Cool Wraps Shrink Wrap Gift Bags Shark Tank Pitch Net Worth 2023
Jeffrey Miller, appearing on Shark Tank, pitched his company Cool Wraps and offered a 40% stake for $100,000, valuing the company at $250,000. Mark Cuban then upped his offer to $250,000 for the entire company plus a 3% royalty clause which Miller accepted giving it an identical value of $250,000.
It is unclear if the deal with Mark Cuban was actually completed or whether Cool Wraps has since achieved additional value; however, both parties are likely pleased with the outcome.
What are Cool Wraps or Shrink Wrap Gift Bags?
Cool Wraps are gift bags made of shrink wrap that offer a quick and effortless way to expertly wrap presents. To use, simply place the bag over the gift, seal it, and then use a hair dryer to shrink it.
There are three different designs available for the product, including Celebration, Balloons, and Hearts. Additionally, the product contains nine shrink-wrap gift bags in small, medium, and large sizes.
These bags are especially helpful for wrapping gifts that have an unusual shape. Jeffrey Miller is the creator of Cool Wraps, who designed the product with individuals who lack gift-wrapping abilities in mind. The product has been promoted on QVC and is accompanied by the tagline “as seen on TV.”
Cool Wraps Shrink Wrap Gift Bags Shark Tank Pitch
In season 4, episode 20 of Shark Tank, Jeffrey Miller pitched Cool Wraps Shrink Wrap Gift Bags and asked for $100,000 in exchange for a 40% share in the company, which was valued at $250,000. During the pitch, Miller demonstrated how to use the bags to shrink-wrap gifts, but stumbled when Robert Herjavec asked about pre-wrapped gifts.
Miller revealed that the product had been on the market for a decade but his previous partner was unable to secure financing because they lacked collateral.
He said that they needed between $300,000 to $500,000 to fulfill orders. Robert Herjavec was doubtful and declined the offer, but Lori Greiner saw potential in the product and offered to buy Miller out for $150,000.
Mark Cuban then stepped in and made an offer of $250,000 for the entire company along with a 3% royalty to Miller, which was accepted.
However, the deal with Mark Cuban was not completed after the show aired. Despite this, Cool Wraps Shrink Wrap Gift Bags still had a strong online presence as of early 2015, even though their social media pages were not frequently updated.
It’s unclear whether Mark Cuban had any involvement in the company after the show, but the company continued to operate and sell its product through distributors. Currently, the company claims to have a large following in Europe and the Middle East with an annual revenue of $5 million. However, their product is not available for purchase online anymore.
Cool Wraps Net Worth
On Shark Tank, Jeffrey Miller pitched Cool Wraps, offering a 40% stake in the company for $100,000, valuing it at $250,000.
Mark Cuban later offered $250,000 for the entire company and a 3% royalty, which Miller accepted, also valuing the company at $250,000. It is not publicly known if the deal with Mark Cuban was completed or if the company has grown in value since then.
Cool Wraps Shrink Wrap Gift Bags Shark Tank Updates
Cool Wrap is a line of shrink-wrap gift bags that was pitched on Shark Tank by entrepreneur Jeffrey Miller in episode 319.
The bags are designed for people who struggle with gift wrapping and are as easy to use as 1, 2, or 3 – stuff the gift, seal the bag, and shrink it with a hairdryer. The bags eliminate the need for scissors, tape, and gum.
In the Shark Tank episode, Miller asked for a $100,000 investment in exchange for 40% equity in his company. Mark Cuban made an offer of $100,000 for 50% equity, which Miller accepted.
However, after the episode aired, customers were disappointed to find that the product was unavailable and nearly impossible to find online.
As of February 2022, Cool Wraps is no longer for sale anywhere online, but the company is still in business and going the distributor route to sell. The official website no longer has any products available for purchase.
Cool Wraps Shrink Wrap Gift Bags Shark Tank Pitch Net Worth 2023
|COOL WRAPS SHRINK WRAP GIFT BAGS
|Shrink-wrap gift bags
|How it works
|Place gift in bag, seal, and shrink with a hair dryer
|Celebration, Balloons, and Hearts
|Season 4, Episode 20
|$100,000 for 40% equity
|Mark Cuban offered $250,000 for 100% ownership plus a 3% royalty
|The company is still in business but products are not available for purchase online. Claims to have a large following in Europe and the Middle East with annual revenue of $5 million.
Cool Wraps FAQS
What Are Cool Wraps And How Does It Work?
Cool Wraps are a type of shrink-wrap gift bag created by entrepreneur Jeffrey Miller, specifically designed for people who struggle with traditional gift-wrapping techniques. Instead of using scissors and tape, the gift is placed in a Cool Wraps bag and heated with a hair dryer.
The bag then shrinks to fit the gift, creating a neatly wrapped present that is free of wrinkles. These bags can be branded for specific stores and are available for sale in retail stores. Miller also sells the product on the fundraising circuit.
It is important to note that Cool Wraps are not the same as cooling neck wraps, which are designed to cool the body through evaporation.
Who Is The Cool Wraps Founder?
Jeffrey Miller is the creator of Cool Wraps, a line of shrink-wrap gift bags designed to simplify the gift-wrapping process for those who struggle with traditional wrapping methods. The bags are sealed and then shrunk with a hairdryer, a process that is both easy and efficient.
The product has been promoted on QVC and has the tagline “as seen on TV.” Miller appeared on Shark Tank in 2013 and sought a $100,000 investment in exchange for 40% ownership of his company.
Although Mark Cuban offered $250,000 for the entire company, the deal was never completed. Cool Wraps was nominated as one of the best new products at the 2015 New York National Stationery Show and became available on Amazon.
However, the product is currently not available on Amazon and the Cool Wraps website is not equipped for e-commerce. Cool Wraps is still in business but is now selling through distributors.
How Much Were Cool Wraps Seeking In The Shark Tank?
Jeffrey Miller, the founder of Cool Wraps, appeared on Shark Tank seeking an investment of $100,000 for a 40% stake in the company, which is valued at $250,000. During the pitch, Miller demonstrated how to use the bags to shrink-wrap gifts.
Mark Cuban offered $250,000 for the entire company and a 3% royalty clause, which Miller accepted, giving it an identical value of $250,000. However, Cuban’s offer was contingent on an immediate response.
After the show, Cool Wraps gained some customers on its website, but there were no products available for purchase. The products were not found on the website or any social selling platform.
Did Cool Wraps Get The Deal From The Sharks?
According to the information available, Cool Wraps did receive an investment offer from Mark Cuban on Shark Tank.
The founder, Jeffrey Miller, was seeking $100,000 in exchange for 40% ownership of the company, and Mark Cuban later offered to acquire the entire company for $250,000 plus a 3% royalty clause, which was accepted by Miller.
However, it appears that Cool Wraps is no longer in business as their product is no longer available for purchase online.
Are Cool Wraps Still In Business?
Based on the search results, there are mixed reports about whether Cool Wraps is still in business. The company is out of business as its website is down and its social media hasn’t been updated for seven years.
It’s unclear whether Cool Wraps has completed a deal with Mark Cuban or whether the company has gained any additional value since appearing on Shark Tank. Cool Wrap is a line of gift bags made of shrink wrap that provides a quick and easy way to wrap presents.
The bags are placed over the gift, sealed, and then shrunk with a hairdryer. Cool Wraps was founded by Jeffrey Miller for people who struggle with gift wrapping.
How Does The Cool Does Wraps Product Function?
The term “Cool Wraps” refers to different products that have different functions. For example, Chick-fil-A’s Cool Wrap is a food item that consists of grilled chicken breast, lettuce, cheese, and flatbread.
Hurtta’s Cooling Wrap is a vest designed for dogs that uses a special fabric to provide a cooling effect.
Opal Cool’s Cool Wrap Chill/58 is a cooling therapy product that can help treat various conditions, including hot flashes and heat stress. Dr. Cool’s wrap is a product that combines ice therapy and compression to aid in injury recovery.
It is unclear which Cool Wraps product is being referred to in the original question. However, based on the search results, it can be assumed that Cool Wraps are products that offer cooling effects in some way.
Cool Wrap is not intended to have any cooling effect. Hurtta’s Cooling Wrap and Opal Cool’s Cool Wrap Chill/58 are products that provide cooling effects for dogs and humans, respectively.
What Are Cool Wraps Competitors?
Cool Wraps is a gift wrap product that uses shrink wrap to wrap presents easily and quickly. It is designed to be especially helpful for wrapping gifts that have an unusual shape. Cool Wraps has been promoted on QVC and has the tagline “as seen on TV”. There are no identical competitors found for Cool Wraps.
Chick-fil-A also has a product called Cool Wraps, which are a type of wrap that can be purchased as part of a combo meal or individually. Chick-fil-A’s Cool Wraps come in three varieties: the Spicy Chicken Cool Wrap, Chicken Caesar Cool Wrap, and the Chargrilled Chicken Cool Wrap.
They are made fresh daily and wrapped in soft, baked flatbread. Customers can choose from an array of dressings, including reduced-calorie Basil Vinaigrette, Light Italian, Fat-Free Dijon Honey Mustard, as well as Buttermilk Ranch, Thousand Island, Caesar, and Blue Cheese.
While there are no identical competitors to Cool Wraps, there are many alternatives and modes of doing the wrapping. Chick-fil-A’s Cool Wraps may be considered a competitor to Cool Wraps gift wrap products, but they are not identical products.
Why does it shrink more when the hairdryer nozzle/concentrator is used?
By focusing on 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 waterproof 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.