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 the 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 a 15% stake thus valuing it at $2 million.
What is Drain Wig?
Drain Wig is a cutting-edge device that prevents clogged drains with 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.
Drain Wig Shark Tank Update
Drain Wig is a product that was pitched on Shark Tank by Jennifer and Gifford Briggs from Salem, Utah. The product is a hair trap for shower and tub drains that prevents hair from clogging the drain.
The Drain Wig is a patented product that is sold online for $ for a pack of four, which is a year’s supply for most families. The product is only sold online and comes with a full guarantee.
Kevin O’Leary made a deal with Jennifer and Gifford Briggs on Shark Tank, investing $ for % equity in the company.
The Shark Tank appearance helped Drain Wig attract a vast market in a short period, with $ million in retail sales by the time the couple showed up on the show. The product is a money saver, preventing expensive plumbing bills to unclog drains.
Drain Wig is a one-of-a-kind product that eliminates the need for chemical drain cleaners.
Drain Wig is a successful product that has been able to attract a vast market and generate significant revenue. The product is still in business and available in almost every big-box retailer and on Amazon.
The Shark Tank appearance helped the company attract more customers and generate more sales.
Summary Table about Drain Wig Shark Tank Net Worth 2023
| TOPIC | INFORMATION |
| Company Name | DrainWig |
| Product Description | Hair trap for shower/tub drains |
| Founders | Jennifer and Gifford Briggs |
| Year Founded | Not specified |
| Shark Tank Episode | Season 9, Episode 6 (aired October 29, 2017) |
| Valuation | $2 million (accepted offer from Kevin O’Leary for 15% equity) |
| Investment Offered | $300,000 for 5% equity |
| Revenue | $1 million per year (as of February 2023) |
| Sales Figures | $14.2 million (to date) |
| Retail Price | $19.95 for a pack of four |
| Distribution | Available online and in major department stores such as Walmart |
| Awards | 2013 National Hardware Show Innovation Gold Award, TODAY Show Bright Ideas |
| Notable Investors | Kevin O’Leary (accepted an offer for 15% equity) |
How Successful Has Drainwig Been Since Appearing On Shark Tank?
DrainWig is a disposable gadget that unclogs bathroom drains without the use of chemicals. It was founded by Jennifer and Gifford Briggs, who presented it on Shark Tank in Season 9.
The product was available at Walmart and Bed Bath & Beyond and had already racked up $14.2 million in sales by the time they appeared on the show.
Kevin O’Leary offered $300,000 for 15% equity, suggesting that he thought the company was worth $2 million. The couple accepted the offer, and since then, DrainWig has continued to thrive.
DrainWig had attracted a vast market in a short period, with $14.2 million in retail sales by the time the couple appeared on Shark Tank. The article also states that DrainWig was sold at different supermarkets for $9.99, making the profit margins incredible.
DrainWig’s net worth is not publicly known, but it is still a popular item on Amazon with thousands of positive reviews. A Geeks Around Globe article from August 2022 states that the founders of DrainWig, Jennifer and Gifford Briggs, have a net worth of $1 million USD.
What Was The Deal Made With Kevin On Shark Tank?
In a recent episode of Shark Tank, Mark Cuban, and Kevin Hart invested $600,000 in a start-up called The Transformation Factory, which sells edible sea moss gel.
The CEO of the company, Alexiou Gibson, wanted help getting his product on shelves at major retailers and asked for $500,000 in exchange for 5% of the company.
Cuban and Hart struck a deal with Gibson for $600,000 in exchange for an undisclosed percentage of the company. However, this deal was not made with Kevin O’Leary, who is another Shark Tank investor.
In a separate article, Kevin O’Leary discussed his worst-ever Shark Tank investment, which was a startup in the telecommunications industry. He invested half a million dollars in the company and regrets not trusting his gut.
There is no mention of any other deals made with Kevin on Shark Tank in the provided search results.
Drain Wig Competitors?
DrainWig is a product that helps remove clogged hair and grime from shower drains. It was presented on Shark Tank by Jennifer and Gifford Briggs, who was seeking a $300,000 investment for a 5% stake in their company.
Kevin O’Leary invested $300,000 for a 15% stake in the company, and DrainWig has been successful, earning $14.2 million in sales and still available at big-box stores and on Amazon. As of June 2021, the company was earning $1 million in sales per year.
There may be other hair-catching products on the market that compete with DrainWig, but its unique selling point is its disposable nature, which eliminates the need to touch the hair and grime that it catches.
DrainWig has won several awards, including the National Hardware Show Innovation Gold Award and one of The TODAY Show’s tops “Bright Ideas of 2013”.
How Much Were Drain Wigs Asking In The Shark Tank?
Jennifer and Gifford Briggs pitched their product, Drain Wig, on Shark Tank and requested $300,000 for a 5% equity stake in their business. Drain Wig is a hair trap for shower/tub drains that traps hair for over two months and is easy to dispose of after use.
It costs $19.95 for a pack of four and is only sold online with a full guarantee. The Briggs was looking for a Shark to help them get into mass retail outlets. During the pitch, Kevin O’Leary offered to invest $300,000 for a 15% stake in Drain Wig.
The valuation of the company was re-evaluated at $2 million, and Gifford countered with $300,000 for 10%, but Kevin accepted the 15% offer.
The deal was made, and Kevin became a partner in Drain Wig. As of 2022, the net worth of Drain Wig is above $1 million, and the product has been successful with retail links established and great profit margins.
Did Drain Wig Get The Deal From The Sharks?
Yes, DrainWig did get a deal from the Sharks on Shark Tank. Kevin O’Leary offered $300,000 for 20% equity in the company, which was accepted by the entrepreneurs. The deal aired on Season 9 of Shark Tank.
DrainWig is a hair trap for shower/tub drains that traps hair for over two months and is easy to dispose of after use. The product is sold in Walmart and Bed, Bath, and Beyond, and is also available on Amazon and the company’s website.
The company has sold $14,200,000 in products and has received $800,000 in royalties from an infomercial company.
Is Drain Wig Still In Business?
Yes, DrainWig is still in business. The company is still operating and earning $1 million in sales per year as of June 2021. DrainWig is available on the company’s website, Amazon, and at major shops such as Bed Bath and Beyond and Walmart.
The product is designed to fit into any normal bathtub drain, whether residential or commercial. DrainWig is a patented product that is only sold online and comes with a full guarantee.
DrainWig is a disposable de-clogging device for bathtub drains that catches hair and prevents clogs in the drain.
It eliminates the need for chemical drain cleaners and reduces maintenance costs due to clogged drains. Each DrainWig costs $19.95 for a pack of four, which is a year’s supply for most families.
The product is hygienic and has a completely disposable design that allows users to remove hair without touching it. DrainWig is a one-of-a-kind item that has been featured on As Seen on TV and on Shark Tank.
Does Drain Wig Work in All Drains?
Yes, the product is universal and will fit most drains. The Drain Wig is a small device that is inserted into the drain and is comprised of tiny whiskers that catch hair as it flows into the drain. The product is easy to install and doesn’t impede the functioning of the drain.
The Drain Wig can be removed every few months and replaced with a new one. The product is also hygienic as you don’t come in contact with the hair when removing it.
The Drain Wig is designed to catch hair in the shower drain and prevent clogs. The product can be easily installed and removed in minutes as part of a regular maintenance program.
The Drain Wig can be used in showers, bathtubs, and hair salons. The product is also designed to be out of sight and remain in place for months.
Where Can They Get Drain Wig?
DrainWig is a hair catcher that prevents clogs by catching hair in the shower drain. It is available on Amazon and Walmart. Evriholder Products LLC is the only official licensed distributor of the patented DrainWig.
Only DrainWigs sold from and shipped by Amazon.com are the originals. All other vendors on Amazon are counterfeits and are made of substandard materials that will rust and break in your drain.
DrainWig is available in two designs: the DrainWig for Showers Original and the DrainWig Daisy Design for Showers. The DrainWig is designed to stay in your bathtub or shower drain for 2-4 months and is completely disposable. Just pull it out by the top and complete the easy hair removal without even having to touch the hair.
DrainWig was featured on Shark Tank and is available in all big box stores, including Bed Bath & Beyond and Walmart.
Does Drain Wig Really Work?
Drain Wig is a small device designed to prevent clogs in shower and bathtub drains caused by hair.
It is claimed to be a universal product that fits most drains and can be easily installed and removed as part of regular maintenance. Drain Wig is also a cost-effective solution to prevent clogs, which can be costly to deal with.
However, there are alternative products to consider, such as drain cleaners and drain protectors like TubShroom.
While drain cleaners can dissolve hair, food, grease, and soap scum clogs, they may not work in standing water or toilets. Drain protectors like TubShroom can catch hair, food, grease, fat, and soap scum to help keep drains clear of clogs.
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 in 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.
