Drain Wig Shark Tank Net Worth 2023
Drain Wig Shark Tank Net Worth
The net worth of DrainWig is estimated to be $2 million as of 2022. DrainWig, a hair trap for shower/tub drains, was featured on Shark Tank in October 2017.
The company’s founders Jennifer and Gifford Briggs asked for an investment of $300,000 in exchange for 5% equity.
Kevin O’Leary offered $300,000 for 15% equity, suggesting that he thought the company was worth $2 million.
As of February 2023, DrainWig is still in business and generating $1 million yearly in revenue.
What is Drain Wig? Who is Founder of Drain Wig?
The Drain Wig is an innovative device that prevents clogged drains using a simple, hair-stopping solution. It consists of a chain suspended within the drain that catches stray hair and holds it in place.
When the drain begins to slow down, the chain can be pulled up and discarded, along with all the hair that it has caught.
The Drain Wig is designed to be disposable, so users never have to touch the unpleasant substances that accumulate in their drains, nor do they need to resort to chemical drain cleaners.
A four-pack of Drain Wigs is priced at $19.95, which is generally enough to last a family for around a year. The product is available exclusively online and comes with a 30-day money-back guarantee.
The Drain Wig was invented by Gifford and Jennifer Briggs, who are the parents of five long-haired daughters.
Jennifer, who had no prior experience in entrepreneurship, devoted a lot of time and effort to experimenting with different prototypes and perfecting the product’s design in her own shower.
The idea for the Drain Wig came about when the family removed a piece of dental floss from the shower drain and observed all the hair that came up with it.
Since then, the Briggses have worked hard to refine the Drain Wig’s design and identify production and sales partners.
Their efforts have been recognized with several awards, including the 2013 National Hardware Show Innovation Gold Award and recognition as one of the “Bright Ideas” of 2013 by The TODAY Show.
Jennifer Briggs has also spoken at numerous events about her Drain Wig journey, sharing the invaluable lessons she and her husband have learned along the way.
Drain Wig Shark Tank Pitch
In the sixth episode of season 9 of Shark Tank, Jennifer and Gifford, along with their daughters, presented their invention and offered a 5% stake in their company in exchange for $300,000.
This indicates a valuation of $6 million. During the pitch, the couple discussed the development of their product and the involvement of their daughters.
After the presentation, the girls distributed samples and left the Tank. Daymond John requested more information about the product’s cost and sales figures.
Jennifer and Gifford revealed that they manufacture the product for $1.20 and sell it for $9.99 in major department stores such as Bed Bath & Beyond and Walmart. The product, called Drain Wig, has generated sales of $14.2 million to date.
However, the couple has only earned $800,000 in royalties from a previous agreement with an infomercial business, which they have since bought out, owning the company entirely.
Mark Cuban decided not to invest in the company, while Sara Blakely suggested that Jennifer and Gifford could start their own business.
Daymond offered $300,000 for a 20% stake, while Lori Greiner offered $300,000 for a 25% stake. Gifford asked if any sharks would be interested in a $300,000 investment for 10% of the business, but the offer was largely ignored.
Finally, Jennifer and Gifford agreed to give up a 15% stake and highlighted the benefits of partnering with hotels. Daymond expressed interest, but before he could make an offer, Kevin O’Leary interrupted and offered $300,000 for a 15% stake, which was accepted.
Drain Wig has since become a major success and is available in almost every large box retailer and on Amazon, generating revenue of $1 million per year as of June 2021.
Drain Wig Net Worth
At the Shark Tank the Owners were seeking $300,000 for 5%, which brings the valuation to be$6 million but they accepted an offer from Kevin O’Leary of $300,000 for 15% stake thus valuing at $2 million.
Drain Wig Competitors
There are no competitors identified for Drain Wig.
Drain Wig FAQS
What is Drain Wig?
Drain Wig is a cutting-edge device that prevents clogged drains by the use of a simple, hair-stopping solution.
The Drain Wig is just a chain that is suspended within the drain. It catches and holds on to stray hair.
When the drain begins to slow down, pull up the chain and discard the entire assembly, hair and all.
Because it is disposable, they will never have to touch the vile muck that they yank from the drain.
Who are the Founders of Drain Wig?
Jen and Gifford Briggs.
How much were they asking in the Shark Tank?
They were seeking $300,000 in exchange for a 5% stake in their company.
Did they get the deal from the Sharks?
Yes, Kevin O’Leary invested on it.
How much was the deal?
Kevin O’Leary invested $300,000 for 15% stake.
Is Drain Wig still in business?
Yes, they are still available in almost every large box retailer and on Amazon.
Does Drain Wig work in all drains?
Yes, the commercial Drain Wig is intended to fit into any standard bathtub drain, whether residential or commercial.
Where can they get Drain Wig?
Drain Wig is available on its website, on Amazon or at major retailers nationwide.
How much do Drain Wigs cost?
They manufacture it at a cost of $1.20 and sell it for $9.99
Does drain wig really work?
If they obtain the genuine article, it will last months and the chain will remain unbroken until they see the drain becoming clogged and remove it.
The genuine product is quite effective in preventing shower drain hair blockages.
Can the Drain Wig be reused?
Yes. If they have a strong stomach, they may easily take the hair from the chain and dispose of it using rubber or vinyl gloves.
Reconnect their bathtub’s water supply and reinstall the Drain Wig in the bathtub drain.
What material is used to make the Drain Wig?
Drain Wig is made of high-density polyethylene (HDPE) plastic and has a stainless steel chain and silicone whiskers.
How efficient is the Drain Wig Commercial Bath in Hair Salon Wash Sinks?
Yes, several hairdressers have reported incredible results when including the Drain Wig Commercial Bath into their hair wash basins.
Salon hair wash sinks are often similar to bathtub drains in that they lack a stopper.
Is it possible to install the Drain Wig Commercial Bath in any home bathtub?
Yes, the business Drain Wig is intended to fit into any regular bathtub drain, whether residential or commercial.
How do they know when to replace their Drain Wig?
Drain Wigs normally last from 2-4 months, depending on use. This varies significantly depending on the amount of hair that is being sucked down the drain.
When the water drains slowly or backs up, it’s time to replace the Drain Wig.
Is the Drain Wig covered by a patent?
Yes, the Drain Wig is currently protected by patents in the United States, China, and other countries.
What is the net worth of Jennifer Briggs?
Unknown.
What is the net worth of Gifford Briggs?
Unknown.
