First Saturday Lime was a company that appeared on episode 516 of ABC’s Shark Tank in 2020, seeking an investment from the Sharks. The company was founded by Lauren McManus and Sarah Edgar and produced a carbonated mixer made with fresh lime juice as a healthier alternative to sugary soda mixes. On Shark Tank, First Saturday Lime received offers from several of the Sharks but ultimately did not come to a deal during their appearance on the show. However, the exposure from being on Shark Tank gave First Saturday Lime a boost even without securing an investment on air.
Page Contents
What is First Saturday Lime?
First Saturday Lime produces a line of non-alcoholic carbonated mixers made with fresh-squeezed lime juice. The mixers are designed to be paired with spirits like tequila and vodka or enjoyed on their own as a refreshing drink.
The flagship product is the company’s original Lime Mixer, made simply with lime juice, filtered water, and carbonation. It contains no artificial flavors, preservatives, or sweeteners. The natural tartness of the real lime juice gives it a crisp, citrusy taste.
First Saturday Lime later expanded the product line to include additional flavors like Grapefruit, Blood Orange, Lemon, and Strawberry. These fruit mixers provide an alternative to sugary sodas and artificial flavors found in many commercial mixers.
The company was founded in 2019 by friends Lauren McManus and Sarah Edgar in Austin, Texas. The name “First Saturday Lime” was inspired by their tradition of gathering with friends on the first Saturday of each month to make cocktails featuring fresh lime juice.
First Saturday Lime Before Shark Tank
Before appearing on Shark Tank in 2020, First Saturday Lime had seen modest early success selling at local farmers markets and events in Texas.
McManus and Edgar started developing the product in late 2018 and spent about a year perfecting the flavor and testing different lime juice and carbonation combinations. The co-founders worked with a beverage scientist and leveraged local food incubators to refine the recipe and production process.
They launched First Saturday Lime publicly in October 2019, starting with the Original Lime Mixer. In the first few months, they focused on getting into retail locations like coffee shops and juice bars in the Austin area. They also gained traction selling at local pop-up markets and tasting events.
To fund the business initially, McManus and Edgar bootstrapped with $20,000 of their own savings plus small loans from friends and family. In First Saturday Lime’s first year, they achieved about $150,000 in sales.
Leading up to their Shark Tank appearance, First Saturday Lime had expanded from Austin into other Texas markets like Houston, Dallas, and San Antonio. The company’s mixers were carried in about 100 retail locations and sold online via their website.
First Saturday Lime’s Shark Tank Pitch
First Saturday Lime founders Lauren McManus and Sarah Edgar appeared in episode 516 of Shark Tank, seeking an investment of $250,000 in exchange for 10% equity in their company. This valuation put First Saturday Lime at $2.5 million pre-money.
In their pitch, McManus and Edgar introduced the First Saturday Lime brand and emphasized the authentic lime juice that gave their mixers a refreshing citrus taste without any artificial additives. They described the product’s origins from making drinks for fun with friends on weekends and how their tradition turned into a growing business.
McManus explained they had invested $100,000 of their own money and achieved $150,000 in sales so far. At the time, First Saturday Lime was generating $15,000 in monthly sales.
The founders said they planned to use an investment from the Sharks to upgrade their production equipment, develop new flavors, and expand their retail distribution nationally.
To demonstrate the product, McManus and Edgar provided samples of the Original Lime Mixer for the Sharks to taste. The Sharks reacted positively to the flavor and natural ingredients.
Shark Reactions
The Sharks loved the authentic, fresh taste of First Saturday Lime’s mixers and were impressed with the founders’ backgrounds. McManus had previously worked in sales and marketing for Coca-Cola, while Edgar had experience in the beverage industry as an account manager.
Kevin O’Leary pointed out that the margins on First Saturday Lime’s products were very high, at over 80% per bottle. He saw the potential for even higher profitability as the company scaled up.
Lori Greiner called the product “so delightful and delicious” and predicted the idea would become a big brand. However, she was hesitant about the valuation being too high given the company’s small size and early stage.
Mark Cuban agreed that the $2.5 million valuation was very high, more appropriate for a company doing $2-3 million in revenue rather than $150,000. He said he liked the product but couldn’t make the numbers work at the proposed valuation.
Robert Herjavec questioned whether First Saturday Lime could effectively compete against mega brands like Minute Maid and Simply Orange. He wasn’t sure about the valuation but thought the company showed promise.
Finally, guest Shark Kendra Scott said she really wanted to invest in First Saturday Lime. She loved the flavor, branding, and believed the founders could build a highly successful company.
First Saturday Lime’s Deal on Shark Tank
First Saturday Lime ended up receiving four offers from the Sharks but did not reach an agreement during the episode. Here is a summary of the offers they received:
Kevin O’Leary’s Offer
Kevin O’Leary made the first offer of $250,000 for 15% equity. This deal matched the amount of money First Saturday Lime was seeking but required giving up more equity than their initial offer.
Mark Cuban’s Offer
Mark Cuban offered $250,000 for 33% equity. He stands by his critique of the $2.5 million valuation being too high and wanted a larger share to compensate for the risk.
Kendra Scott’s Offer
Kendra Scott came in with an offer of $250,000 for 20% equity. She contended this still left First Saturday Lime with an excellent $1.5 million valuation to work with post-money.
Robert Herjavec’s Offer
Finally, Robert Herjavec put forward an offer of $250,000 for 25% equity. He saw a lot of potential if the company could get its production and distribution scaled.
The First Saturday Lime founders decided not to accept any of the Shark offers. They counter-offered each of the Sharks a lower equity percentage, but no agreement could be reached.
McManus and Edgar felt they needed to maintain more equity and control during the early growth stages. They thanked the Sharks for their interest and feedback but ultimately walked away without a deal.
First Saturday Lime After Shark Tank
Although they didn’t get a deal on Shark Tank, appearing on the show provided great publicity and exposure for the First Saturday Lime brand.
Shortly after their episode aired in January 2020, First Saturday Lime saw a huge surge in sales. Their website received a rush of new orders and retail interest in carrying their products increased significantly.
Within a few months of the Shark Tank airing, First Saturday Lime expanded its retail distribution to over 350 locations across Texas. Their products also became available nationally online through third-party ecommerce sites.
By the end of 2020, First Saturday Lime increased revenue to over $600,000 for the year. The company has continued seeing strong growth in 2021 and 2022.
Some key developments since First Saturday Lime’s appearance on Shark Tank include:
- Launched direct-to-consumer sales through their own website, generating a new sales channel beyond retail locations
- Expanded flavor offerings to 7 total varieties, adding new citrus profiles beyond the Original Lime
- Upgraded production operations in Austin to increase capacity to over 100,000 bottles per month
- Signed a distribution agreement with US Foods to supply major hotel and restaurant chains nationally
- Partnered with online retailer Goldbelly to make First Saturday Lime available for purchase and delivery across all 50 states
In 2021, First Saturday Lime appeared on Product Hunt, generating a surge of tech and startup community interest. The company has also gained media coverage in outlets like Food & Wine, Good Morning America, and People Magazine.
As of late 2022, First Saturday Lime is now sold in over 1,500 retail locations and generates over $1 million in annual revenue.
The founders credit the Shark Tank appearance for accelerating their growth and helping them land new partnerships and investments after the show. The future looks bright for continuing expansion of the First Saturday Lime brand and product line.
First Saturday Lime Products
First Saturday Lime has grown its product lineup since originally launching with just the core Lime Mixer. Here are the beverage flavors currently available:
| Product | Description |
|---|---|
| Lime Mixer | The original -refreshing mixer made simply with fresh lime juice, filtered water, and carbonation |
| Grapefruit Mixer | Zesty grapefruit flavor perfect for palomas and other cocktails |
| Blood Orange Mixer | A twist on the original with the deeper citrus flavor of blood orange |
| Lemon Mixer | Bright, crisp lemon profile for drinks or solo enjoyment |
| Strawberry Mixer | Sweet strawberry blended with lime for a refreshing, fruity mixer |
In addition to the 12 oz single-serve bottles, First Saturday Lime also offers 4-packs of select flavors and 16 oz bottles tailored for bars/restaurants.
The mixers retail for $2.99 per 12 oz bottle individually or $10.99-$11.99 for a 4-pack. They are currently available online through FirstSaturdayLime.com, Amazon, and grocery delivery services. Brick-and-mortar locations carrying First Saturday Lime can be found on their website’s store locator.
First Saturday Lime Sales and Revenue
Although First Saturday Lime remains privately held, we can estimate sales and revenue growth based on the limited information the founders have shared:
- 2019 revenue: $150,000 (first year after launch in late 2018)
- 2020 revenue: $600,000+ (growth of over 300% year-over-year)
- 2022 annual revenue run-rate: over $1 million
Assuming the company hit $600,000 in 2020 sales and grew 50% year-over-year, revenue for 2021 would have been approximately $900,000. For 2022 projected over $1 million, this implies around 40-50% growth.
At the $2.99 retail price per bottle, First Saturday Lime would need to sell around 400,000 units in 2022 to hit $1 million in revenue. With their upgraded production capacity, they appear capable of supporting sales volumes in this range.
While First Saturday Lime remains private, if we look at comparable beverage company valuations, their valuation likely now exceeds the original $2.5 million they proposed on Shark Tank.
Most traditional beverage industry valuations fall between 3-5x revenue multiples. At 3x their 2022 $1 million+ revenue, First Saturday Lime could now be valued around $3 million. If they maintain strong growth, that valuation should continue rising.
Conclusion
Although they did not secure a deal on Shark Tank, appearing on the show was still a big boost for First Saturday Lime. The national exposure led to surging demand and new distribution opportunities.
In just a few years since being on Shark Tank, First Saturday Lime has experienced impressive growth:
- Increased sales 50-100% year-over-year
- Expanded distribution from 100 stores to over 1,500 locations
- Launched direct-to-consumer online sales
- Grew product line from 1 flavor to 7 flavors
- Upgraded production capacity and signed major distribution deals
- Gained partnerships with third-party ecommerce retailers
- Increased annual revenue from $150,000 to over $1 million
Based on this success, founders Lauren McManus and Sarah Edgar made the right choice walking away from the Shark Tank without giving up too much equity. They have retained control of their thriving beverage company that is positioned for continued growth.
First Saturday Lime is a standout example of a food/beverage startup leveraging Shark Tank as a launching pad, even without landing an investment from the Sharks directly. The future looks bright for the brand as they expand availability across retail outlets nationally and inevitable get acquisition interest from larger CPG companies.