Adam and Desiree Haller came to the Shark Tank in hopes of securing $50,000 in exchange for 13% equity in their company, SubSafe.

Key Takeaways: SubSafe on Shark Tank Update

  • Product: Waterproof, crushproof container to keep sandwiches dry during outdoor activities.
  • Investment Ask: $50,000 for 13% equity.
  • Shark Response: Mark Cuban and Charles Barkley offered $100,000 for 25% equity, which was accepted.
  • Post-Show Success: SubSafe has seen increased sales and market expansion with the support of Mark Cuban and Charles Barkley.

What Is the Story Behind SubSafe

Adam, who is a fisherman, realized the need for a product to protect his sub and snacks from becoming soggy in his cooler when he would be out on the water for several hours.

This husband and wife team chose to make a BPA-free, waterproof, and crushproof container that keeps your lunch safe from water damage. The SubSafe can also serve as storage for important dry items like keys, cell phones, and wallets. Since the product floats on water, it ensures that its contents are always safe and secure.

This product is perfect for tailgating, camping, boating, beach days, etc.

 

SubSafe is offered in multiple sizes to safely store a 6″ or 12″ sub. It is specially designed to be flat on one end to allow the container to sit upright to double as a cup or bowl if needed.

The patent-pending product has attracted the attention of a major sandwich shop, which has reached out to Adam and Desiree about a possible partnership for a special promotion they want to launch. This sparks the interest of some of the Sharks, but they are mainly worried about the product’s low price, the narrow range of offerings, and the market size and opportunity for this product.

There is also concern about the actual product’s name and marketing.

Did The Sharks Keep the Offers Dry?

The Sharks are concerned about getting their money back and aren’t exactly sure how to structure deals with SubSafe.

Mark Cuban and Charles Barkley decide to go in together on an offer to SubSafe. They offer Adam and Desiree $100,000 for a 25% stake in their company. Their plan is to invest in marketing the product. This Shark combination is particularly powerful for SubSafe as they will get a fisherman with Charles, who understands the need for the product, and a digital market in Mark who can sell the product.

SubSafe accepts their deal and officially go into business with Mark and Charles.

Closing Thoughts

What do you think of Charles and Mark’s investment in SubSafe? Would you purchase this product? Sound off in the comments below!

For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 9:00 PM EST.