What Is Third-Wave Water?
Third Wave Water is a combination of all-natural minerals and distilled water that makes the best coffee-brewing water. Third Wave Water’s designers, Charles Nick and Taylor Minor had previously generated a stir in the specialty coffee brewing market.
For each of the two water profiles: espresso and traditional, Third Wave Water packages supply three important minerals. Simply combine one packet of minerals with one gallon of distilled water, mix well, and pour into your choice brewing device.
Who Is the Founder of Third Wave Water?
Third Wave Water was founded in 2016 by Taylor Minor of Telemetry Roasters and Charles Nick of The Wright Cup. On an ordinary dinner night in Ohio, Nick expressed his desire to develop a concentrate of Minor’s refined water blend for his coffee clientele, and Third Wave Water was created.
Both Charles and Taylor have a technological background. They were also the owners of a few coffee businesses. Charles wanted to recreate Taylor’s water blend, which he had perfected at his shop. They came up with the idea for Third Wave Water capsules at that point. They began in January 2017 with a successful Kickstarter campaign, which raised $26,795 in funding.
Traditional and espresso flavors are available in the capsules. One gallon of water can be treated using a packet of 12 capsules, which costs $15. A set of twelve five-gallon capsules costs $25. It amounts to less than ten cents per cup of coffee. Several internet reviewers mocked the idea of dehydrated water, while others thought it added a smidgeon of enjoyment to coffee.
What Happened to Third Wave Water at Shark Tank Pitch?
In Shark Tank episode 3 season 9, Charles Nick and Taylor Minor presented Third Wave Water in search of a Shark to assist them with marketing and distribution. Charles and Taylor submit an application to Shark Tank for $100,000 in exchange for a 10% ownership in their company, which has a $1 million valuation.
They tell their story, make their pitch, and then serve two cups of coffee to each Shark. The coffee in one cup was made with tap water, whereas the coffee in the other cup was made with processed water. The Sharks are unanimous in their opinion that the Third Wave coffee is superior. Sales were barely $4000 in 2015. They made $66,000 in 2016, and they plan to make $120,000 in 2017.
Lori decides that combining the packets with filtered water is too difficult, so she goes out. For the same reason, Robert passionately pursues Lori. Kevin believes there is a market for this, but it is insufficient for him; so, he goes out as well. Mark thinks it’s too specialized for him, therefore he’s out.
Barbara likes the concept and believes she can make it a success. She offers $100,000 in exchange for 33.3 percent ownership and a $2 per unit royalty until she receives her money back. Barbara accepts the gentlemen’s offer of $100,000 for 25% stock shares plus a $1 royalty, and they eventually leave the presentation with a deal.
After Shark Tank, What Happened to Third Wave Water?
The transaction with Barbara did not close after the show aired, and the two guys left the pitch without a deal, but they still have access to some of the people she works with. They still have a good relationship, and she is featured in the company’s header. As a result of the “Shark Tank Effect,” sales increased as projected.
In 2019, Tethys, a coffee shop water filter and mineralization system, was launched. They rent out the system to customers. It basically combines their water mineralization powder with a commercial reverse osmosis machine. As of January 2022, the company is still operating, with annual revenue of $1 million.
Third Wave Water’s Net Worth:
During the pitch, the company was valued at $1 million; after Barbara invested, the company was valued at $400,000. The corporation has a net worth of $2.5 million in 2022.