The Hype Company Shark Tank Episode 22 Update & Net Worth

The Hype Company Shark Tank Episode Update & Net Worth

The Hype Company, a brand specializing in custom and licensed slides, made a memorable appearance on Shark Tank Season 15 Episode 22.

 Entrepreneurs Cheng Kue and Marc Herzberger showcased their innovative product, aiming to revolutionize fan gear with their customizable and interchangeable slides.

Their pitch, focused on the unique selling points of their product, eventually led to a deal with Barbara Corcoran.

In their pitch, entrepreneurs Cheng Kue and Marc Herzberger sought $125,000 for 5% equity, valuing the company at $2.5 million. They presented their custom and licensed slides, highlighting the following key points:

• Sales Performance: They reported $500,000 in sales over the last five years.
• Product Features: The slides are designed to be interchangeable, allowing users to change the straps with different designs and logos, catering to various interests and teams.

The sharks made the following offers:

• Barbara Corcoran: Offered $100,000 for 25% equity plus a $250,000 line of credit, which the entrepreneurs accepted.
• Other sharks, including Kevin O’Leary, Lori Greiner, Mark Cuban, and Michael Rubin, did not make offers.

After their appearance on Shark Tank, The Hype Company experienced a boost in sales and visibility. They announced a partnership with SnugZ USA, an advertising specialties company, to expand their reach in the customized product market.

However, there is no confirmation that the deal with Barbara Corcoran was finalized as of the first rerun of the episode in July 2024.

The estimated worth of The Hype Company is around $2.5 million, reflecting its valuation during the pitch and its growth potential in the customizable footwear market.

The Hype Company Shark Tank Full Episode; What Happened at Shark Tank Pitch?

When Cheng Kue and Marc Herzberger entered the Shark Tank, they were seeking $125,000 for 5% equity in their company, The Hype Company. Their pitch centered around their innovative line of custom and licensed slides, which are designed to offer endless customization possibilities.

The Hype Company slides are not just comfortable; they also feature interchangeable straps that allow users to swap out designs, logos, and team emblems to match different events or moods.

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During the pitch, Cheng and Marc presented the sharks with samples of their custom slides, demonstrating how easily the straps could be changed. T

hey emphasized that their product wasn’t just limited to sports fans; anyone could create a unique design for any occasion, making their slides a versatile addition to any wardrobe.

Despite their enthusiasm and the potential of the product, not all the sharks were convinced:

• Lori Greiner expressed concern about competition in the market and decided to pass.
• Kevin O’Leary was skeptical about their understanding of customer acquisition costs and also opted out.
• Mark Cuban pointed out that the company seemed uncertain whether it was in the slides business or the customization business. He ultimately chose not to invest.
• Michael Rubin liked the concept but wasn’t confident in the company’s ability to generate sufficient returns, so he, too, passed.

However, Barbara Corcoran saw potential in the customization aspect of The Hype Company. She offered $125,000 for 25% equity, structured as $100,000 in cash and a $250,000 line of credit. After some negotiation, where Marc countered with a higher ask, they ultimately agreed to Barbara’s offer of $100,000 in cash and $250,000 in credit for 25% equity. This deal was a significant moment for The Hype Company, providing them with both the capital and the strategic support needed to scale their business.

What Happened to The Hype Company After Shark Tank?

Following their appearance on Shark Tank, The Hype Company saw an impressive boost in sales, thanks to the exposure from the show. The partnership with Barbara Corcoran proved to be invaluable, as she brought her expertise in marketing and retail to the table, helping Cheng and Marc refine their business strategy and expand their reach.

The company’s website was revamped to better showcase the endless customization options available for their slides. Whether a customer is a fan of a professional sports team, a college team, or just looking to create a unique pair of slides for personal use, The Hype Company now offers a wide range of designs to cater to various preferences.

In addition to direct-to-consumer sales, The Hype Company continued to explore wholesale opportunities and partnerships with major retailers like Fanatics, Finish Line, and Target. These partnerships helped increase the brand’s visibility, leading to further sales growth.

One of the most notable post-Shark Tank developments was the expansion of The Hype Company’s licensing agreements. The company successfully added over 20 new teams from the NCAA to their portfolio and began exploring licensing opportunities in other sports and entertainment sectors. This expansion was a crucial step in establishing The Hype Company as a go-to brand for custom slides.

Which Episode Number Was The Hype Company on Shark Tank?

The Hype Company was featured in Episode 22 of Shark Tank Season 15, airing on May 3, 2024. This episode stood out due to the unique nature of the products presented, and The Hype Company was no exception.

The brand’s appearance in this episode was strategically placed, allowing them to capture the interest of viewers looking for innovative products with practical and customizable features.

How Much Is The Hype Company Worth?

At the time of the Shark Tank pitch, The Hype Company was valued at $2.5 million based on Cheng and Marc’s initial ask of $125,000 for 5% equity.

 However, the final deal with Barbara Corcoran, which included $100,000 in cash and a $250,000 line of credit for 25% equity, adjusted the company’s valuation to $400,000.

This significant change in valuation reflected both the potential seen by Barbara and the need for the company to leverage her expertise and resources to realize that potential.

Since their appearance on the show and the subsequent boost in sales and brand recognition, it’s likely that The Hype Company’s valuation has increased. The expansion of their licensing agreements and the growing popularity of their products suggest that the company’s worth has grown, though an exact current valuation has not been disclosed.

Is The Hype Company Still in Business?

Yes, The Hype Company is still in business and thriving. The exposure from Shark Tank and the strategic partnership with Barbara Corcoran have been instrumental in the company’s continued success.

The Hype Company has managed to carve out a niche in the competitive footwear market by offering customizable products that cater to a wide range of consumer preferences.

The company’s focus on direct-to-consumer sales, coupled with its expanding licensing portfolio, has helped sustain its growth. The Hype Company remains committed to providing high-quality, customizable slides that allow customers to express their individuality.

FAQs

Which Shark invested in The Hype Company?
Barbara Corcoran invested $100,000 in cash plus a $250,000 line of credit for 25% equity in The Hype Company during its Shark Tank Season 15 appearance.

What was the valuation of The Hype Company during Shark Tank?
Initially, The Hype Company was valued at $2.5 million based on the ask, but the final deal with Barbara adjusted the valuation to $400,000.

Did The Hype Company make a deal on Shark Tank?
Yes, Cheng Kue and Marc Herzberger made a deal with Barbara Corcoran for $100,000 in cash and $250,000 as a line of credit in exchange for 25% equity.

How much do The Hype Company slides cost?
The Hype Company slides retail for $60 and wholesale for $30, with a manufacturing cost of approximately $10 per pair.

Is The Hype Company still in business?
Yes, The Hype Company is still in business and has continued to grow following their appearance on Shark Tank.

What is unique about The Hype Company slides?
The Hype Company slides are customizable and interchangeable, allowing users to change the straps with different designs, logos, and team emblems.