What happened to Cool Wraps Shrink Wrap Gift Bags after the Shark Tank Pitch?Cool Wraps Shrink Wrap Gift Bags Shark Tank Update 

What is Cool Wraps or Shrink Wrap Gift Bags?

Cool Wraps is a shrink wrap gift bag line. You place the present in the bag, seal it, and then use a hairdryer to shrink the bag.

Cool wraps provides an easier and, to be honest, far cooler method to wrap your gifts quickly and professionally.

Your present is placed in one of these simple shrink wrap bags, which are then shrink-sealed using any home hair dryer.

You may select from three different patterns: Celebration, Balloons, and Hearts.

Each Cool wraps set includes nine shrink wrap gift bags in three sizes: small, medium, and large.

Cool wraps are useful for any type of gift, but they are especially useful for oddly shaped gifts like plush animals or home items.

Who is the Cool Wraps founder?

Cool Wraps is the brainchild of Jeffrey Miller. Miller created Cool Wraps for folks who don’t have a gift-wrapping flare.

Instead than fumbling with scissors and tape, just slip a gift – even something oddly shaped – into a Cool Wraps bag and blast it with a blow drier.

The present bag will “magically” shrink to a wrinkle-free, snugly wrapped gift, giving the impression that you stopped at the wrapping booth to have it professionally wrapped.

Miller has featured on QVC with the product and has a promo for it that says “as seen on TV.”

What happened to Cool Wraps Shrink Wrap Gift Bags at the Shark Tank Pitch?

Jeffrey Miller appears on Shark Tank season 4 episode 20 in search of $100,000 in exchange for a 40% stake in Cool Wraps. This equates to a $250,000 valuation.

He hands out the bag while demonstrating how to shrink-wrap gift bags.

When Robert Herjavec inquires about the pre-wrapped gifts on display, he stumbles, losing his position and appearing agitated.

He reveals that the product had been on the market for ten years, but his old partner was unable to put up the collateral for the necessary financing.

Robert then inquires as to how much the organization was requesting from the bank, to which Jeffrey responds that in order to fulfil their order, they required $300 to $500,000.

Miller now controls the firm, but his lack of sales abilities has been a hindrance.

Robert Herjavec is dubious. “Obviously, you’re not the salesman,” he remarks. “I don’t see the market, therefore I’m leaving.”

Lori Greiner believes the product has potential, but she wants to buy Miller out for $150,000.

Jeffrey would get $100,000, and Lori would bear all of the risk because the product concept has been dormant for ten years.

Mark enters the picture and offers $250,000 for the entire firm as well as a 3% royalty to Jeffrey. Mark, on the other hand, needs to know right now whether Jeffrey will accept the offer. Miller accepts the proposal.

What Happened to Cool Wraps Shrink Wrap Gift Bags  after the Shark Tank Pitch

The contract with Mark was never completed. The firm has a significant web presence as of early 2015.

The social media is a little sluggish to update, with the most recent postings appearing in February and May of 2015, but it is evident the product is for sale.

Cuban took a discarded product and transformed it into a profitable business, offering wrapping-challenged clients everywhere a new method to wrap their strangely shaped gifts.

Fast forward to August 2021, and Cool Wraps is no longer available for purchase online.

The company is still in operation, however they are now selling through distributors.

They claim to have a large following throughout Europe and the Middle East. The annual revenue is $5 million.

Cool Wraps Net Worth

Jeffrey Miller appears on Shark Tank season 4 episode 20 in search of $100,000 in exchange for a 40% stake in Cool Wraps.

This equates to a $250,000 valuation. On accepting an offer from Mark of $250,000 for 100% + 3% royalty, he valued the company at $250,000.

Cool Wraps Competitors

There is no competitor identified for Cool Wraps.

Cool Wraps FAQS

What is Cool Wraps?

Cool Wraps is a shrink wrap gift bag line. They place the present in the bag, seal it, and then use a hairdryer to shrink the bag.

Who is the Cool Wraps founder?

Jeffrey Miller is the founder of Cool Wraps.

How much was he seeking in the Shark Tank?

He was seeking $100,000 for 40% of the company.

Did he get the deal from the Sharks?

He got a deal from Mark, who offered $250,000 for 100% of the company + 3% royalty.

Is Cool Wraps still in business?

Fast forward to August 2021, and Cool Wraps is no longer available for purchase online. The company is still in operation, however they are now selling through distributors.

They claim to have a large following throughout Europe and the Middle East. The annual revenue is $5 million.

Did the deal with Mark Cuban closed?

The deal was never closed.

How does the product function?

When hot air from a standard household hairdryer is applied to their bag, it shrinks.

Why does it shrink more when the hairdryer nozzle/concentrator is used?

By focusing the airflow, the nozzle/concentrator enhances the heat coming out of the hairdryer, allowing for more effective wrapping.

What size bag should they use to wrap their present?

The less material that needs to be shrunk, the better. Therefore, to produce the greatest quality wrapped present, they recommend utilizing a bag that most nearly suits the size of the item they are wrapping.

Is the bag safe for the environment?

It is environmentally friendly. The bag is constructed of POF, which is compliant with USDA and FDA rules.

How many times can they use the bag?

Each bag is only usable once.

Why is it necessary for them to use the hairdryer within 1 inch (2.5 cm) of the present to shrink the bag?

Using the hairdryer within 1 inch (2.5 cm) of the bag reduces creases and shortens the time it takes to shrink the wrap.

Is the bag waterproof?

The gift bag is water proof when properly packed.

Can they put the bag in the microwave?

No, the gift bags should not be used in a microwave.

How to remove wrinkles?

Wrinkles can be erased by concentrating a hairdryer on the affected region.

However, be careful not to over shrink the bag and maybe break it as they smooth out any creases.

How long can they keep the bag without using it?

Their bags have no “expiration date.” They recommend storing the bags in a dry, cool place away from direct sunlight.

What is the net worth of Jeffrey Miller?

Jeffrey Miller’s net worth is unavailable.