Highlights
- The Gold Rush Nugget Bucket is a patented gold panning kit designed to make gold prospecting easier, endorsed by the Gold Prospectors Association of America (GPAA).
- Mark secured a deal with Robert Herjavec for $60,000 in exchange for 25% equity, after presenting $290,000 in sales with a 70% margin.
- As of 2022, the company has grown to $1.2 million in annual revenue, continuing to sell through its website and Amazon.
Overview
| Category | Details |
|---|---|
| Name | Gold Rush Nugget Bucket |
| Founder | Mark Peterson |
| Industry | Outdoor Equipment, Gold Prospecting |
| Product | Gold panning kit |
| Funding Sought | $60,000 |
| Investment Ask | $60,000 |
| Equity Offered | 15% |
| Valuation | $400,000 |
Mark Peterson hopes to strike gold when he pitches the Gold Rush Nugget Bucket, a gold panning kit inspired by his daughter, in Shark Tank episode 622. The kit is essentially a bucket with a set of screens, funnels, and pans that moves gold and silt into a concentration bowl. This method makes panning for gold easier than using the standard pan.
The Gold Rush Nugget Bucket is proudly made in the USA and holds several US and Canadian patents. It’s also endorsed by the Gold Prospectors Association of America (GPAA). Peterson’s been selling the product since 2012. The kit stows inside a 5 gallon bucket, weighs about seven pounds, and includes everything you need to pan for gold. If you want to pan for gold, you’ll need to shell out some green, it costs $99.95, plus shipping, on Amazon.
Mr. Peterson likely wants some cash from the Sharks to help get his product more widely distributed. Will a Shark offer some green cash to get some gold nuggets?
Gold Rush Nugget Bucket Shark Tank Recap
Mark enters seeking $60K for 15% of the company. He explains how the Gold Rush Nugget Bucket makes it easier to pan for gold. He demonstrates it and the questions start. His daughters had fun with buckets while looking for rocks, which is what gave him the idea.
He’s done $290K in sales with a 70% margin. He’s invested $192K and explains he has two patents. Mark goes abruptly out, Robert follows. Barbara wants one for her husband, but she’s out. Lori thinks it’s a toy, she’s out. Kevin thinks he needs to go into retail. He thinks it’s so frivolous, it has merit and offers $60K for 50%. Robert jumps back in and offers $60K for 25%. Mark takes Robert’s deal.
RESULT: DEAL with Robert for $60K for 25% of the company.
Gold Rush Nugget Bucket Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Robert and Mark closed their deal, but there were some challenges that needed overcoming. The company is featured in Beyond the Tank episode 207. Read a full recap and update HERE.
Luckily, the company overcame the challenges. Mark and Robert ended up hiring a social media manager. Fast forward to September, 2022, and the company is still in business with $1.2 million in annual revenue.
Posts About Gold Rush Nugget Bucket on Shark Tank Blog
Company Information
Video
We’re interested in selling the Gold Rush – Nugget Bucket at our store. Could you give us a call to talk?
Thank you,
William Ziehl
425441-8488