Founding Partner
written by Elizabeth Gearhart, Ph.D., patent agent at Gearhart Law
Summit, New Jersey – Gearhart Law, a New York area-based IP firm specializing in patent, trademark and copyright law, is pleased to announce that its client, Manhattan based Loliware®, won funding on the October 2, 2015 episode of Shark Tank. Chelsea Briganti and Leigh Ann Tucker were in the midst of a one million dollar raise, having raised four hundred thousand already. Gearhart Law helped them file their patent application before going on Shark Tank.
They asked the sharks for $100,000 for 10% of their company, but Mark Cuban had other ideas. He offered the entire rest of the raise, 600K, for 25% of Loliware®. Three of the other four sharks wanted in. Deals were flying! Barbara Corcoran gave the most convincing argument of why she and Mark would make the best investors. Mr. Wonderful and Robert lost out, but they’ll recover.
What is Loliware® and why were the Sharks so excited?
Loliware® is a new breed of cup, one that’s both edible and biodegradable. You can have your cup and eat it too! The Sharks loved the taste of the cups, which was a big plus. A part of the motivation to develop these cups came from a desire to keep paper products out of landfills. Imagine a party where you don’t need trash bags! It also helped them that they had a lot of interest from and contracts with distributors, including the party planning company “Save the Date” and another company, a large food distributor, who saw them at a tradeshow and make a deal with them.
To find out more about Chelsea and Leigh Ann and to order Loliware®, you can visit their website at http://www.loliware.com/.