Here's How Shark Tank's BEERMKR Is Really Doing
Home-brewing device BEERMKR made a splash when it appeared on "Shark Tank" in 2021. The Boulder, Colorado-based company was founded by friends Aaron Walls and Matt Goff, who bonded over a love of brewing beer during their college days at Cornell University. The duo invented a home brewing system called BrewJacket — renamed BEERMKR — and debuted it at the Great American Beer Festival in Denver. They went on to launch a successful Kickstarter campaign that received nearly $400,000 in funding from 1,000 backers, per the Cinemaholic.
While beer brewing is usually left to the experts, according to the company's website, the BEERMKR automated countertop beer brewing machine is "easy enough for a first-time brewer, and also fully customizable for seasoned pros."
Working in tandem with a BEERMKR smartphone app, which alerts the user when the brew is ready to be removed from the machine, the BEERMKR website claims the system can produce the equivalent of a 12-pack of beer in three to seven days, requiring little effort or interference on the user's end. The company also sells beer kits, called MKRKITs, complete with all the ingredients necessary to create a variety of beers. This sounds great to us, but how did BEERMKR fare on "Shark Tank"?
BEERMKR got a big break on Shark Tank
The creators of BEERMKR presented their product during a May 2021 appearance on "Shark Tank." The entrepreneurs offered the sharks the chance to taste some of their BEERMKR-brewed beers and an opportunity to invest in the growing company. While the Sharks seemed to like what they tasted, they weren't as keen about what they heard — most notably, BEERMKR's total of 24 units sold.
Kevin O'Leary offered the company a deal of $500k in exchange for 4% equity with a 9% interest rate on the money invested. Ultimately, BEERMKR opted to turn down the deal and leave without an investment from any of the Sharks. In a post on the company's blog, co-founder Aaron Walls explained that repaying BEERKMKR's debt to O'Leary with manageable payments would've taken 30 years. "Having that sort of debt service sitting on our balance sheet just isn't healthy for a company of our size," he said.
While the BEERMKR entrepreneurs didn't leave the tank with a deal, they did get the opportunity to introduce the product to millions of potential customers, paving the way for future beer-fueled success. We've all seen just how powerful the "Shark Tank" effect can be, so it should come as no surprise that we count BEERMKR among the best kitchen tools we've seen on "Shark Tank."
BEERMKR's growth
Following their appearance on "Shark Tank," BEERMKR's creators were eyeing a new round of investments to spur further growth. As of May 2021, BEERMKR had sold 1,000 units and launched a fundraising campaign on Start Engine, bringing in nearly $129k in funds for a $12.3 million valuation.
Since "Shark Tank," the company has also been featured in several news outlets and won a prestigious award. In a July 2021 press release, BEERMKR shared that it had won gold at the National Homebrew Competition, beating out 164 other entrants.
As of 2023, the BEERMKR machine is available through pre-order on the company's website and out-of-stock on Amazon. BEERMKR sells new machines for $399. You can also purchase a pre-owned, refurbished machine. After being fixed up and thoroughly cleaned, BEERMKR sells these units at a discounted rate of $249. You can also purchase MKRKITS to further simplify brewing for between $16 and $26, various grains to make different types of beer, replacement parts, and even BEERMKR merch.