FiberFix Shark Tank Pitch
FiberFix is the worlds strongest repair wrap. The product saves you time and money according to Spencer Quinn and Eric Child.
FiberFix has $100,000 worth of sales in the last few months since inception of company. The product is water-activated and has industrial strength fibers and a special blend of resins. It starts to harden in about five minutes.
Cost for FiberFix is under $2 landed, and retails between $5 and $10. They wholesale for $4.
They have a purchase order for QVC
FiberFix Episode Data
- Company: FiberFix – Website
- Entrepreneurs: Spenceer Quinn and Eric Child
- Ask: $90,000 for 10% equity
- Episode Season 5 Episode 506
- Companies in this episode:
- Elephant Chat
- Ten Thirty One Productions
- Total Merchant Resources
- Shell Bobbers – Featured Update
- First Aired: 10/25/2013
- Deal:Deal Lori Greiner $120,000 for 12% and funding all purchase orders
What do the Shark Tank Investors say about FiberFix?
- Mark Cuban – asks how are they going to pay for the infomercials? He thinks they undervalued the product, and they know it. Mark thinks they made a strategic mistake and he is out.
- Daymond John – says if they are already committed to QVC, he is out.
- Kevin O'Leary – offers $90,000 for $.70 until he gets the $90,000 and then $.20 each for perpetuity. Kevin says any Shark can get you into infomercials. They tell Kevin they did not consider his deal.
- Lori Greiner – offers $250,000 for 18%. She thinks the infomercial is the right market and they need the right market. She also says the power of QVC is enhanced with her. They counter Lori's deal asking for $120,000 for 12% and a $2 million line of credit. Lori won't give them a line of credit, but she will fund the purchase orders.
- Robert Herjavec – will be his biggest customer on race weekends and he is offering $90,000 for 10%. One of his best friends runs a $16 billion hardware company. He is telling they want 1,000 locations. Robert tells them that they need money for development and they need money for inventory. He offers to extend them a line of credit for $250,000. They countered Robert saying they need a $2 million line of credit. Robert asks if they are wanting to do infomercials and they respond yes. Robert believes that they need to get into retail, he is out.
FiberFix after Shark Tank
FiberFix exploded with $40 million in sales over the four years after appearing on Shark Tank and doing the deal with Lori Greiner. The repair tape is available in 10,000 stores worldwide.