There have been many attempts to replace plastic utensils, but none are as innovative as Loliware. The company sells the world’s first edible cups, which are made from seaweed and organic sweeteners. Founders Chelsea Briganti and Leigh Ann Tucker appeared on Shark Tank and made a deal with Mark Cuban and Barbara Corcoran. As of 2024, Loliware is worth $10 million.
Chelsea’s and Leigh’s Background
Chelsea Briganti is originally from Honolulu, Hawaii and attended the University of Hawaiʻi at Mānoa before pursuing industrial and product design at Parsons School of Design.
There, she met her future business partner, Leigh Ann Tucker. Leigh is from Atlanta and before moving to New York, she studied industrial design at Savannah College of Art and Design.
The two became best friends, and after earning their BFA in 2010, they founded their first company together, The Way We See the World was a design studio that lasted for over three years.
The Birth of Loliware
Chelsea and Leigh Ann once took part in a Jell-O contest. The innovators used their love of design and enthusiasm for the environment to create something that would help them stand out.
The ladies used seaweed to create biodegradable cups that were also edible. Not only that, the cups were made with natural sweeteners that produced different flavors. This made them suitable for various drinks and desserts.
They grabbed the number one spot in the competition and were inspired to turn it into a business. The pair raised $10,000 from Kickstarter in 2011 but didn’t start operations until 2015. In three months, the business made $110,000 in revenue.
Loliware’s Shark Tank Pitch
Although the startup was just three months old, Chelsea and Leigh Ann signed up for season seven of Shark Tank, seeking $150,000 for a 15% equity stake.
Everything went well with the pitch, from introducing the products to handing out samples. The ladies revealed that they had an ongoing funding round with $600,000 left to raise. Typically, the Sharks don’t like when companies have already raised money as their equity could get diluted in the future.
Robert Herjavec offered to finish the round if another Shark joined him. Different teams formed, but Mark Cuban and Barbara Corcoran won with a bid of $600,000 for 25%. Once again, Mark Cuban got picked over poor Robert.
Update After Shark Tank Episode
Mark and Barbara were happy to close the deal with Loliware, but it seems Corcoran is no longer working with the company. It’s not clear why, but the founders are pleased to still have Cuban on board. In 2018, they raised $73,000 on IndieGoGo and $49,000 on Kickstarter over 1,000 backers.
This helped them introduce the Loliware Straw, which struggled with production issues. The original edible cups are still available on Amazon and Loliware.com. However, the company has shifted its focus to selling directly to businesses.
That may be why the products don’t have many Amazon reviews, with a 3.3 star rating from 10 users. Nevertheless, Loliware received a $6 million investment from H/L Ventures, bringing its total fundraising efforts to $15.4 million.
Leigh Ann Tucker has left the startup and is currently working freelance in product development. Chelsea Briganti is running the ship by herself but has added more experience to the board. In May 2023, Jeff Wooster (former Global Sustainability Director at Dow) joined the scientific board.
Given the fact they’ve raised a lot of capital, the founders are under pressure to launch a commercial product. Hopefully, the company should start generating revenue soon as raising more money in today’s environment will be challenging.
