SquareKeg is an innovative way to store your favorite party drinks. and it doesn’t take up much space, so you can put it in the fridge. When taken out, it turns into a sort of cooler. Tim Loucks pitched the product on season 14 of Shark Tank and got a deal with Kevin O’Leary. As of 2023, SquareKeg is worth an estimated $2 million.
About the Founders
The husband-and-wife duo of Tim and Birgitta Loucks are residents of Spokane, Washington. Birgitta studied beauty therapy after high school. While Tim graduated with a degree in business, communications, and life sciences from Eastern Washington University.
He initially worked in construction, mortgage lending, and sports promotion. Later in his career worked in sales and account management. Tim was a sales director at Spok for over two years and now works as a sales representative at Stryker.
Founding the Company
Though earning a degree seemed like an accomplishment at first, Tim soon regretted it. He was unsatisfied with the corporate world as it limited his creativity. During this phase, he got the idea of creating a container that could keep beverages cold.
So, he hired a team to design a minimalist product that can be placed inside a fridge and on top of a table with ease. He also made his wife co-owner of the business after a previous partner left. After months of hard work, they finally produced the first SquareKeg prototype.
Tim often refers to his product as a pony keg and the company launched in 2017. In 2020, the founder launched a Kickstarter campaign looking to raise $150,000 but ended up getting $60,000.
Getting on Shark Tank
In 2022, Tim and Birgitta Loucks were approached by Shark Tank producers. The couple couldn’t say no because they knew that the value the Sharks bring to a company is monumental. So, they signed up for it. However, it was only the husband who presented the product in front.
He reportedly filmed his episode in July of this year. Three months later, it was announced that it would officially air on national television and appear on episode 6 of season 14.
After Shark Tank
Although the episode recently aired, Tim should see a big bump in orders on the publicity from the show. In the short-term it will help lower the cost of customer acquisition, right now they’re using paid advertising and it’s very expensive. They lost $250,000 in 2021 and have just become profitable.
They sell two mini keg products, SquareOne and SK Nitro, which are available exclusively online. You can buy their products at Amazon and SquareKeg.com. On their website, the SquareOne model has an average rating of 4.9 stars from 103 reviews.
The only negative review we saw highlighted that it doesn’t work well with non-carbonated beverages. Also, the SquareOne model sells for $299 through their site and $279 on Amazon. Overall the product is pricey but there aren’t many portable kegs on the market. Currently, SquareKeg is making around $200,000 per month in revenue and is worth an estimated $2 million.
