Hot Shot Coffee Net Worth 2022 – Shark Tank Update
During his travels through Japan, Danny Grossfield had the bright idea of bringing canned hot coffee to markets in the United States and beyond.
After spending six years developing his products, Danny went on “Shark Tank” in 2015 to raise $300,000.
Let’s check in to see if he closed the deal he was after and how HotShot Coffee is doing today with a valuation of less than $100,000.
What Is Hot Shot Coffee?
In a country like Japan, where people are constantly on the go, it’s no surprise that coffee in a can would be a best seller. This concept, however, has never been investigated on a broad scale in the West.
HotShot is a technologically advanced take on the traditional coffee mug. Espresso, Chocolate, Caramel, and French Vanilla are just a few of the tastes that can be found (among others).
A miniature “hot fridge” keeps the coffee warm until it is ready to be served.
According to Danny’s plan, stores selling his hot coffee in a can would also need to buy a hot fridge to keep the coffee at the right temperature for customers when they purchase the product. Did the sharks take the bait? Continue reading to find out!
Hot Shot Coffee Net Worth and Overview
Company Name |
HotShot |
Owners |
Danny Grossfeld |
Shark |
No shark |
Equity |
$300,000 |
Investment |
10% equity |
Location |
USA |
Networth |
Unknown |
Shark Tank appearance: Did it go through?
Asia’s $15 billion hot beverage industry was a significant factor in Danny’s estimation of HotShot’s potential for success. Danny estimated his company was worth $3 million based on his predictions.
Since the entire premise of HotShot coffee is predicated on the beverage maintaining its heat, any retail location wanting to stock the product would require purchasing one or more of the unique hot fridges.
HotShot is now offered directly to consumers responsible for purchasing both the hot fridge and the contents within.
Shoppers can order and get these items directly from their website.
In an episode of Shark Tank from 2015, Danny used these estimates to ask for $300,000 in exchange for a 10% stake in the company.
However, the Sharks were quite dubious and questioned Danny about his six years of development.
The Sharks didn’t think there was a good financial case for HotShot. Because Danny had spent so much time on the product’s development without conducting any tests, the investors were hesitant to back him personally.
They were also worried about the $2 million of Danny’s money that had already been invested in the project.
There was nothing in the pitch that made the Sharks interested, and they quickly rejected it.
Where is Hot Shot Coffee company today?
While Danny Grossfield’s passion for his product was evident on “Shark Tank,” that enthusiasm appears to have faded over time.
There is no evidence that the three cinema chains that the entrepreneur claimed would test the concept in 2015 ever did so.
The canned coffee was available for preorder in 2016 but shut the service down due to “production problems.”
HotShot’s 2018 product launch on Amazon gave the impression of increased momentum, although this was ultimately short-lived. As of 2022, the product no longer exists on Amazon, and the most recent reviews are dated 2019.
The company’s website remains active; however, shut down its social media accounts in January 2019. Even though HotShot’s store locator is still active, ordering via the website currently results in an error.
It’s not easy to discover other sources that corroborate the Shark Tank Blog’s assertions that HotShot is sold in multiple “hot boxes” across the country and that the company earns $2 million annually.
Unlike the best dishes we’ve seen on “Shark Tank,” it seems like HotShot has lost momentum.
Conclusion
The Sharks on Shark Tank probably wouldn’t have regretted passing on this opportunity. Hotshot hasn’t made a lot of money thus far.
While it remains questionable whether they are operational, annual revenues have failed to meet Danny’s forecasts. The Sharks unquestionably managed to avoid a disaster here.
