Eve Drop Shark Tank Net Worth
Eve Drop is a sliding, plastic fastener system that keeps lights hanging year-round. The company was founded by Nathan Shaffer in Henderson, Nevada and he appeared on Shark Tank in December 2014. He was seeking $75,000 for 20% of his business but the Sharks were not interested in investing.
Eve Drop’s net worth before appearing on Shark Tank was estimated to be $375,000 USD (Net worth), however, its current net worth is unknown.
Since appearing on Shark Tank, Eve Drop has seen an increase in sales and the product has been sold at Ace Hardware, Do It Center, and True Value retail outlets. However, the company website closed at some point in 2016 and it is now only possible to buy a selection of Eve Drop products from Amazon.
What is Eve Drop and Who is the Founder of Eve Drop?
Eve Drop is a business that produces a permanent Christmas light-hanging solution. Instead of having to go through the effort of putting up holiday lights every year, only to have to remove them later, Eve Drop allows you to raise and store your lights underneath your home’s eaves.
Then, when needed, you can simply drop them down without ever having to leave the ground.
The founder of Eve Drop is Nathan Shaffer, who holds an Associate’s degree in Physical Sciences from Brigham Young University and a Bachelor’s degree in International Business Management from Utah Valley University.
Prior to founding Eve Drop, Nathan worked for KHS & S Contractors for three years before becoming an inventor and president of Shaffarne LLC/EveDrop from 2013 to 2016.
As a family man who enjoyed the holiday season but disliked the hassle of putting up and taking down Christmas lights, Nathan spent nearly a year researching the concept of storing holiday lights and deploying them in the same spot where they will be visible throughout the holiday season.
He attempted to raise funds for his idea via Kickstarter but failed to reach his goal in 2013. He subsequently re-designed his campaign, which was successful the following year.
Eve Drop was released to Kickstarter backers in July 2014 after a six-month delay due to a challenging manufacturing process. Nathan continued to seek additional investors, which eventually led him to appear on Shark Tank.
Despite not securing a deal on the show, Eve Drop has remained in business with Nathan currently working as a real estate agent with Keller Williams Realty, Inc. The company reportedly generates $1 million in yearly sales as of February 2022.
Eve Drop Shark Tank Pitch?
In season 6 episode 12 of Shark Tank, Nathan sought $75,000 for a 20% stake in Eve Drop, which was valued at $375,000. He demonstrated the product, and Robert asked for a closer look. Nathan explained how the pole allows the lights to be repositioned without using a ladder.
He also revealed that he had only made $4,500 in sales but had spent most of his money on molds. Each set was priced at $9.99, and the packaging was displayed.
Mark joked about how Barbara’s mother did the same thing with nails, and Kevin opted out. Robert inquired about the company’s current situation, and Nathan explained that he had invested $30,000 in merchandise and was waiting for it to arrive.
He also stated that the company had $3,500 in pre-orders to stock Eve Drop in twelve retail stores as soon as the goods arrived.
Robert doubted Nathan’s sales figures and abilities and withdrew his interest. Barbara also doubted his capacity to persuade and questioned his decision-making skills.
Nathan made a strong pitch for his product, but Lori didn’t believe his company was ready for a significant investment and withdrew her interest. Barbara didn’t believe the Eve Drop system would be successful, and she declined to invest as well.
Eve Drop saw a significant increase in sales after the show aired, with sales more than doubling. Nathan was able to get the product into retail stores like Ace Hardware, Do It Center, and True Value for a while, but it appears that sales did not go well.
In August of 2016, he shut down the company and is now a real estate agent in St. George, Utah.
Eve Drop Net Worth
Nathan appeared on Shark Tank Season 6 Episode 12 in search of $75,000 for a 20% stake in his company. This equates to a $375,000 valuation.
Eve Drop Competitors
There is no competitor identified for Eve Drop.
Eve Drop FAQS
What was Eve Drop?
Eve Drop is a company that manufactures permanent Christmas light hanging.
Rather of putting in a lot of effort to put up Christmas lights only to have to work hard to take them down every year, Eve Drop lets them to raise and store their holiday lights beneath their house’s eaves, then simply drop them when needed without ever having to move their feet.
How much was Eve Drop cost?
The price for one Eve Drop set is $9.99.
Who is the founder of Eve Drop?
Nathan Shaffer was President and Inventor of Eve Drop.
How much was she seeking in the Sharks?
Nathan appeared on Shark Tank Season 6 Episode 12 in search of $75,000 for a 20% stake in his company. This equates to a $375,000 valuation.
Did he get the deal?
No, he did not secure an investment from the Shark Tank.
Is Eve Drop still in business?
He shut down the company in August of 2016.
Where is Nathan Shaffer now?
He is a real estate agent in St. George, Utah.
When was Eve Drop featured on Shark Tank?
Eve Drop was featured on Shark Tank Season 6 Episode 12 in 2014 on December 12th, 2014.
Is Eve Drop on Facebook?
They are out of business.
Where can they buy Eve Drop?
They are no longer in business.
How much did Eve Drop raised in Kickstarter?
Nathan successfully raised $4,431.
What is the net worth of Nathan Shaffer?
Nathan Shaffer’s net worth is unavailable.
What happened to EveDrop after Shark Tank?
For a period, he was able to get the product into Ace Hardware, Do It Center, and True Value retail shops, but it appears that it did not sell well.
He sold the company in August of 2016 and is currently a real estate agent in St. George, Utah.
Was Eve Drop successful?
Eve Drop has been out of business since 2018 because to decreased sales during the off-season, and its social media profiles are dormant.
