Despite the intimidating environment, a fortunate few succeed in winning over the wealthy investors that star in the ABC reality series “Shark Tank.” And it appeared that businessman Alexander Simone would be one of these fortunate people when he stepped onto the red carpet in Season 9, Episode 11. He made a pitch for ProntoBev, a specially designed wine chiller that quickly chills drinks.
During the product’s 2017 Season 9 airing on “Shark Tank,” entrepreneur Alexander Simone reportedly asked for $100,000 in exchange for 5% of the business, according to Shark Tank Tales. Although the Sharks passed on this particular deal, Simone eventually accepted another offer from Mark Cuban. So, where’s ProntoBev today?
What is ProntoBev drink chiller and the idea behind it?
Alexander Simone wanted to serve chilled wine to his friends, but his technique of straining the wine through a filter with salt and ice left a lot to be desired. Simone eventually obtained the ProntoBev aerator and chiller after thirteen prototypes.
Simone claimed ProntoBev to be the “world’s fastest” wine chiller and beverage cooler when he started a product campaign on Indiegogo. His goal was to raise over $53,000 and have 470 backers by the time he appeared on “Shark Tank” in 2017.
ProntoBev chills drinks to 20 degrees Fahrenheit in less than 30 seconds, according to BizzBucket, using cooling gel and a steel container. To help you determine the precise temperature at which your drink has reached, ProntoBev also features a digital thermometer on the side.
Despite this product’s usefulness, the “Shark Tank” investors weren’t convinced enough to invest $100,000 for a 5% stake, at least not entirely. For this reason, Simone did accept Mark Cuban’s $100,000 deal for a 25% stake in the business.
What happened to ProntoBev on Shark Tank?
In November 2017, Simone appeared on “Shark Tank” Season 9, Episode 11, requesting a $100,000 initial investment in exchange for 5% ownership in Pronto Concepts, which creates ProntoBev. Simone brought some momentum into his pitch, having just raised $54,000 (more than 200% of his goal) from backers on Indiegogo a few days earlier.
Nevertheless, John and Cuban were forced to decline the deal but accept a glass of chilled wine due to their concerns about his company’s $2 million valuation. Herjavec was the next to go, stressing that the company was too young to invest in the market and endorsement value, despite Simone’s best efforts to justify his exaggerated valuation by pointing to his competitors’ yearly revenue of between $10 and $20 million.
Proud of his market knowledge and endorsement value, O’Leary, a self-described wine expert, recognized ProntoBev’s potential and offered $100,000 for 50% equity. Greiner acknowledged the product’s potential but sided with the other Sharks, saying Simone needs more experience to develop her idea into a profitable venture, so she is passed over.
Simone tried to negotiate when all the Sharks had to offer was O’Leary’s, which they all agreed was greedy, but she resisted until Cuba intervened. Changing his mind, Cuban offered $100,000 for 25% equity, provided Simone could raise the remaining $100,000 needed to launch ProntoBev and a new martini chiller. Simone accepts the offer without missing a beat, and Cuban has a deal.
ProntoBev after Shark Tank
Regretfully, since the company’s “Shark Tank” debut, its status has remained ambiguous. Pronto Concepts’ Facebook and Instagram accounts are inactive, and the company last posted on Twitter in 2018. However, the company’s website is up and running, offering ProntoBev and a recently launched product called ProntoAer.
The agreement Simone made with the Cubans is also unclear. “We have far exceeded Mark Cuban’s contingency and are briefly offering additional shares,” reads a statement on Pronto Concepts’ invest page. We can only speculate why ProntoBev and Pronto Concepts aren’t listed on the online list of “Shark Tank” investments that Mark Cuban Companies have made.
Where is ProntoBev today?
According to ProntoBev, since appearing on “Shark Tank,” the company has raised an additional $100,000 from investors, meeting Mark Cuban’s demands. The leading company, Pronto Concepts, appears to be taking new investors, even though the situation is currently very contentious.
What is Alexander Simone doing now?
It is not surprising that Simone has switched to a new venture, Make X Now, as he previously stated that he has always been an inventor during his “Shark Tank” debut. Make X Now offers fellow inventors mentoring services on product discovery, prototyping, design, crowdfunding, manufacturing, and retail.
Anyone interested in hiring Simone for consulting work or having her consider bringing their idea to life can apply. A successful entrepreneur with over 54,000 TikTok followers, Simone shares his knowledge and experiences with fellow entrepreneurs in short videos that he posts.
Final Words
Even though all of that might make sense, the fact that this “Shark Tank” episode debuted in 2017 is probably not a good sign. ProntoBev may or may not be a success, but if you want chilled wine, you can achieve that with this easy trick that chills a bottle in five minutes. Although it’s not necessary, each has what wine-chilling gadget to purchase.
