What Happened To SauceMoto After Shark Tank?
We may receive a commission on purchases made from links.
Across the many seasons of "Shark Tank," we've seen everything from kitchen tools to ridiculous food inventions. One product that some consider a ridiculous invention is the SauceMoto dip holder.
In 2019, entrepreneurs Michael Koury, Tony Lahood, and William Moujaes appeared on "Shark Tank" with their product, SauceMoto. They described SauceMoto as a "dip clip," meaning it holds your dipping sauce for you while you're in the car. Ketchup, honey mustard, sweet n' sour sauce, you name it — SauceMoto can hold it.
The SauceMoto trio was hoping to find an investment of $45,000 in exchange for 15% of the company. Though the pitch was full of jokes and laughter, Kevin O'Leary ultimately offered SauceMoto a very serious deal of $45,000 for 50%. The trio negotiated O'Leary down to 25%, confirming the offer with a handshake and a plan to get the product into every fast food drive-thru window across America. So where is SauceMoto today?
Investors struggled to take SauceMoto dip clips seriously
Whether or not you've watched the "Shark Tank" episode featuring the SauceMoto pitch, you can probably imagine how well the Sharks would receive a plastic clip designed to hold a ketchup cup while you drive. In fact, the Sharks laughed. Barbara Corcoran even questioned the need for such a product.
To be fair, roughly 19% of America's meals are eaten in cars, Culinary Institute experts told CBS News, so there is certainly a market for products that can make the experience a little less messy. Besides, as SauceMoto argues, we have cupholders in our cars, so why not have a sauce-holder, too?
Despite the onslaught of skepticism, SauceMoto's founders succeeded in convincing the Sharks of their product's worth. Michael Koury, Tony Lahood, and William Moujaes struck a deal with Kevin O'Leary for their desired $45k, at the cost of 25% equity. Though 25% was more than the trio originally wanted to give up, O'Leary pointed out that if he was going to really make things happen for SauceMoto, he wanted to be their equal.
SauceMoto was an instant hit with Shark Tank viewers
The Sharks may have found the SauceMoto dip clip laughable, but the product quickly proved itself in the weeks following the "Shark Tank" episode airing. According to Inc., SauceMoto actually sold out its entire inventory, a post-episode phenomenon as the "Shark Tank" effect.
True to his plan to get SauceMoto into drive-thrus, Kevin O'Leary helped the trio establish a branding deal with southern chicken chain Zaxby's. In stark contrast to the usual red SauceMoto clips, Zaxby's SauceMoto clips are blue, and don't appear to come with a removable ramekin.
As for its standard dip clips, SauceMoto added the color options of gray, black, and rose gold, available in 2- and 4-packs through the company website. Between O'Leary's assistance and the expanded product range, SauceMoto hoped to sell a million units by the end of 2019. It's unclear whether or not the company met that goal, but either way, how is SauceMoto doing today?
The SauceMoto dip clip family has welcomed new members
Not only is SauceMoto still alive and thriving in 2023, but the company has also launched a few new products. In early June 2023, SauceMoto announced on its Instagram that it had released donut and nugget ice cube molds. Although no one expected a company known for dip clips to sell a $10 ice cube tray, we're sure there are plenty of ice cube hacks to make the cost worthwhile.
Arguably more in line with the original SauceMoto products, the company also released a Sauce-cuterie board later that same month. The wooden boards come in large and small sizes, priced on Amazon at $35 and $40, respectively. The small boards have six spaces for sauce cups, while the larger ones have eight spaces. Talk about the perfect charcuterie board!
Currently, the ice cube trays and snack boards seem to be available only on Amazon, with the SauceMoto website remaining dedicated to dip clips. However, given how new these items are, it's possible they could eventually make their way to the SauceMoto website.
What's next for SauceMoto?
As of 2022, SauceMoto was valued at $200,000, though its new products may very well help boost its net worth. Michael Koury, Tony Lahood, and William Moujaes are all still involved with the company, headquartered in Cleveland, Ohio.
In addition to selling through the SauceMoto website and Amazon storefront, SauceMoto has reached shelves in Walmart, AutoZone, and JoAnn Fabrics. However, sites like Shein, DHgate, and even Etsy now sell knockoffs for as little as $0.92 apiece. Obviously, the availability of cheap knockoffs can cost a company big bucks, both in lost sales and in having to lower their own prices to compete. SauceMoto does not seem to have acknowledged any other dip clips as being a threat, so perhaps they're taking the mimicry as flattery. Besides, SauceMoto has a 4.6 star rating, as opposed to one knockoff version's 1.9 stars.
Regardless of what competitors are up to, it's safe to say that SauceMoto and the trio behind it will continue to release ridiculous products, and customers will continue to poke fun until they realize just how handy the products truly are. Yes, we'd like some fast food fries with that.