Pips and Bounce Net Worth

Pips & Bounce is a ping pong bar, restaurant, and lounge in Portland, Oregon. It has an open space that includes a large ping pong table, hundreds of paddles, and a full bar. Customers can play for as little as $16 per half-hour. The bar offers a variety of drinks and snacks. They can also rent the entire place for a party or event. There is a kitchen, as well, where customers can prepare their own food.

Pips & Bounce opened its first location in December 2014. After one year, it did $974,000 in sales. In the following two years, it grew to do $1.3 million. At that point, the owners had plans to build a second location in Minneapolis. However, that plan was canceled due to a Covid-19 pandemic. Despite the fact that the business was successful, the Sharks were not interested in investing in the company.

Before opening the ping pong bar, the brothers worked in various corporate firms in New York City. Eugene was a Senior Specialist at Apple, Inc., while Michael worked in a manufacturing facility in Portland. While they both worked for other companies, they both saw an opportunity to start their own business.

They decided to throw a pop-up ping pong party in March 2012, which was a huge success. About 200 people showed up to the event. This was their first step in putting the ping pong bar to work. The next step was to look for a permanent location for the business.

When they were looking for a place to set up the bar, they looked at several banks, accountants, and other businesses. Their goal was to get a bank loan. One business that they approached was Skaut Coffee Roasters. Unlike other coffee stores, they did not need to make a large initial investment.

As a result, the business has a low profit margin. However, they were able to raise $51,059 on Kickstarter. With 138 backers, the campaign reached its goals.

They were hoping for a $500,000 investment for a 10% stake in the company. That would give them a valuation of $5 million. During the Shark Tank episode, they pitched to Daymond John and Mark Cuban. Although they did not secure a deal, they are still seeking an investor.

Although the business is popular in Portland, the Jung brothers have not yet franchised the business. But they are hoping to do so soon. According to their net worth, the pair has an estimated value of 3.5 million dollars as of 2022.

The founders of Pips and Bounce, the Jung brothers, are looking for a Shark investment. On the upcoming season of Shark Tank, they will be pitching their business to guest shark Maria Sharapova and Mark Cuban. Until then, they will keep doing what they are doing and continue to grow the business.

If they find a successful investor, the Jung brothers can start franchising the business. Currently, they only charge a $16 per half hour fee for customers to play ping pong on the tables. This is because they only have a 7% profit on the sales. They believe that they should have a higher profit margin.