Prepdeck: Here's What Happened After Shark Tank
Many people like to cook from scratch. But, even if you're planning a super easy weeknight meal, there's still plenty of prep to do, from weighing and measuring ingredients to peeling, slicing, and grating. Not to mention the mess to clean up afterwards. That's where Prepdeck comes into play. Los Angeles-based entrepreneur Alexander Eburne created the invention after becoming sick of the kitchen chaos when he was taking over cooking to help his pregnant wife. Alone in the kitchen, he realized how difficult it was without somebody to help out.
His kitchen organization idea was so useful to Eburne, he figured, why not take it to the masses? After finding early success, he then brought the idea to "Shark Tank" during Season 13 of the series, to see if any of the investors were ready to cook up a profit and "bring joy back to cooking."
The original Prepdeck included 45 features, consisting of various compartments for storing ingredients, a fold-out cutting board, a drawer for accessories, and a container for scraps, as well as kitchen essentials such as a juicer and cheese grater. There was even a stand for a phone or tablet, so you could follow a recipe as you cooked. Eburne sought $750,000 for a 7.5% stake in Prepdeck, believing that with the sharks' help, the product would find mass appeal with many home cooks.
What happened to Prepdeck on 'Shark Tank'?
As Alexander Eburne explained to the "Shark Tank" panel, Prepdeck helps make meal prep more streamlined for easier, quicker, and cleaner results since ingredients, herbs, spices, and even utensils are stored in one easy container that's neatly divided into compartments. Eburne gave each shark a Prepdeck and some ingredients to demonstrate just how easy it is to use and also explained his sales to date.
Before his appearance on Season 13, Episode 16 of "Shark Tank," which aired in 2022, Eburne had already found some success with Prepdeck. He first launched it in 2018 on Indiegogo, with a goal of raising $25,000. In fact, he managed to bring in over $850,000, while also getting the product on Amazon. He sold more than 150,000 units and was named Amazon's 2021 Innovator of the Year.
Suffice to say, the sharks were impressed, especially since Eburne's profit margins were a healthy 69%, and his sales progressed from $1 million in 2019 to $6.2 million in 2020, with a forecasted revenue of over $10 million when he appeared on the show.
Shark Barbara Corcoran was the first to drop out, saying that she was not a fan of the plastic cutting boards included in Prepdeck, preferring wood or ceramic. Sharks Daniel Lubetzky, Mark Cuban, and Lori Greiner eventually followed, while Kevin O'Leary presented a deal. He offered $750,000, but as a loan at 9.5% interest, including a 5% stake in the business. Eburne countered for 3% equity and a 9% interest rate, but after the two couldn't agree, Eburne left with no deal.
Prepdeck after 'Shark Tank'
After appearing on "Shark Tank" in 2022, founder Alexander Eburne said that the response he received about Prepdeck from the sharks, and the confidence he gained was "amazing," and that he would "never forget" the experience. Although Eburne did not secure the $750,000 investment he was looking for, he nevertheless went on to successfully grow the brand for "the world's first all-in-one recipe preparation system" and to launch new products.
In 2021, Prepdeck acquired Chef Caddy, a system for neatly organizing spices. In 2022, additional new products included the Prepdeck Gen 2, the Prepdeck Mini, and a range of containers and utensils. Other items that have also been launched recently in the Prepdeck family include the Chop'r (a rechargeable mini chopper), a bamboo knife block, a five-in-one kitchen tool, and a portable lunch bag kit.
According to the company's figures, Prepdeck became profitable in the second half of 2022, with over 150,000 units and accessories sold in that year alone. That led the company to generate over $3 million of revenue in just the fourth quarter of 2022, as well as acquiring 25,000-plus new customers over the three-month span. As well, the company says it achieved 500% revenue growth in the last three years, with over $18.5 million revenue to date.
Is Prepdeck still in business?
Prepdeck is definitely still in business, and still growing. From one initial product launched in 2018, the company has gone on to become a true lifestyle brand appealing to home cooks, with over 20 products now available. Prepdeck is largely a digital brand, so it's not surprising that social media has played a significant role in its success. With more than 20 million views on TikTok, Facebook, and Instagram, and 200,000-plus customers to date, the products have received thousands of 5-star reviews and has been featured on QVC and "Good Morning America," as well as in numerous print and online publications. The company is now starting to explore new sale territories, and in 2022, expanded into its first international market in Canada.
The main problem for the brand currently seems to be keeping items in stock. "We can't keep up with the demand, which is the best problem to have," said founder Alexander Eburne, who has launched a Wefunder campaign to encourage the investment he wasn't able to achieve on "Shark Tank" in order to support the company's "aggressive growth vision" for 2023 and beyond. It has so far raised $87,451 from 116 investors, with the last investment happening in May 2023.
What's next for Prepdeck?
Prepdeck forecasts that the company will grow to $30 million in revenue by 2025, and is pursuing these results via a number of channels. One is by growing the market internationally, expanding from just Canada to the UK, Europe, and Australia, which was one of the ambitions founder Alexander Eburne originally raised while on "Shark Tank."
The company is also looking to increase its product lines in the coming years, and to expand into different market sectors. New items the company is looking to develop include a pizza prep station, designed to assist the growing number of brick pizza oven owners, and a grilling prep station, aimed at barbecue enthusiasts. There are also plans for an explorer prep station, designed for everything outdoors, from picnics to camping.
In addition, Prepdeck is looking for more retail opportunities. The company is already a vendor with QVC and Costco, as well as being sold via Amazon. Now, the brand is pushing to be stocked in stores such as Target, Walmart, REI, and Sam's Club. If Prepdeck can balance its growth with its supply and inventory issues, the future looks bright.
And as if Eburne wasn't already busy enough, he has also taken on another role since 2022, according to LinkedIn, as founder and CEO or Tlnt, which helps start-up businesses to find the best employees.