Coffee Joulies Net Worth

29 Mar 2024, 00:00

Coffee Joulies Net Worth – $3 million

What is and net worth of Coffee Joulies?

Introduction

Put it down to first world problems if you want, but keeping your morning coffee at just the right temperature is a real struggle.

Sip it to early, and you risk cauterizing all your taste buds for a few hours—sip it too late, and you’ve got a lukewarm and slightly stale tasting swill to guzzle down.

It’s a daily battle.

At least it was, until Coffee Joulies (pronounced like jewel-eez, according to its founders) was created.

Back in 2013, two New Jersey friends got together to pitch their business to the pinnacle of angel investing reality television: Shark Tank.

The dynamic duo appeared on season 4 of the hit show to present their new product—some small metallic coffee beans that promised to keep your drink drinkable for twice as long as normal.

The pitch was a big success.

Fast forward nine years, and Coffee Joulies should be on its way to becoming a household name. So, is it?

Here’s everything worth knowing about this promising brand with global market appeal: how it was created, what it does, where it’s going, and the Coffee Joulies net worth figures you need to see.

What are Coffee Joulies?

In a nutshell: they’re little magic beans for your coffee—or tea, hot chocolate, cider, Chai (the list goes on).

In the words of the company’s co-founders, Coffee Joulies “quickly cool your coffee or tea to the perfect sipping temperature. Next [they] gradually release the heat back into your beverage to keep it in the ideal temperature range for longer.”

Produced by Sherrill Manufacturing in New York, the little stainless steel beans are filled with a product called PCM.

It absorbs heat until the liquid around it reaches 140 degrees F / 60 degrees C.

Once it reaches that point, the process flips into reverse, and it starts to release heat—magically keeping your cup of Joe at a perfectly sip-able temperature for up to 4 hours.

Coffee Joulies don’t need recharging, they don’t need updating, and—if you believe the marketing—they last forever.

Who founded Coffee Joulies?

Coffee Joulies is the brainchild of a couple of friends from Pennington, New Jersey.

Dave Petrillo and Dave Jackson are both mechanical engineers, and they worked on opposite coasts of the US until they reunited with a killer idea.

Dave Jackson now works as an engineer and co-owner of Coffee Joulies, while Petrillo acts as the president of the company.

The Early Days of Coffee Joulies

Jackson and Petrillo had their first batch of the magic beans manufactured in New York after fine-tuning their process for over 12 months.

They took their new product to the crowd-funding market by launching on Kickstarter the following year, and raised an impressive $300,000 over an eight week period.

Their success on the platform was so impressive, in fact, that Kickstarter put the duo in its Hall of Fame, increasing their brand visibility even further.

Armed with the funds to finance a full commercial production run, it wasn’t long before Coffee Joulies were catching some mainstream attention—including the eye of one of the largest music streaming platforms in the world.

Coffee Joulies and Shopify

In 2011, Jackson and Petrillo entered the Shopify Build a Business competition that had previously driven DODOcase into the business success stratosphere.

DODOcase—an iPad case that boasts former US president Barack Obama as a client—racked up a staggering 66,500 orders thanks to the competition.

Coffee Joulies were hoping for similar success—and they found it when they took out the Grand Prize that year.

From a small business out of a friend’s basement to global scale marketing, things were looking up.

And they were about to get even bigger.

Into the Shark Tank

The two Daves appeared on season 4, episode 15 of the hit show Shark Tank in 2013.

The pair pitched their request for a $150,000 investment in exchange for 5% equity in their fledgling business.

According to their numbers, the company was valued at $3 million, and it had turned a $50,000 profit in the previous financial year.

Throw in a manufacturing cost of $3.65 per Joulie, a retail value of $10 each, and a strong network of major retailers, and things were looking cash flow positive for Pentriilo and Jackson.

The 5 Sharks on the panel could clearly smell blood in the water—they all showed interest in the pitch.

In the end, however, the duo went with an agreement with four of the five Sharks, at $150,000 for a royalty of $6 per unit until the investment was repaid.

Where are Coffee Joulies now?

For a while, they were everywhere.

Thanks to their early financial success and the guidance of not one, but four keen investment brains, the Coffee Joulies brand went from strength to strength.

Available through the official website, on Amazon, and at many major retailers, the brand expanded into insulated mugs and alcohol-minded Joulies to keep that expensive glass of scotch at the perfect temperature.

While sales were strong in the years leading up to 2013, and in the three years following the company’s appearance on the show, demand—and manufacturing—seem to have dried up.

By 2017, the company was no longer updating its social media channels.

Every product on the official website is “sold out,” and stock on Amazon was in short supply.