Shark Tank: Slumberkins Fails to Get A Deal

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Shark Tank: Slumberkins Fails to Get A Deal

13/11/2017 Newsletter 0

Slumberkins

Next up are Kelly Oriard and Callie Christensen of Slumberkins, seeking $175,000 for five percent equity.

Slumberkins creates a different kind of snuggle experience using cuddly toys that promote positive life skills such as positivity and self-worth. According to their website, each creature is infused with “therapeutic techniques and skill-building exercises through the accompanying Sleepytime Rhymes, the brand was launched with the intention of helping children everywhere.” Creatures, which range in price from $44 to $52, include a sloth, yeti, fox, Bigfoot, hammerhead shark, which teach kids concepts like mindfulness, transitions, relaxation and more. When paired with the Sleepytime Rhyme books or Affirmation Cards, the Slumberkins teach young children important life lessons.

In their first year, with help from their large Instagram following, they did $200,000 in sales and are projected to do half a million dollars this year. With an investment from a shark, they hope to move into retail. Kevin O’Leary, however, worries that the premium plush would be tough to sell. The duo wants to make the product more accessible.

Daymond John, who calls the plush industry “brutal,” goes out, followed by O’Leary—who encourages them to continue expanding their story online. Mark Cuban thinks there’s just too much work involved for such a small equity stake and goes out. Lori Greiner loves their mission, but worries about the competition. She goes out, followed by Robert Herjavec.

Social Media Reacts to Slumberkins’ Appearance on “Shark Tank”

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.

Would you buy a Slumberkins creature? Sound off in the comments section below!


Source: B2C

 

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