Nana Hats Shark Tank Episode 6 Update & Net Worth
Nana Hats Shark Tank Episode 6 Update & Net Worth Sean Adler, self-proclaimed as the “king of banana preservation,” stepped into the spotlight on Shark Tank Season 14, Episode 6 to pitch his innovative product, Nana Hats. Seeking an investment of $150,000 for 10% equity, Adler valued his company at $1.5 million. His unique product,…
Nana Hats Shark Tank Episode 6 Update & Net Worth
Sean Adler, self-proclaimed as the “king of banana preservation,” stepped into the spotlight on Shark Tank Season 14, Episode 6 to pitch his innovative product, Nana Hats. Seeking an investment of $150,000 for 10% equity, Adler valued his company at $1.5 million.
His unique product, a BPA-free silicone cap designed to extend the freshness of bananas, piqued the sharks’ curiosity.
During his pitch, Sean shared that Nana Hats retailed at about $13 per package, with each unit costing around $2 to manufacture. Despite being impressed by the concept, the sharks were initially skeptical about its market potential.
However, after learning that Sean had already generated over $400,000 in revenue in 2021, with projections of reaching $600,000 in 2022 and a net profit margin of 33%, the sharks’ interest grew.
Mark Cuban praised Sean for his entrepreneurial spirit but ultimately chose not to invest. Daymond John also passed on the opportunity, citing a lack of interest in the product category. However, Peter Jones was intrigued by the concept and offered to invest half of the requested amount, provided another shark joined him.
Lori Greiner saw the potential in Nana Hats and teamed up with Peter to offer $150,000 for 30% equity (15% each). After some negotiation, Sean secured a deal at $150,000 for 20% equity.
Kevin O’Leary also made an offer involving a royalty deal, but Sean ultimately chose to partner with Lori and Peter, believing in their ability to help him take Nana Hats global.
Ultimately, Lori Greiner and guest shark Peter Jones teamed up to offer $150,000 for 20% equity, which Sean accepted, securing their partnership.
What Are Nana Hats?
Nana Hats is a company that offers a simple yet effective solution to a common household problem—keeping bananas fresh for longer. The product consists of a BPA-free silicone cap designed to slow down the ripening process of bananas by reducing the effects of ethylene gas, the natural softening agent bananas produce as they ripen.
To add a fun twist, the caps are adorned with various crochet designs, including popular styles like Viking, Unicorn, Cheeseburger, Watermelon, Pineapple, and Panda. These reusable hats not only preserve bananas but also bring a touch of whimsy to the kitchen. Priced at $12.99, Nana Hats are available for purchase on the company’s official website and on Amazon.
The Story Behind Nana Hats
Sean Adler founded Nana Hats in 2019 after repeatedly finding himself frustrated by bananas spoiling too quickly. After extensive research and development, he created the silicone cap product, which proved to be effective in extending the freshness of bananas by up to 8 to 12 days.
The journey to get Nana Hats off the ground was not without challenges. To fund his idea, Adler launched a Kickstarter campaign on September 24, 2020, with a goal of $3,000. The campaign was a success, raising $4,761 from 148 backers in just 60 days. The product even gained attention from popular TV shows like ‘Today with Hoda & Jenna’, further boosting its visibility.
Nana Hats After Shark Tank
Following their appearance on Shark Tank, Sean Adler and his company Nana Hats experienced a significant boost in sales and visibility. Sean reported that his email inbox was flooded with international distribution and licensing offers. Sales numbers increased, establishing a new “normal” for the business. With Lori and Peter on board, the future looks promising for Nana Hats.
Lori and Peter are committed to making Nana Hats a global brand. Before appearing on Shark Tank, the product was not yet available in major supermarket chains—a gap that Lori and Peter plan to address by securing listings in stores like Whole Foods, Walmart, and HEB.
What Is Nana Hats’ Net Worth?
The net worth of Nana Hats is estimated to be between $0.3 million to $0.8 million, based on current sales figures and market positioning. While the company has faced some challenges, including mixed reviews on Amazon (with a 3.5-star rating), the partnership with Lori and Peter is expected to drive further growth and expansion.
Is Nana Hats Still in Business?
Yes, Nana Hats is still in business as of April 2024. The company continues to operate out of its headquarters in San Diego, California, with Sean Adler and his family at the helm. With new opportunities on the horizon and strong support from their Shark Tank partners, Nana Hats is well-positioned for future success.
