Final Straw ranks as the world’s first collapsible and pocket-size reusable metal straw. The firm was co-launched by Mike Pepper and Rose Cohen.
Notably, this product is patented and started with a Kickstarter campaign where they managed to raise an impressive $1.8 million. Final Straw appeared on episode 1 of Season 10 of the famous Shark Tank show.
The two investors pitched the business to the shark and they hoped to get an investment deal of $625,000 for 5% equity in the firm. Eventually, they left that show without striking any deal. Where are they now?
What Does Final Straw Company Do?
The Final Straw is a reusable, stainless steel straw that is foldable and comes with soft tips on each end. What makes this product quite unique is that it is small enough to fit on a key chain that is the ideal size for a majority of the car key remotes.
How Was The Final Straw Company Launched?
Emma Cohen, FinalStraw Co-founder, spent a significant amount of time in Thailand when she was younger. During her stay there, she was exposed to the effects that single-use plastics had on the ocean. As a result, she spent most of her days cleaning up the washed-up plastic waste on the beaches.
After working in sustainability research, Emma decided to do her part and develop a collapsible and portable stainless steel straw. Later on, she partnered with co-founder Miles Pepper and together they launched Final Straw in 2017.
The team created the Final Straw with the assistance of a 3D printer.
What Happened During Their Shark Tank Episode?
Miles and Emma entered the Shark Tank show looking for an investment of at least $625,000 for 5% equity in their business. Eventually, Mark Cuban was the only Shark who gave them an offer. He offered the team the $625,000 that they wanted for 25% equity in the business. However, that deal was declined and they left that show without a deal.
By the end of 2018, the Final Straw Company had already managed to generate at least $4.8 million in sales. It was then clear that people are loving their product.
In 2019, the team automatically generated more than $13 million in sales. However, sadly along the way, they are always fighting copycats coming from China which has so far cost them millions of dollars in revenue. One copycat even used images from Final Straw’s Kickstarter campaign.
The Final Straw is available at more than 40 stores, including Bloomingdale’s. You can also buy the straw directly from their online store. Since their launch, they have added many accessories to the product line. The company is still in business and is estimated to have a net worth of around $13 million in 2022.