Sometimes, even the sharpest minds miss out on a perfect opportunity. The same happened on Shark Tank when the judges rejected a company that later sold for billions. Not only that, but Kevin O’Leary, famous for his sharp comments, used some harsh words against it. The company in question is Poppi, which was recently acquired by Pepsi for a massive $1.7 billion.
When Poppi first appeared on Shark Tank, the judges didn’t see its potential. But years later, it has grown into a huge success story, proving that even the smartest business minds can sometimes be wrong.
How did a rejected Shark Tank pitch turn into a $1.7 billion Pepsi Deal?
For more than a decade, Shark Tank has witnessed countless pitches on its stage. While some immediately captured the attention of the five venture capitalists, others failed to showcase their true potential. Sometimes, the products simply aren’t up to the mark. Other times, the judges completely miss out on a goldmine. That was the case with Poppi, a probiotic soda brand that was once rejected on the show.
In 2018, husband-and-wife duo Allison and Stephen Ellsworth stepped onto the Shark Tank stage to pitch their apple cider vinegar-based soda, then called Mother. Their goal was to secure a $400,000 investment in exchange for 10% equity. But before they could even discuss numbers, they made a crucial mistake—they handed out shots of pure apple cider vinegar for the Sharks to try.
The reaction was immediate, and Kevin O’Leary, in his usual brutal style, called it “vinegar roaches.” It wasn’t the best first impression, but once the Sharks tried the actual soda, they softened a little. Despite their reservations, they were intrigued by Poppi’s business potential. At the time of the pitch, the brand was already in Whole Foods and bringing in $500,000 in sales, with a projected $1 million revenue via Looper.
However, most of the Sharks weren’t convinced. It was guest judge Rohan Oza who saw potential and offered $400,000 for 25% equity. Fast forward to today, and Poppi has grown far beyond what anyone on Shark Tank could have predicted. Recently, PepsiCo announced that it was acquiring a majority stake in the brand for a staggering $1.7 billion via Irish Star.
What does Daymond John think about Mark Cuban’s Shark Tank exit?
From the moment Mark Cuban stepped onto the Shark Tank stage, he became a fan favorite. He first joined the show in Season 2 as a guest judge, and by Season 3, he was brought on as a full-time cast member. Since then, he has played a major role in the show’s success.
However, just before the premiere of Season 16, Cuban announced that this would be his last season. His departure left both fans and his co-stars heartbroken.
However, Daymond John has a different perspective. According to Variety, John isn’t worried about the show’s popularity after Cuban leaves. He believes that Shark Tank is bigger than any one person and sees this as an opportunity for fresh perspectives.
He pointed out that new investors, such as KIND Snacks founder Daniel Lubetzky and Raising Cane’s CEO Todd Graves, have already joined the panel, bringing different business ideas and experiences.
John welcomes this change and believes that having diverse entrepreneurs on the show will give participants a wider range of advice, ensuring that Shark Tank continues to thrive even after Cuban’s departure.
You can watch all the seasons of Shark Tank on Peacock.
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