Whatever Happened To SquareKeg After Shark Tank?
A Square Keg might not fit into a round hole — but it will probably fit in your fridge.
Invented by Detroit healthcare sales rep Tim Loucks in 2017, the SquareOne keg from SquareKeg was designed to give brew lovers an alternative to clunky containers and flat beverages. Through the use of CO2 gas, the SquareOne keeps drinks carbonated and fresh for extended periods, all in a space smaller than a loaf of bread. By 2021, Loucks and his team had worked out the kinks in their prototype SquareOne and began manufacturing them in Spokane, Washington for an initial sales push.
The response was tremendous, with the company selling over 4,000 SquareOnes within the first year, grossing nearly $1.5 million in sales while surviving the icy COVID-19 marketplace. Thus, Loucks was in a pretty strong position to make his way into the "Shark Tank" to see if the ABC series' investors wanted to take a bite — or perhaps a swig — of this boozy opportunity.
SquareKeg quickly scared four sharks out of the water
On "Shark Tank," Tim Loucks seeks $300,000 in exchange for just 10% of SquareKeg — a hefty yet arguably reasonable entry fee for a company valuing itself at $3 million.
Loucks' pitch is simple, smartly relying on product samples to do the heavy lifting. In addition to three SquareOne beer kegs, he provides a new SquareOne NITRO (specialized to serve nitrogen-infused beverages) and one filled with a mixed cocktail, proving the device's versatility. As the sharks pour their own drinks, it is clear Loucks has managed to impress.
Despite an auspicious presentation and decent sales numbers to back up his $3 million valuation, the Tank turns surprisingly cold for Loucks' frosty invention. Four of the sharks quickly back out, unanimously citing their doubts about how they could scale the product successfully. Last in the water was Kevin "Mr. Wonderful" O'Leary, whose interest was peaked during the pitch by the mention of an in-development keg made specifically for wine. When Loucks reveals this product is only three months from being ready for sale, O'Leary offers him the $300,000 in exchange for 20%. Though he tries to get O'Leary to meet him in the middle at 15%, Loucks ultimately accepts the initial offer and walks out of the Tank victorious.
The SquareKeg deal went down smoothly after its Shark Tank appearance
In the months following his "Shark Tank" debut, it's safe to say that Tim Loucks had two major goals. He needed to finish the wine SquareOne device and close his deal with Kevin O'Leary. The former likely relied at least in part on the $300,000 cash infusion guaranteed by the latter — which itself had odds slightly less favorable than a coin flip. Per a 2023 study from Forbes, Mr. Wonderful only closed 45% of the deals he made on "Shark Tank."
Luckily, Loucks has succeeded on both fronts. SquareKeg introduced the SquareOne VINO, which uses argon gas to keep wines fresh and ready to pour at all times. This seems to have made O'Leary not only an official partner of Loucks' but a dedicated customer and spokesperson for the brand. The investor boasted six SquareKeg products at one of his opulent garden parties, where he filmed a personal demo video for the SquareKeg YouTube channel. O'Leary also appears on their website in numerous ways, including via an official endorsement of the SK VINO.
Is SquareKeg still at the party?
As of writing, SquareKeg is still in business — though it doesn't look like it's Tim Loucks' full-time job yet. Per his LinkedIn, the fortunate entrepreneur still works in his previous role as a sales representative for the healthcare company Stryker. This might be due to the fact that, while impressively sold, SquareKeg was not financially profitable during its "Shark Tank" pitch.
As for the product itself, all three SquareOne keg variations are available to purchase online, either through the official SquareKeg website or on Amazon. The base model has increased in price from $250 to $289.99, while the NITRO and VINO models retail for well over $300 — and that's before factoring in the cost of nitrogen and argon gas canisters. The original SquareOne also has steep competition now, with countless brands offering their minikegs for a fraction of the price (though the quality of these products may vary greatly).
Where does SquareKeg grow from here?
Finding the right hole for a SquareKeg is easy — getting it to fit others is significantly harder. The problem identified by each shark — Kevin O'Leary included — was the difficulty of sustaining such a specialized product. Aside from the fact that it's hard to imagine further variations of the SquareOne, the product seems too expensive for the average consumer to purchase more than one. Most likely, a customer will choose whichever model best suits their drink of choice, meaning SquareKeg can't count on repeat customers to keep its business afloat.
Tim Loucks had spoken very briefly in his pitch about the potential for SquareKeg to partner with bars and other beverage sellers (such as food trucks or dining halls). While it would require a great deal of finessing to convince business owners why investing in a small, consumer-grade keg would be superior to the modes of containment and serving they already have in place, such partnerships would certainly work out in SquareKeg's favor.