Using a computer with a snack on the side is a common scenario nowadays, but eating while working always makes a mess. Snactiv’s finger chopsticks were made to help with this issue. This product was created by Edwin Cho and Kevin Choi, who got a deal with Lori Greiner and Kevin Hart on Shark Tank. As of 2022, Snactiv is worth $2 million.
About the Founders
Edwin Cho and Kevin Choi are design professionals from Los Angeles, California. Eddie studied international business and finance at New York University, and Kevin has a degree in toy design from Otis College of Art and Design.
After graduating, Cho worked at a children’s software startup called Fuhu. Through this, he made a lot of connections with people in multiple industries and one of them happened to be Kevin.
Choi worked as an industrial designer at well-known companies like Disney and Magic Jump Inc. He and Edwin also worked together at Mattel, a toy manufacturing and entertainment company.
Establishing the Company
The two entrepreneurs wanted to move on from the corporate world and decided to start a business together. In 2020, they teamed up to launch Snactiv under Inoobi, Inc. The inspiration behind it was from their personal job experience.
Kevin always snacked while working, and the mess it made on his fingers constantly annoyed Edwin. They worked together to design a multitasking tool, which was a convenient finger chopstick that kept the hands clean.
In 2021, they launched their invention on Kickstarter and raised $41,700 from 911 backers. The product was well-received, and they made $187,000 in sales before Shark Tank.
Shark Tank Appearance
Because Snactiv had a good reception, it got a lot of orders. To keep up with the demands, they needed to raise more capital. In early 2022, Edwin and Kevin appeared on season 13 of Shark Tank, asking for $200,000 for 10% of their business.
The Sharks initially laughed at the product and thought it was a great gimmick. However, they were caught off guard when the founders mentioned their sales. With this, Kevin O’Leary made the first offer of $200,000 for 10% equity and $1 per unit royalty. We all know that Kevin loves a royalty deal and his offer was very aggressive.
Lori Greiner teamed up with guest Kevin Hart to propose $200,000 for 20%. After a heated debate between the Sharks and founders quickly accepted their offer.
After Shark Tank
Since the episode aired on TV, Snactiv has had issues with other companies creating cheap knockoffs. Despite this, the company is still thriving and as expected got a massive bump in orders after the show. Snactiv is extremely popular with people who work in tech and gamers.
The product is now available at retail stores such as Target and Walmart. You can also buy it online through Amazon and their website. They have expanded outside of the US, partnering with third parties to sell in Taiwan, South Korea, and Hong Kong.
Snactiv continues to rack up positive reviews, averaging 4.4 stars on Amazon from over 240 customers. The company is yet to release any recent sales figures but is currently estimated to be worth $2 million.