Entrepreneurs Armand Ferranti & Patrick Parizo made their pitch for Draft Top on the 12th Season of Shark Tank. The New Jersey-based duo pitched the product Draft Top, a device that can remove the upper ring of aluminum cans (soda, energy drinks, beer, etc.), thus, leaving behind a smooth green edge.
The Jersey duo entered the Tank seeking a $300k investment for 10% equity for the patented can opener. Fortunately, Draft Top’s pitch paid off as it received the green light from Shark Daymond John.
The shark is also known for his previous investment in similar categories such as BevBoy, a floatable koozie, and Guzzle Buddy, a beverage glass that makes drinking easy.
The Draft Top was created with the purpose of enhancing the canned drinking experience by opening up its aroma to the consumer. The founders claim that it’s a popular party item with a cost of around 20 dollars.
Daymond placed a counteroffer, and the duo accepted. Since their appearance on Shark Tank, Draft Top has sold out their products and garnered promising customers.
So, what else has the company achieved since Shark Tank? Let’s find out!
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What Is Draft Top?
Draft Top is a lid-removing gadget for cans that offer users a convenient way of drinking. The tool efficiently removes the upper right area of the can without leaving a sharp edge.
The neat gadget was developed by Armand Ferranti & Sean Kelly through their love of creating things. The two, with their long history of modifying ordinary things into more functional objects, led to the creation of Draft Top.
Hence, the product transforms the conventional way of drinking canned beverages into something better. By detaching the upper surface of the can, Draft Top allows the can be used as a cup without bringing in any taste of metal.
According to the company’s website, they go by the motto of “Drink Topless” due to the way it works.
The experience provided by Draft Top demands a much more potent flavor of the drink, particularly beer, and also allows users to add oranges, limes, etc. The product was initially launched through a Kickstarter campaign for $75k.
Fortunately, the company was able to get financed in less than 48 hours, which demonstrated an excellent promise for the product. Not only that, the company was able to raise a total of $600k in funding.
The product design of Draft Top was revised several times over the years and subsequently added additional partners as well – Alex Caracappa & Patrick Parizo. The latter appeared alongside Armand to present their pitch on Draft Top.
According to the company’s website, the tool is easy to use, but there is a bit of a learning curve. The consumer opens up the tool, places it flat atop the can, lowers the tool, and then squeezes the handle. The top area is finally popped by twisting the tool around.
Additionally, customers can also look up tutorial videos put up on the Draft Top website. After each use, the tool requires to be washed carefully. However, Draft Top is not dishwasher safe.
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|Company Name||Draft Top|
|Entrepreneur||Patrick Parizo & Armand Ferranti|
|Product||Manual Topless Opener for Cans|
|Investment Asking For||$300,000 for 10%|
|Final Deal||$300,000 for 20%|
|Episode||Season 12, Episode 13|
|Business Status||In Business|
Who Is The Founder of Draft Top?
Draft Top is a tool born out of a passion for creating functional things through its co-founders, Armand Ferranti & Sean Kelly.
Apart from the two, the company has two more partners, Alex Caracappa & Patrick Parizo. Apart from its application on canned beverages, the co-founders also saw Draft Top as a potential tool for ping pong glasses.
So, how exactly did the two co-founders unite for the project? The duo first met around 2012 during their time as co-workers in a New Jersey-based office. Within months, they began connecting and buzzing with a few ideas.
So, a little backstory. One of the co-founders, Ferranti, explains his mechanical interest came about when he was younger, and as Ferranti began experimenting with any regular object, it eventually developed into a habit.
The founder, Ferranti, visioned a glimpse of the product when he noticed a friend of his opening a beer can with his teeth. This was the first instance where the founder had a taste of topless beer and felt the entire flavor profile of the beer.
Years later, as Ferranti tried to open a wine bottle with a foil cutter, he quickly realized the need for a tool that could smoothly cut off the top area of the can. Thus, the journey of Draft Top began.
Draft Top Before Shark Tank
Prior to receiving a deal on Shark Tank, the company was able to raise over $500k in funding through a Kickstarter campaign. The product was backed by over 16,000 individuals.
According to Draft Top founders, the company struggled with inventory as they were expanding rapidly. Hence, the co-founders approached Shark Tank to overcome the financial obstacle they faced earlier.
The company already had great momentum, with product sales surpassing manufacturing. They had sold around $1.6 million in a span of just 6 months.
When the company brought this forward to the sharks, they were apprehensive at the start about its value. However, they came to know that the product had good sales and margin after all.
Upon introducing the gadget to the future co-founder, Sean Kelly, he was instantly impressed. Ferranti explains how he worked tirelessly to nail the correct specification for Draft Top.
He went to different stores to inspect beer can sizes to improve the compatibility of the product.
Towards the end, the co-founder duo visited Bed Bath & Beyond to study different can openers so that they could understand the logic of can openers.
Finally, the duo conceived around 12 prototypes of Draft Top. Soon after, the product was set for launch.
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How Was The Shark Tank Pitch of Draft Top?
The Draft Top pitch by Armand Ferranti & Patrick Parizo was the final pitch made on season 12 of Shark Tank. The duo presented in front of the sharks a unique way of enjoying beer through a can through the removal of the aluminum top.
The co-founders stated that this allowed consumers to get a taste that’s very similar to the draft form. Thus, opening up a much more pleasant drinking experience. The young entrepreneurs came seeking a $300k investment for 10% equity in the company.
The primary goal for the company as the founders pitched their product was to gain one of the sharks as a partner and mentor to guide them through business decisions.
Initially, the sharks appeared to be concerned with Draft Top’s valuation until their impressive sales number cleared the doubts. The sharks were also concerned with the tool’s usability as they had a difficult time using it.
The co-founders then quickly came to defense, stating the use of social media to assist consumers in utilizing the product correctly. As a result of this, shark Daymond John decides to put out an offer for the product.
Daymond’s deal was all that the co-founders needed, and they instantly accepted his offer without any counteroffer. Funny enough, the Sharks began to learn Draft Top properly.
Final Deal: The company received its initial amount from Daymond. However, there were some slight changes made. So, instead of the original 10% equity, Raymond offered $300k for 20% equity, and Draft Top accepted the deal.
What Happened To Draft Top After Shark Tank?
After appearing on the show with their Draft Top pitch, the company was able to get a deal with Shark Daymond John. At the time of airing, Draft Top sold for around $20. But, much has changed after the $300k for 20% equity deal made during the show.
Draft Top officially launched the company website on the 15th of June, 2020, which remains active to date and releases various updates relating to the company & the tool.
The company’s launch after the show resulted in all 3k Draft Top pieces sold off within 24 hours. By December 2020, the company had sold all the Draft Top 1.0s, and currently, the website has Draft Top 2.0s.
The site also handles other products and merch sold through the website. Draft Top currently offers various beer can sizes ranging from 8-16oz. Not only that, but according to Draft Top, the company also secured a partnership with NASCAR as part of NASCAR’s playoff weekends.
However, without any statement releases and updates on the partnership, it’s uncertain whether Daymond closed the deal with Draft Top or not. Regardless, the company has seen great success since its initial appearance on Shark Tank.
So far, the company has received great reviews from customers as a result of the company constantly trying to reinvent the product in different ways and sizes.
Draft Top also has an impressive amount of customers that purchase the product through their site or Amazon.
Draft Top Update
Draft Top seems to have made a few corrections and fixes on their product since the initial launch after Shark Tank. The co-founders ensured that certain design flaws were corrected in newer models.
Aside from Draft Top 1.0s, the company also launched an upgraded version of the tool called Draft Top 2.0. The 2.0 Draft Top comes with a better design and functionality than the first.
The co-founders of Draft Top assure that the product can also be custom-made for parties or weddings. Draft Top is also very much active on their social sites, such as Instagram.
They have garnered a substantial amount of buyers and audience response and continue to make sales till today by constantly engaging with the customers.
Is Draft Top Still in Business
After Shark Tank, the company increased its brand efforts and launched its official site. The site continues to handle the purchasing aspect of Draft Top as well.
Draft Top still makes great sales and plans to release different versions of the product further. After the first launch, the founders also released improved versions of the Draft Top.
The company still makes the effort of restocking items, meaning they are still pretty active in the business scene. Although the company faced some customer complaints about the lack of easy usability, Draft Top quickly responded through the tutorials and tips available on their website.
Currently, the Draft Top 2.0 retails for around $24, while bundle packs of Draft Top sell for about $44. The tool can be purchased through the company’s website or Amazon as well.