The Woobles Shark Tank Episode 2 Update | Season 14

The Woobles Shark Tank Episode 2 Update | Season 14

In Season 14 Episode 2 of Shark Tank, Adrian Zhang and Justine Tiu presented their company The Woobles, seeking $250,000 for 5% equity in their business. The company specializes in crochet kits designed to teach beginners how to create handmade crochet items.

Their impressive pitch highlighted $5.3 million in sales, which garnered significant interest from the sharks.

Update Since Shark Tank

Following their appearance:

• Successful Deal: The Woobles secured a deal with Lori Greiner and Mark Cuban, who partnered to offer $450,000 for a 6% equity stake. This was a strategic choice by the founders, as they specifically requested Mark and Lori to join them, leading to a competitive negotiation among the sharks.
• Sales Growth: Since appearing on the show, The Woobles has continued to thrive, with sales projected to reach approximately $3.1 million in 2023. Their crochet kits are well-received by both beginners and experienced crafters.
• Product Expansion: The company has expanded its product line to include new designs and kits, catering to a growing customer base interested in crafting and DIY projects.
• Market Presence: The Woobles has established a strong online presence, selling directly through their website and leveraging social media to engage with customers and promote their product

As of October 2023, The Woobles is estimated to have a net worth of around $5 million, reflecting its successful business model and growth trajectory since its inception. The combination of a solid product offering and strategic partnerships with the sharks has positioned the company for continued success in the crafting market.

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What Is The Woobles?

The Woobles offers a range of crochet kits designed to cater to different skill levels—from complete beginners to those with some experience. Each kit contains all the materials needed to complete a project, including:

• Easy Peasy Yarn
• Pre-started Yarn Piece
• 4mm Crochet Hook
• Stuffing
• Yarn Needle
• Safety Eyes
• Step-by-Step Video Tutorials

The kits are available in various themes, such as Pierre the Penguin, Felix the Fox, and Benedict the Bunny. These kits not only provide a fun and creative outlet but also serve as an educational tool, helping users develop new skills.

Sales and Growth

Before their appearance on Shark Tank, The Woobles had already made a significant impact in the market, with sales surpassing $5.3 million. Their projected sales for 2022 were expected to reach $7 million, further solidifying their position in the niche market of crochet kits.

Market Expansion and Product Development

Since their Shark Tank episode, The Woobles has expanded its product line and distribution channels. The company’s products are now available in over 60 retail and online stores across the United States, including major platforms like Amazon. Additionally, they have entered the Canadian market through Real Canadian Superstores, making their kits more accessible to an international audience.

Justine Tiu also published a book titled “Crochet Amigurumi for Every Occasion” in October 2022, further expanding the brand’s reach and providing enthusiasts with more resources to hone their crochet skills.

Shark Tank The Woobles  Pitch

Adrian Zhang and Justine Tiu walked into the tank with their innovative crochet kits, aiming to make crochet accessible and enjoyable for everyone, even those with no prior experience. The kits come complete with everything needed to start a crochet project, including yarn, a crochet hook, stuffing, and detailed video tutorials.

Their goal was to simplify the learning process, enabling anyone to create adorable handmade items like penguins, foxes, and other creatures.

Shark Offers and Final Result

The sharks were impressed by the product, its presentation, and most notably, the impressive growth of the business. Despite starting with just a few hundred dollars, The Woobles had already achieved significant sales, boasting a company valuation of over $5 million.

After some negotiation, Lori Greiner and Mark Cuban teamed up to offer $450,000 for 6% equity, which Adrian and Justine accepted. This deal valued the company at $7.5 million, a significant boost from the initial ask.

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Following their successful pitch on Shark Tank, The Woobles experienced a surge in demand, thanks to the “Shark Tank effect” and the support from Lori Greiner and Mark Cuban. The company saw a massive influx of orders, causing delays in shipping due to the overwhelming demand. However, this was a positive challenge for the young company, as it confirmed the high level of interest in their products.

The Woobles Shark Tank Pitch Summary

What Happened To The Woobles After Shark Tank?

After their Shark Tank appearance, The Woobles continued to thrive, expanding their reach and improving their product offerings. The influx of orders following the show was a clear indicator of the market’s interest, leading to even more rapid growth. The partnership with Lori Greiner and Mark Cuban has provided valuable mentorship and resources, helping the company scale efficiently.

Challenges and Successes

Despite the success, the company faced challenges related to fulfilling the overwhelming number of orders. This was particularly evident in late 2022, when the demand exceeded supply, causing shipping delays. However, these challenges were met with strategic adjustments, including increasing production capacity and streamlining operations to better handle the growing demand.

Social Media and Public Response

The response on social media was overwhelmingly positive, with many users expressing their admiration for the product and the story behind it. The Woobles quickly became a favorite among crafting communities, particularly for those new to crochet. Their approachable, easy-to-follow tutorials made them accessible to a wide audience, from children to adults.

How Much Is The Woobles Worth?

As of April 2024, The Woobles is estimated to have a net worth of approximately $2.1 million. This valuation reflects the company’s strong sales performance, growing brand recognition, and successful expansion into new markets. The partnership with Lori Greiner and Mark Cuban has undoubtedly contributed to their continued success, positioning The Woobles for even greater achievements in the future.

Is The Woobles Still In Business?

Yes, The Woobles is still in business as of April 2024. The company continues to expand its product line and reach, with a solid presence both online and in retail stores. Their commitment to teaching beginners the art of crochet, combined with their innovative kits, has ensured that The Woobles remains a leader in the craft kit industry.

The Woobles has proven to be more than just a passing trend; it is a thriving business that has captured the hearts of many.

With the backing of Lori Greiner and Mark Cuban, and a clear vision for the future, The Woobles is well on its way to becoming a household name in the world of crafting. Their journey from a small startup to a multimillion-dollar business serves as an inspiration to entrepreneurs everywhere.