Cool Wazoo Shark Tank Net Worth 2023
Ginelle, the founder of Cool Wazoo, appeared on season 4 episode 8 of Shark Tank, a TV show where entrepreneurs pitch their business ideas to a panel of investors.
Ginelle was looking for an investment of $65,000 in exchange for a 25% ownership stake in her company. This means that she valued her company at $260,000.
During the pitch, Lori Greiner, one of the investors on the show, made an offer to invest the requested amount in exchange for a 25% ownership stake in the company.
Ginelle accepted the offer, which meant that the valuation of her company remained at $260,000, but now Lori had a 25% ownership stake in the company.
What is Cool Wazoo? Who is the founder of cool wazoo?
The Cool Wazoo is a versatile baby cover designed to serve five different functions, including as a diaper changing pad, restaurant high chair cover, supermarket cart cover, automobile shade, and bucket swing seat insert.
The brainchild of Ginelle Mills, a mother and business entrepreneur, The Cool Wazoo was launched in 2009. Prior to starting her own business, Ginelle worked as a project director at Cooper Roberts Research, where she assisted big food companies in testing new products on potential customers.
Now the Chief Executive Officer of Cheerful Child LLC, Ginelle came up with the idea for The Cool Wazoo while at a park with her daughter.
Her child had suffered a burn from a metal park swing, prompting Ginelle to search for a solution to cover the swing.
She discovered that her diaper bag was filled with various plastic coverings, such as a shopping cart cover, a highchair cover, a vehicle shade, and a changing pad.
This inspired Ginelle to create a practical and durable five-in-one product that could easily fit into a diaper bag. The Cool Wazoo is designed to help busy parents save time and money, and unlike other baby products that are only useful for a few months, it is both large and sturdy, allowing it to grow with your child.
Overall, The Cool Wazoo is intended to make parenting and child-rearing safer and more convenient.
Cool Wazoo Shark Tank Pitch
Ginelle appeared on an episode of Shark Tank during the fourth season, seeking a $65,000 investment for a 25% stake in her product, Cool Wazoo, which had a valuation of $325,000.
She explained that she needed the money to purchase inventory but revealed that she had already invested $96,000 in the company, which scared off the sharks.
When Lori asked about the number of orders, Ginelle stated that she had received approximately $14,000 in sales at that time and had earned $20,000 in the previous year, but her low sales figure was due to a lack of inventory.
Ginelle was selling each Cool Wazoo individually for $65.95, while the wholesale price was $32.50 per unit.
Mark criticized the low profit margin, and Robert was unsure if he wanted to invest. Mr. Wonderful couldn’t understand the product, and Daymond felt he had nothing to offer, so they all withdrew.
Lori was moved by Ginelle’s emotional pitch and offered her $65K for a 25% stake in the company. They hugged, and Lori promised to help lower costs and improve efficiency.
However, the deal was never completed, and Ginelle continued to sell Cool Wazoo on her website, which was redesigned following her appearance on Shark Tank.
Ginelle also licensed the product to Kids 2, which distributes it as Comfort and Harmony in Babies R Us locations.
In March 2020, she launched Box Parties, a virtual baby shower service. There have been few changes to her website or corporate Facebook page, likely due to her trade show appearances.
Cool Wazoo Net Worth
Ginelle appears on Shark Tank season 4 episode 8 in search of $65,000 for a 25% stake in Cool Wazoo. This equates to a $260,000 valuation.
On accepting an offer from Lori of $65,000 for 25% stake thus bringing valuation to be 260,000.
Cool Wazoo Competitors?
There is no competitor identified for Cool Wazoo.
Cool Wazoo FAQS
What is Cool Wazoo?
Cool Wazoo is a five-in-one baby cover that may be used as a diaper changing pad, restaurant high chair cover, supermarket cart cover, automobile shade, or bucket swing seat insert.
Who is the Founder of Cool Wazoo?
Ginelle Mills, a mother and business entrepreneur, launched The Cool Wazoo in 2009. Ginelle worked as a project director at Cooper Roberts Research prior to founding her own firm, assisting big food businesses in testing new products on prospective clients.
How much was he seeking in the Shark Tank Pitch?
She was asking for $65,000 for a 20% stake in Cool Wazoo.
Did get the deal from the Sharks?
Yes, she accepted an offer from Lori Greiner.
How much was the deal?
Lori offered her $65,000 for 25% stake in Cool Wazoo.
Is Cool Wazoo still business?
Four years after being featured on Shark Tank, the Cool Wazoo is still available on Amazon Prime. Ginelle is also licensed by Babies R Us under the Comfort and Harmony brand.
The company’s website now sells a variety of things; it is no longer only for infants.
When did the Cool Wazoo Start?
The Cool Wazoo was born while Ginelle was visiting a park with her kid and discovered that a metal park swing had burnt her daughter’s skin.
When was Cool Wazoo founded?
Cool Wazoo was launched in 2009.
Is Cool Wazoo a Private Limited Company?
It is a privately held business.
Where are Cool Wazoo located?
The company is based in Walnut Creek, California
Is Cool Wazoo acquired?
She licensed the product to Kids 2 in September 2015, which distributes it as Comfort and Harmony in Babies R Us locations. The license agreement’s terms were not disclosed.
Where is Ginelle Mills now?
Ginelle now serves as the Chief Executive Officer of Cheerful Child LLC.
What is the net worth of Ginelle Mills?
Ginelle Mills’s net worth is unavailable.
