Obvious Wines Raises Crowdfunding after Shark Tank Deal
Obvious Wines has a net worth of $5.8 million USD. Obvious Wines founder Brice Baillie presented his concept of simplified wine labels on Shark Tank.
Despite skepticism from some sharks, Lori Greiner was impressed by the unique approach and delicious wines, offering a $160,000 investment for a 5% stake.
Obvious Wines Net Worth
| Net Worth | $5.8 Million |
| Annual Sales | $1.69 Million |
| Founder | Brice Baillie |
| Asked For | $150k for a 5% equity |
| Shark Tank Deal | $160k for 12.5% equity |
| Investor | Lori Greiner |
| Lifetime Sales | $7.5 Million |
Scrub Daddy Net Worth, Profits for Lori
Obvious Wines Sales Revenues
Obvious Wines was in its early stages when it appeared on Shark Tank, having only generated $100,000 in sales through wholesale in its first seven months. However, the exposure and investment from Lori Greiner on the show proved to be a significant boost.
Following the episode, Obvious Wines saw a tremendous leap in revenue, reaching $1.05 million in 2020 and $1.3 million in 2022, marking a 10-fold increase from their pre-Shark Tank sales. As of today, the company generates more than 150,000 in monthly revenues.
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Additional Funding
As mentioned before, Lori Greiner invested $160,000 for a 5% stake in the company on Shark Tank in 2018. However, in 2020, Obvious Wines raised an additional $1.2 million through an equity crowdfunding campaign on StartEngine.
Shark Tank Pitch
Brice Baillie started Obvious Wines in 2018 to make wine simpler for everyday consumers. He wanted to remove confusing labels with complex jargon and grape varieties.
Simple Labels
Obvious Wines introduced clean, easy-to-read labels with just a number and a descriptor: Crisp & Citrusy (No. 1), Smooth & Bold (No. 2), and Sweet & Fruity (No. 3). Each number matched a specific taste, making it easy to choose.
The Pitch
Baillie explained his goal of making wine accessible, especially for millennials who find traditional wine labels confusing. He emphasized that Obvious Wines removed the guesswork by focusing on taste profiles rather than technical details.
Shark Reactions
- Kevin O’Leary: Thought the market was too competitive and the numbers were unnecessary.
- Mark Cuban: Liked the branding but worried about long-term success.
- Barbara Corcoran: Found the branding unmemorable and opted out.
- Robert Herjavec: Liked the simplicity but was concerned about scalability. Offered $150,000 for 20% equity.
- Lori Greiner: Loved the concept and taste, offering $150,000 for 15% equity, emphasizing her distribution network.
Negotiations
Baillie highlighted his sales growth and commitment to quality. He countered Greiner’s offer with $150,000 for 12% equity, but she stood firm at 15%. He finally accepted her offer.
Conclusion
Success: The Shark Tank exposure significantly boosted Obvious Wines. Greiner’s investment and QVC partnership led to a tenfold increase in sales and national recognition.
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