Drainwig is a product that appeared on Season 9 of the popular television show Shark Tank. It is a hair-catching solution designed to prevent drains from clogging with hair. The product consists of a stainless steel chain with rubber whiskers that catch hair as it drains. It is easy to use and cost-effective, providing a solution to a common household issue. The founders of Drainwig, Jennifer and Gifford Briggs, successfully pitched their product on Shark Tank and secured a deal with Kevin O’Leary. Since their appearance on the show, Drainwig has experienced significant success, with a net worth of $2.5 million.
Key Takeaways:
- Drainwig is a hair-catching solution designed to prevent drains from clogging with hair.
- The founders of Drainwig, Jennifer and Gifford Briggs, secured a deal with Kevin O’Leary on Shark Tank.
- Since their appearance on Shark Tank, Drainwig has achieved a net worth of $2.5 million.
- Drainwig is available on major retail platforms like Amazon, Bed Bath and Beyond, and Walmart.
- The product has received positive reviews and has been endorsed by Kevin O’Leary.
The Journey of Drainwig on Shark Tank
Drainwig, a revolutionary product designed to prevent clogged drains, made its debut on Season 9, Episode 6 of Shark Tank. Presented by Jennifer and Gifford Briggs, the couple sought a $300,000 investment for 5% equity in their innovative drain-clog preventing solution. The Sharks were captivated by the product’s simplicity and potential, ultimately leading to a deal with Kevin O’Leary.
In the intense negotiation, Kevin O’Leary made a final offer of $300,000 for 15% equity in Drainwig. This partnership allowed the founders to break free from an unfavorable licensing deal and take control of their business. With this new direction, Drainwig set out to expand its product line and reach a wider audience.
Since its appearance on Shark Tank, Drainwig has been thriving in the market. The endorsement from the renowned Shark Tank investor, Kevin O’Leary, has elevated the product’s reputation, making it a recognizable and trusted brand. Today, Drainwig has a net worth of $2.5 million, thanks to its successful journey on Shark Tank and the subsequent growth it has experienced.
| Shark | Investment | Equity |
|---|---|---|
| Kevin O’Leary | $300,000 | 15% |
The Success and Impact of Drainwig
Since its appearance on Shark Tank and securing a deal with Kevin O’Leary, Drainwig has enjoyed tremendous success and made a significant impact in the market.
The partnership with Kevin O’Leary allowed Drainwig to break away from an unfavorable licensing deal and paved the way for rapid growth. The product line was expanded, and Drainwig gained availability on major retail platforms, including Amazon, Bed Bath and Beyond, and Walmart. This increased visibility and accessibility contributed to the success of the product.
One of the key factors behind Drainwig’s success is its endorsement by Kevin O’Leary, one of the Sharks on Shark Tank. His endorsement served as a seal of approval, boosting customer confidence in the product and driving sales. The effectiveness, affordability, and low maintenance nature of Drainwig have also played a crucial role in addressing the common problem of clogged drains.
Thanks to its innovative design and market presence, Drainwig achieved remarkable sales revenue, generating a total of $14.2 million. This exceptional revenue growth exemplifies the significant impact the product has made in the industry and reaffirms its position as a market leader in the drain-clogging prevention category.
FAQ
What is Drainwig?
Drainwig is a hair-catching solution designed to prevent drains from clogging with hair. It consists of a stainless steel chain with rubber whiskers that catch hair as it drains.
How does Drainwig work?
Drainwig works by capturing hair with its rubber whiskers as water drains. The stainless steel chain allows it to be easily placed and removed from the drain.
Is Drainwig easy to use?
Yes, Drainwig is very easy to use. Simply place it in your drain, let it catch hair as water drains, and remove it when needed. It requires no extra maintenance or cleaning.
Where can I buy Drainwig?
Drainwig is available for purchase on major retail platforms such as Amazon, Bed Bath and Beyond, and Walmart.
Does Drainwig work for all types of drains?
Drainwig is designed to fit most standard bathtub and shower drains. However, it may not be suitable for all types of drains. Please check the product specifications before purchase.
Can Drainwig be reused?
Yes, Drainwig can be reused. Simply remove the collected hair and rinse the whiskers before reinserting it into the drain.
Is Drainwig cost-effective?
Yes, Drainwig is a cost-effective solution to prevent drain clogs. It saves you from expensive plumbing bills and the hassle of unclogging drains frequently.
Does Drainwig come with any warranty?
Drainwig does not come with a warranty. However, if you experience any issues with your purchase, please contact the retailer for assistance.
Can Drainwig be used in sinks?
Drainwig is primarily designed for bathtub and shower drains. It may not work as effectively in sinks due to their smaller size and different drain designs.
What is the net worth of Drainwig?
As of now, Drainwig has a net worth of $2.5 million.