Peanut butter is one of the most beloved spreads in the world. However, getting every drop out of a jar is a frustrating task. Enter Andy Scherer’s Peanut Butter Pump. It’s perhaps the easiest way to make your PB&Js without letting any peanut butter go to waste. The product was featured on Shark Tank but didn’t get a deal. As of 2022, Peanut Butter Pump is worth $250,000.
About the Founder
Hailing from Burbank, California, Andrew Scherer is a man of education. He has one bachelor’s degree in English and one in comparative literature. He earned both from the University of California, Santa Cruz.
In 2001, he studied for an MBA with a focus on marketing and finance at the Anderson School at UCLA. After this, he landed his first job as the funds’ transfer VP at California Commerce Bank.
In 2007, he was hired to be the global compliance director of Associated Foreign Exchange. Four years later, he was promoted to business development director, working on mergers and acquisitions.
Founding the Company
Andy had a good career in finance, but he was fired in 2016. This inspired him to become an entrepreneur. As an avid lover of peanut butter, his first business idea was something that could help him make his favorite sandwich.
In 2017, he established Peanut Butter Ventures. Under the company, he created the Peanut Butter Pump. As the name suggests, it pumps peanut butter out of a jar, and it doesn’t waste one bit.
The aspiring businessman started an Indiegogo campaign in 2019. Initially he asked for $20,000 but got more than $163,000. However, he needed more money to fulfill pre-orders.
Shark Tank Appearance
To get help with production, Andrew appeared on season 11 of Shark Tank, asking for $200,000 in exchange for 15% equity. An ambitious valuation considering how low sales were and how niche the product is.
The Sharks weren’t impressed with the product. What came next was a hilarious exchange ignited by peanut butter enthusiast Kevin O’Leary. The Sharks had a good laugh at Andrew’s expense, and they didn’t like that he took some of the pre-sale earnings for personal use.
Daymond John and Lori Greiner went out because they believed the business wasn’t solving a problem. Mr. Wonderful also raised some concerns related to refrigeration. Eventually, all the investors were out, and the entrepreneur went home empty-handed.
After Shark Tank
Despite not scoring a deal on Shark Tank, Scherer is still operating the business. The Peanut Butter Pump has been featured in many media outlets, most notably the Food Network and Cosmopolitan.
Since the show, the business has had issues with manufacturing and shipping. On their official website thenuttyinventor.com, the Peanut Butter Pump is still in pre-order status and says “The estimated shipping date of this product is 3/15/2020.”
Andrew is slowly fixing the problems, and he constantly updates his backers on Indiegogo.com. As reported by SharkTankBlog.com, the production samples arrived in August 2022 but more problems need to be fixed before production can begin.
Hopefully, he will be able to fully deliver all the pre-orders by the end of 2022. The company is currently valued at an estimated $250,000.
