Is Zipz Wine Still in Business in 2023?
Zipz Wine is a brand that provides single-serving, portable and easy-to-use wine packaging. The unique design features a stemless wine glass that is created by using high-quality, shatterproof PET plastic. After that, it is filled with wine and sealed with a patented, resealable, and tamper-proof lid.
The packaging aims to offer a convenient way for customers so that they can enjoy wine when conventional glass bottles and glasses are impractical like at outdoor events, concerts, or picnics.
Andrew McMurray set up this company. He represented Zipz Wine on Shark Tank season 6, episode 11. He aimed to provide wine lovers with a convenient and portable option without damaging the taste and quality of the wine.
McMurray wanted to get an investment so that he could expand the distribution of Zipz Wine and grow the business. He managed to secure a deal with one of the Stark’s named Kevin O’Leary who thought that the product had huge potential in the wine industry and may widen the beverage market.
After appearing on Shark Tank, Zipz Wine gained incredible popularity and managed to expand its distribution and partnerships with different venues and retailers along with stadiums, grocery stores, hotels, etc.
The company is continuously growing and evolving and offering a convenient and unique solution for wine lovers who are looking for a portable option.
Zip Wine is a single-serving wine glass that features a goblet design. It comes up with a prepackaged plastic wine glass, which is shrink-wrapped. You just have to remove the shrink wrap, and you are all set to enjoy your wine.
As soon as you remove the shrink wrap, the Zipz wine glass seems to be like the regular glass. These wine glasses feature screw lids to store wine inside them.
You can buy different assortments of red and white wines from Zipz Wine. Also, Zipz got the biggest deal in the history of the Shark Tank show. When the company was represented on Shark Tank the valuation of it was $25 million. As of 2023, the company has an approximate net worth of $50 million.
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What Is Zipz Wine?
Zip Wine is a ready-to-drink single-serving wine glass. This is an ideal product for those people who prefer to drink while they travel. The Zipz Wine bottle packages the wine as per your choice and it looks like the standard wine glass.
Zipz Wine is a portable single-serving wine glass packed with wine. The unique plastic Wessel serves as a wine glass. You may zip off the outer covering of the packaging and you may also use it as a coaster. It is a leak and spill-proof product that saves the wine from UV rays.
Zipz Wine has gained popularity due to its convenience and portability. This is a joint venture of Andrew McMurry and J. Henry Scott who are experts in the wine industry. The Zipz Wine is now available in nearly 1200 stores all over the US. Arctic Beverages has certified it under the name Chillin brand of wines.
You just need to remove the outside wrapper to enjoy the beautiful drink. The founders of Zipz Wine promote the product as a portable wine glass that does not spill or leak while you travel. Zipz Wine got one of the highest deals on the Shark Tank show. Kevin O’Leary has invested $2.5 million in exchange for a 10% share in Zipz Wine.
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Who is the founder of Zipz Wine?
Two experts in the wine industry, Andrew McMurry and J. Henry Scott set up Zipz Wine. The primary aim of the founders behind creating Zipz Wine was to offer a prepackaged single-serving wine that can be carried easily and is more hygienic. McMurry and Scott put their best effort into the concept and introduced Zipz Wine by working day and night.
Andrew McMurray hails from Scarsdale, New York. He completed his education in business, management, and marketing from the University of Massachusetts Amherst and became a graduate in 1990.
Andrew became the vice president of Zachys Fine Wine three years after obtaining his bachelor’s degree. You would be surprised to know that he still holds the position now. Although Andrew runs the company with his partner J. Henry Scott, he came up on Shark Tank alone.
J. Henry Scott completed his education in engineering at Rutgers University. He got his first job as a producer at the Indie film company HD Productions. He started to serve in corporate development at AirSpa in 2010 which is a health and wellness company.
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What occurred to Zipz Wine before Shark Tank?
Two experts in the wine industry, Andrew McMurry and J. Henry Scott made up their minds to work on a single-serving wine glass with better packaging that can be carried easily from one place to another.
When they introduced the first line of designs, it was not perfect and did not contain any wrapping. That is why there was a high chance of leakage of wine from the package. Scott concentrated on improving the package design.
After that, the founders launched the Zipz into their packaging and created Zipz wine in which the outer package was easily zipped off.
The zip of the Zipz wine plays a dual role as a lid and a coaster. This has made the Zipz wine more convenient to carry and drink along with high shelf time.
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What occurred to Zipz Wine on Shark Tank?
Andrew represented his product, Zipz Wine on the Shark Tank show intending to get an investment of $2.5 million in exchange for a 10% stake in their business.
The sharks became surprised and reacted unusually after listening to the amount the Zipz Wine founder appealed for rife investment in their product.
The founder of Zipz Wine said that Zipz is a packaging and licensing brand that offers an alternative to disposable bottles and glasses packed with wine for easy serving. After this, Andrew zipped off the outer cover to show the products.
Andrew then said that the covering of the Zipz Wine packet saves the wine from UV light. Andrew then unscrewed the cap of the glass and attached the kid to the bottom to ascertain the dual role of the glass as a coaster.
James Martin came up on the show twice with an identical product named Copa-di-vino and refused to work with the tanks. Andrew told the sharks that they got offers from more than 25 investors who wanted to invest in Zipz wine for a sum of $8.5 million.
Andrew said that the investors are mainly Wall Street professionals, along with three professional sports franchise owners. As per McMurry, the Zipz wine has managed to earn $650,000 in revenue since its beginning.
You can buy Zipz Wine from any of the 1200 outlets available in the United States. The founders are eagerly waiting to secure a distribution deal with Costco so that you may get Zip Wine in Costco too.
O’Leary and all the other sharks entered one by one. Kevin said that if he wanted to get his Costco merchandise he had to lower the price of the product.
Andrew replied that they could alter the package. Kevin O’Leary accepted the proposal as he would be able to buy an extra 10% stand for the exit.
For instance, in case the valuation of the company was at $50 million, O’Leary could buy 20% of the company for $10 million. In this way, Andrew McMurry managed to get a $2.5 million investment from Kevin O’Leary in exchange for a 10% stake in the business which is supposed to be the largest deal of the show.
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Zipz Wine Shark Tank Recap
The Shark Tank pitch of Zipz Wine, illustrated by the creator Andrew McMurray, concentrated on the creative single-serving, portable wine packaging that made it easy for the customers to enjoy wine in different settings where conventional glass bottles and glasses are impractical.
At the time of representing Zipz Wine, McMurry put some extra light on the features of Zipz packaging along with the stemless wine glass made up of high-quality, shatterproof PET plastic and the patented, resealable, tamper-proof lid.
He also highlighted the potential market for the product in outdoor occasions, concerts, picnics, and other platforms where convenience and portability are very important.
McMurray asked for the investment to develop the distribution of Zipz Wine and expand the business. He managed to grab the attention of one of the sharks Kevin O’Leary with his pitch. Kevin O’Leary found potential in the time industry and the broader beverage market.
After negotiating a few times, McMurry and O’Leary approved a deal. Kevin O’Leary invested in the business in return for a certain stake.
The Zipz Wine Shark Tank pitch went well as it displayed a unique product with a transparent market and the possibility for expansion.
With the investment from Kevin O’Leary, the founders drove their business forward which led them to expand their distribution and increase their brand recognition.
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What occurred to Zipz Wine after Shark Tank?
The creators of Zipz Wine managed to secure one of the largest deals on the Shark Tank show. Nevertheless, the future of the company was not as bright as the sharks thought during the show.
The inventory of Zipz wine encountered a lot of challenges after the Zipz Wine Shark Tank episode. One of the most significant problems they faced was that they were not ready for the high sales volume and consumer demands and they could not cope with it.
Andrew and Kevin checked the facilities. Zips also got a national partnership with Arctic Beverage. Chilling is the company’s Chilean wine line.
Andrew said that their responsibility was to focus on the packaging and royalties collection. It was really difficult to get a national partner because of the piggyback impact of the other companies.
As Zipz got its way onto shop shelves where Chillin was already reached, other wine companies were also eager to take part. This was about grandiose concepts to Andrew.
Zips was supposed to be his gift. He made up his mind to leave a long-lasting impression after spending decades in the wine industry. Kevin appreciated Andrew by saying “You have performed admirably, grasshopper. You’ve concentrated on royalty”.
Andrew and other members of Zipz have assured their futures in the wine and packaging industries by changing their business model.
Zips stopped its wine-making business eventually and started to concentrate on licensing deals. You can purchase zip wine packets from various stores all over the nation. You may also get them from e-commerce websites like Walmart and Amazon.
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Zipz Wine Shark Tank Update
The Zipz Wine company carried on operating as an organization that licences its packaging technology though it has a shortage of online presence. After coming up on Shark Tank Zipz Wine encountered several problems.
They were not ready for the huge amount of sales and that is why they were not able to meet the high demands of customers. That is why they made up their mind not to be involved in wing production any more. They decided that they would only focus on licensing their packaging.
You may still find the products of Zipz Wine in stores and on websites like Amazon. Moreover, Arctic Beverages has licensed Zipz Wine packaging and sells it under the Chillin company.
Zips stopped its wine production in 2017. Kevin helped the company with its new venture.
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Conclusion
Zipz Wine has proved itself as a successful business. Though the company has stopped its wine business, that does not mean it has stopped its entire business. It is still active in the licensing packaging business.
FAQs
Who Are The Investors In Zipz Wine?
As per the inventors of Zipz Wine, nearly 25 investors invested $8.7 million in the company in 2014. Kevin invested $2.5 million for a 10% share in Zipz Wine on the Shark Tank show.
Andrew said that most of the investors were Wall Street professionals along with the owners of three professional sports teams.
How Does Zipz Wine Make Money?
The company sells its products in more than 1,200 stores all over the country and has managed to earn $650,000 in revenue every year from the beginning.
The products of the company are sold at sporting events and six stadiums after joining Fetzer. Andrew also said that they have had discussions with other wine companies like Yellow Tail. But one day they declared that they were going to stop their wine business and are going to concentrate only on their Zipz packaging business.
Is ZIPZ Wine Still In Business?
After coming up on Shark Tank and getting a deal with Kevin O’Leary, Zipz Wine gained huge popularity. They were able to expand their distribution and partnerships with different values and retailers along with hotels, stadiums, and grocery shops.
After the show, the company was able to gather extra money and develop its product line to add more wine varieties and packaging options.
The founders kept innovating their business by introducing new packaging designs and growing its distribution to new markets.
They have also collaborated with various wine companies to make custom-branded packaging for special events and occasions. With the help of the exposure after the Shark Tank show, they were able to establish their business as a renowned company in the wine industry.
The company has stopped producing wine. However, it is still carrying on its licensing and packaging business for other beverage producers.
