'Shark Tank' beverage brand files Chapter 11 bankruptcy

When a business appears on "Shark Tank," even if the company doesn't make a deal, it gets a wave of attention that usually leads to increased sales.

"When you air on Shark Tank night, I don't care what you're selling, you're going to sell stuff. It's a question of how much you're going to sell. I've invested in businesses that have sold $3 million in one night, when their entire lifetime sales were $40,000," Shark Barbara Corcoran shared with Fidelity .

"The two months following 'Shark Tank,' we had a huge lift in our business and established a new floor of revenue," Randy Goldberg, co-founder of the New York City-based e-commerce sock business Bombas, which struck a deal with Daymond John during season 6, told Inc .

Teaspressa, which appeared on Shark Tank but did not make a deal, experienced a bounce from the show, but has struggled and filed Chapter 11 bankruptcy.

Teaspressa offers a different kind of tea

While the company failed to make a deal on Shark Tank, Teaspressa did get to showcase its unique take on tea on national television.

"Unlike traditional tea, our signature blends are brewed like espresso and feature a patented, lab-tested formula crafted to achieve the 'golden ratio' of L-Theanine, an amino acid renowned for promoting calm, focused mental clarity," the company explained on its website .

The company's owner, Allison DeVane, pitches her tea as "the coffee alternative you never knew you needed."

"Providing sustained energy and focus without the crash. This makes our teas a superior, functional choice that delivers all the cognitive benefits of coffee, minus the unwelcome jitters," she added.

Being on "Shark Tank," even without making a deal, turned out to be a revenue driver for Teaspressa.

"DeVane's brief appearance on the show turned out to be a golden goose nestled in for the long haul. Even years after the episode had initially aired, it wasn't uncommon for the brand to receive a tidal wave of orders. This spike in sales would often coincide with passionate messages from customers who had seen the rerun of the episode that featured her pitch," Tasting Table reported.

DeVane talked on her website about the impact of appearing on the show.

"The exposure alone led to sales, continuous media attention, and an overall increase of traction. In the words of Lori Greiner, Teaspressa went from 'crawling' to a 'light walk' practically overnight. Sales have more than tripled, which provided the funds to open my own brick-and-mortar storefront, and I was named a Tory Burch fellow," she wrote.