Wine Balloon is a great way to keep an already opened bottle of wine, fresh. A deflated balloon is inserted into the bottle of wine and then it is inflated by pushing air through a cluster of grapes that can be pressed to pump air into the balloon. The balloon is inflated till it touches the edge of the bottle and only a little air bubble is left in the bottle.
When the wine drinker wants to drink it again, they just have to turn the valve on the device to deflate the balloon and fresh wine can be drunk from the bottle. It takes $6.50 to manufacture and is sold for $22 in retail shops. The balloon is made of medical-grade latex, which does not change the taste of the wine and wine can be preserved for 3 to 4 days after the bottle is opened.
Wine Balloon at a glance:
|Business Idea||Keeps Wine fresh via inflated balloon|
|Founders||Eric Croti and his wife|
|Asked For||$40k for 30% equity|
|Accepted Deal||$400k for 100% stake|
|Sharks||Lori Greiner and Mark Cuban|
|Business status||In Business|
|Buy on Amazon||Buy Now!|
Who are the founders of Wine Balloon?
Eric Corti and his wife are the founders of Wine Balloon. The couple is wine lovers but they didn’t know how to keep the wine left in an opened bottle fresh so that it can be drunk again. Eric devised a product to solve this problem and gave birth to Wine Balloon.
Did Wine Balloon get a deal on Shark Tank?
Eric came on Shark Tank to gain backing in finance and marketing. He asked for $40K for 30% equity in the business. He demonstrated the workings of the product and after being questioned by Lori Greiner, Eric revealed that he was working on getting the patent of the product. Kevin O’Leary offered $40k on the condition that Eric would sell the company to the number one wine preserver company.
Lori offered to buy the company for $500K but Eric was not too sure about the deal. Mark Cuban and Lori collaborated to offer $600K to buy out the company. Eric countered for 3% royalty in return, Kevin liked it but Mark and Lori denied the offer. Mark was out and Lori was back to her original offer of $500K but then, Mark joined her back and they offered $400K together. No other sharks were ready to invest. Eric accepted the deal with Lori and Mark at $400K for a 100% stake in the company.
What happened to Wine Balloon after Shark Tank?
Eric didn’t go through the finalized deal with Mark and Lori and instead, decided to market his product on his own. He appeared on one more television show after Shark Tank and a deal with two investors was made on that show, after which, the product was renamed as The Air Cork, and packaging was modified to look more attractive as well. The product was sold in bulk to many wineries and vineyards. It was made available for sale online, on Amazon, and at various retail stores. Currently, it is available in limited stocks on Amazon. The brand gained huge success. In 2021, they made sales of over $7 million.
What is the net worth of Wine Balloon?
At the time of the shark tank appearance, Wine Balloon was valued at around $400,000. They have grown multifold since then and even their sales have crossed the $7 million mark in 2021.
Is Wine Balloon still in business?
Wine Balloon has been renamed The Air Cork and is sold on Amazon. The product had been bought in bulk by many wineries and vineyards and did great in the market.
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What is Wine Balloon?
Wine Balloon is a great way to keep an already opened bottle of wine, fresh. A deflated balloon is inserted into the bottle of wine and then it is inflated by pushing air through a cluster of grapes that can be pressed to pump air into the balloon.
Who founded Wine Balloon?
Eric Corti and his wife are the founders of Wine Balloon. The couple is wine lovers but they didn’t know how to keep the wine left in an opened bottle fresh so that it can be drunk again.