13 hours.
- The product is made from premium 18/8 stainless steel to tackle rust.
- The surface of the bottle stays sweat-free and dry.
- It is convenient to carry around since it has an easy-to-carry handle.
- The bottles have a wide-mouth opening that provides ease in filling them up.
- The material is strong enough for rugged use.
- They come in various colors.
- There are multiple capacity options as well.
- They offer some accessories as well, such as chug lids and straws.
Find more interesting posts about different businesses that appeared on Shark Tank on the Shark Tank Blog. Also, read the article The Coldest: Engineering Excellence for Everyday Essentials for additional information about the company Coldest.
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Did Coldest Get a Deal on Shark Tank?
Lori thinks they should be lean and mean. She doesn’t like their business model; she’s out. Mark wants to know what they spend on marketing. Last year they did $3.3 million in advertising. Mark says they’re a marketing company but there needs to be science behind it. He says if they want to scale and be a household name, they need to be the best at analytics for advertising. He doesn’t see that from the twins; Mark’s out. Robert thinks their growth is incredible, but he doesn’t understand why they’re losing money; he’s out. Daymond doesn’t understand why they’re so obsessed with inventory. He thinks they are going down a dangerous road; he’s out.
Kevin says he thought the presentation sucked until he heard the sales. He thought they were “just another couple of water bottle guys.” Kevin offers $600,000 for 7% equity plus $2.25 per order until he makes back $3 million, then the royalty goes away. David counters with the royalty going away at $900,000. Robert says it’s a great opportunity for their brand because Kevin has the coldest heart of any human being. Kevin thinks they can fine-tune their digital spending. Kevin reduces his equity ask to 5% and keeps his royalty component intact. They counter at $1.5 million for 5%, and they’ll buy him out at $2.25 million after 3 years if he wants out. The twins aren’t crazy about the royalty, and after conferring, they decline Kevin’s offer.
What Happened to Coldest After Shark Tank?
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The twins said as their segment was airing, they had over 8000 live shoppers on their website. They learned something in the Tank, too. As a result of their conversations with the Sharks, they are reducing their number of SKUs. Their pillows, bedding, sheets, comforters, dog beds, ice packs, and some bottle lines are being discontinued after they sell out. Coldest is giving a 30% discount on closeout items, which are clearly marked on their website. As of June 2024 and the first re-run of this episode, Coldest is on track to surpass $25 million in sales for the year.
The Shark Tank Blog will follow up on Coldest & David and Joe Ahmadd as more details become available.
Where Can You Buy It?
Stay hydrated and refreshed with Coldest’s durable, insulated bottles and gear, available on their official website. Ditch the lukewarm drinks and unreliable coolers – find top-notch Coldest products on Amazon.
For more information about the company and their product line, visit their website. Keep up with their latest product releases and adventure stories by following them on social media.
Quick Summary
- David and Joe Ahmadd founded Coldest, a company specializing in insulated products, primarily water bottles, but also expanding into bedding and pet products.
- They’re known for bottles that keep drinks cold for 36 hours. The water bottles can survive extreme insulation. They emphasize durability, leak-proof designs.
- David and Joe did not secure a deal on Shark Tank. They declined Kevin O’Leary’s offer, which included a royalty component, finding it unfavorable.
