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 is 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 hairdryer 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 their 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 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.