Coolwraps Shark Tank Pitch
Coolwraps is a shrink wrap gift bag solution that is easy to use. Jeffrey Miller had his product on the market ten years previous to the show and sold out in many places like QVC. Jeff only owned 20% of the business at the time, but owns the company outright now, and holds the utility patent to the process as well.
Jeff tells the Sharks he is gift wrapped challenged. He demonstrates that even he can professionally wrap a present. He uses the wrap and a hair dryer to wrap the present. Jeff struggles with the presentation, trying to be excited, but he doesn't seem to exude real enthusiasm.
He went to the banks with purchase orders in the amount of $3-500,000. He put in $150,000 and the other partners did not want to put up their homes. Jeff wanted to bring in venture capital, but the partners did not want to participate. The other partners gave up and he acquired everything.
Jeff did not have a booth at the trade shows, but he went to each booth handing out business cards. each bag is $.12-.18 per bag. He lacks the ability to sell the product and his business. background_layout=”light”]
Coolwraps Episode Data
- Company: Coolwraps –Website
- Entrepreneur: Jeffrey Miller
- Ask: $100,000 for 40% equity
- Episode Season 4 Episode 420
- Companies in this episode:
- First Aired: 03/28/2013
- Deal: Mark Cuban $250,000 for 100% of the company plus a 3% royalty
What do the Shark Tank Investors say about Coolwraps?
- Mark Cuban – offers $250,000 plus a royalty of 3% for the whole company. He tells Jeffrey he wants and answer now, and Jeff says yes.
- Daymond John – did not make an offer
- Kevin O'Leary – did not make an offer
- Lori Greiner – offers $150,000 to buy the entire company because she thinks it needs a lot of rebranding.
- Robert Herjavec – doesn't see a market for this product, and goes out.
Coolwraps after Shark Tank
It is unknown if the deal ever completed with Mark Cuban, as the company has no C and is not selling the product.