Overview
Copa di Vino is a single-serve wine in a glass that allows people to enjoy wine anytime, anywhere. The founder, James Martin, took his product to Shark Tank twice, and rejected all offers each time.
As of 2024, Copa di Vino is worth $20 million.
Shark Tank Appearances
James Martin made his first appearance on season two of Shark Tank, asking for $300,000 for 5%.
Kevin O’Leary proposed $600,000 for 51% but the wine entrepreneur thought it was too high and rejected the deal. By the time he left the Tank all the Sharks disliked him.
A year later, Copa di Vino went from $600,000 to $5 million in sales but still suffered from inventory issues. He was eager to get back on the show and rub the Sharks noses in his success.
In 2012, he appeared on season three, still seeking $300,000 for 5%.
This time, the Sharks were all interested.
Kevin, along with Mark Cuban and Robert Herjavec, offered $600,000 for 30%. James paused to have a sip of wip during negotiations which further annoyed the Sharks and they all pulled out.
After Shark Tank
After the first episode aired, the company grew distribution by partnering with major retail brands like 7/11, Walmart, Kroger, and Ralph’s Wines.
Although he’s one of the most hated pitchmen on the show, not taking a deal worked out better for him in the long run. The company continued to grow and the inventory problems were fixed.
Copa di Vino was acquired by Splash Beverage Group for $5.98 million in December 2020. At this time, Copa di Vino was making $2 million in annual revenue.
Since the acquisition, Copa di Vino has grown annual sales to nearly $6 million. As a result, the business is now worth an estimated $20 million. Personally, James Martin’s wealth is estimated to be $4 million.
Splash Beverage Group is a publicly traded company on the NYSE and has a market cap of $29 million. Currently, Splash is losing money and the stock price has dropped 50% over the last year.
James Martin’s Background
James Martin was raised in Dalles, Oregon and studied electrical engineering at Linn-Benton Community College and mathematics at Portland State University.
In 2003, he became the head of the beverage manufacturing company Quenett.
When James got the chance to acquire an abandoned flour mill in the area, he was motivated to turn it into a winery. His neighbors and family helped him open up the Sunshine Mill Winery in 2005.
Founding Copa di Vino
James Martin went on a vacation to France to visit their iconic vineyards where he rode a bullet train and initially thought of the idea of drinking wine anytime, anywhere.
When he returned home, Martin was driven to develop the technology to make his concept a reality.
The product was ready in 2009, and the founder named it Copa di Vino, which means “a glass of wine” in Italian. Martin eliminated the need for a bottle and corkscrew.
When placed in a cup, the shelf life of wine significantly shortens, but the entrepreneur also found a way to prolong it. Because of this, his business boomed.
Lessons From Copa di Vino’s Success
Based on the Shark Tank episode about Copa di Vino, here are three practical tips for aspiring young entrepreneurs:
1. Know your worth and stand firm
James Martin walked away from an initial offer because he believed in the greater potential of his business. It’s crucial for entrepreneurs to understand the true value of their business and not settle for less, even when faced with tempting offers.
This demonstrates confidence and long-term vision.
2. Prove your concept and show growth
When James returned to the tank, he highlighted significant growth, going from $500,000 in sales to $5 million in a year. Demonstrating substantial progress and proof of concept can significantly enhance the credibility of your business and make it more attractive to potential investors.
3. Be prepared for negotiations
James faced tough negotiations and different viewpoints from the Sharks.
Being prepared to negotiate, understanding the investor’s perspective, and being flexible can help in securing a deal that benefits both parties. It’s important to balance your vision with practical compromises.
These tips highlight the importance of valuing your business, demonstrating growth, and being strategic in negotiations.
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