‘Shark Tank’ founder honors heritage with simple Vietnamese coffee hack — seals $600K deal in a tense pitch
This ‘Shark Tank’ contestant infused culture into her day-to-day life and built a brand around it. Debbie Wei Mullin grew up enjoying Vietnamese cuisine and drinks, despite being the third generation to live in America. It was her grandmother who first arrived in the States in 1975, around the end of the Vietnam War, as per the 'Shark Tank' Blog. Despite calling America their home, the family continued to pay respect to their culture. That’s how Debbie came up with Copper Cow Coffee, a one-step Vietnamese coffee maker. So what’s different about this coffee? It uses no ordinary coffee beans but special, nuttier ones, grown in Vietnam, called Robusta beans.
A little sweetened condensed milk is added to his coffee to cut the bitterness, making it a perfectly balanced drink. Debbie came up with a genius product that makes it convenient for anyone to brew Vietnamese coffee in minutes. “Our single, individual pour-overs allow anyone to make a gourmet coffee without any additional equipment,” she said on ‘Shark Tank.’ She demonstrated how the process works. One pour-over packet contains a biodegradable filter that has to be used while pouring hot water into the cup. “Immediately watch as your organic coffee drips directly into the cup,” she added. There’s no compromise when it comes to the coffee’s quality as the company has partnered with the best farms of Vietnam.
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Once the coffee is brewed, the Copper Cow Creamer containing condensed milk has to be added to give the final touch to the beloved drink. She impressed the investors with her brilliant educational background, from studying at MIT to working in the World Bank. Her company's 70% profit margin was another perk that had the judges invested in hearing more. Nevertheless, it was a risky deal given the high valuation she demanded. Lori Greiner loved the traditional filter she incorporated, but not so much the overall packaging. “The packaging, I don't think, conveys what this is about,” the investor pointed out.
Greiner also felt that coffee wouldn’t fit in her wheelhouse and opted out of the deal. “I love the idea, I think you're smart as can be. Very cool, but I'm out,” she added. The company has been losing money every year and raising investments to cover the expenses. Most of the ‘Sharks’ had issues with this business plan, except Mark Cuban. “You seem to grow in plateaus. You seem to get to a point, something happens, and you raise money,” Robert Herjavec correctly pointed out. When the entrepreneur revealed that the company would lose around $700K in the current financial year, everyone was shocked except Cuban. “That’s not the issue,” he said.
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“Why is it always ok, Mark?” Daymond John questioned. “That’s because if you can grow your way out of those losses, you can keep on growing,” Cuban explained. Although Debbie assured that the company would see cash flow profit in the next year, Kevin O’Leary still thought it was a risky move. “This is a very expensive bet that I’m not gonna take. I’m out,” he added. Cuban also opted out of the deal, but Herjavec came as a knight in shining armor, offering $600K for 8%. After going back and forth, Debbie sealed the deal.