Ice Cream Canteen has a net worth of $4 million. It is a double-walled vacuum-insulated container that keeps pints of ice cream frozen for hours, even without a freezer.
Ice Cream Canteen was featured on Shark Tank, where the founder Jordan Stern secured a $100,000 investment and a $200,000 line of credit from Lori Greiner and Mark Cuban for a 20% stake in the company.
Ice Cream Canteen Net Worth
| Net Worth | $4 Million |
| Annual Revenue | $1.6 Million |
| Life Time Sales | $2.2 Million |
| Employees | 5 |
| Store Presence | 300+ Locations |
Sales Revenues
Before appearing on Shark Tank, Ice Cream Canteen was generating around $10,000 per month in sales revenue. After appearing on the show and securing a deal with Lori Greiner and Mark Cuban, the company’s sales revenue increased to over $150,000 per month.
Since appearing on Shark Tank, Ice Cream Canteen has continued to grow rapidly and is now available in over 300 retail stores. Lori is planning to put the product on QVC to drive more sales. Mark Cuban has also helped the company to expand to Canada.
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Shark Tank Pitch
Stern began his pitch by introducing the Sharks to the problem of ice cream melting. He explained that ice cream is a popular dessert, but it is difficult to enjoy outside of the home because it melts so quickly. He then introduced the Ice Cream Canteen as a solution to this problem.
Stern demonstrated the Ice Cream Canteen’s insulation performance by placing a pint of ice cream inside it and leaving it out at room temperature for several hours. When he returned to the Ice Cream Canteen, the ice cream was still frozen.
The Sharks were impressed with the Ice Cream Canteen, and they began to ask Stern questions about his business.
Stern explained that Ice Cream Canteen was generating around $10,000 per month in sales revenue before he appeared on Shark Tank.
He also explained that he was seeking an investment to help him scale his business and expand his product line.
Offers from Sharks
After Stern finished his pitch, the Sharks began to make offers. Daymond John was the first Shark to make an offer. He offered Stern $100,000 for a 25% stake in the company.
Kevin O’Leary was the next Shark to make an offer. He offered Stern $100,000 for a 33% stake in the company, plus a royalty of $5 per unit sold until he reaches his investment back.
Lori Greiner was the next Shark to make an offer. She offered Stern $100,000 for a 20% stake in the company, plus a line of credit for up to $200,000.