FiberFix Tape Shark Tank Update | What Happened to FiberFix Tape after Shark Tank?

What is FiberFix Tape?

FiberFix is a repair tape that is made up of a special blend of resin and industrial fibers.

According to the manufacturer, it is 100 times stronger than duct tape.

To use it, you soak a strip in water to activate the adhesive, then wrap it around the item you want to fix, such as a leaking pipe or broken shovel.

The tape hardens in about five minutes and can also be sanded and painted.

The slogan for the product is “now you can mend anything”, however, one thing to keep in mind is that it can be quite sticky and hard to remove, so it is recommended to wear gloves when handling it.

The idea for this tape came to the developer, a student at Brigham Young University, after a doctor told him about using medical casting tape to temporarily fix his ATV instead of duct tape.

Who is the founder of FiberFix Tape?

FiberFix was founded by Eric Child and Spencer Quinn as a simple and effective repair tool, combining the ease of use of duct tape with the strength of epoxy without the mess.

It is water resistant, heat and cold resistant, non-toxic, and dries quickly.

The product claims to cure in around five minutes and cover an area of two square meters with a single strip, making it a versatile tool for various repairs. The product has been featured on TV and is available on Amazon.

What Happened to FiberFix Tape at Shark Tank pitch?

On an episode of Shark Tank that aired on October 25, 2013, Spencer Quinn and Eric Child pitched their product, FiberFix, to the Sharks.

They were looking for a Shark to help them with mass distribution and potentially creating infomercials.

They asked for $90,000 in exchange for a 10% stake in their company, which was valued at $900,000.

They demonstrated the strength of FiberFix by breaking a cinder block with a hammer made of two by fours, and explained its various uses.

They also revealed that they had already sold over $100,000 worth of the product, which retailed for $7.99 per roll. They had also recently become a seller at Home Depot.

The Sharks were impressed, but ultimately, Lori Greiner made an offer of $120,000 for 12% equity shares and financing of all purchase orders, which Quinn and Child accepted.

What Happened to FiberFix Tape after Shark Tank?

The FiberFix team, led by Lori, has been successful in their efforts to market and sell their product. They set up a call center to reach small hardware retailers and have seen high demand for their product.

Lori’s company was acquired by J-B Weld, a well-known adhesive company, in October 2018. As of 2021, FiberFix can be found at many major retailers such as Home Depot, Walmart, and Amazon.

Competitors of FiberFix Tape

They have three similar companies offering the same products, these are: Gorilla Glue, UHU, and Liquid Nails.

Net Worth of FiberFix Tape

The company’s value was $900,000 during the pitch, but after Lori Greiner’s investment, it increased to $1 million.

However, the company has since been acquired by J-B Weld, and the exact value of the acquisition is not known, so the current net worth of the company is not available.

FiberFix Tape FAQs

What is FiberFix Tape?

FiberFix Tape is a brand of super-strong, waterproof duct tape that can be applied in under 5 minutes.

Who is the inventor?

Spencer Quinn and Eric Child created FiberFix; Spencer is the inventor.

How much were they seeking on Shark Tank?

They were seeking for $90,000 for a 10% stake in their firm, which would bring their valuation to $900,000 million.

Did they have the deal?

Yes, the deal was finalized and Lori Greiner invested $120,000 for 12% ownership of the company with a total net worth of $1 million.

Is FiberFix Tape still in business?

No, J-B Weld acquired the company in October 2018 and hence FiberFix Tape is no longer in business.

How does FiberFix Tape work?

FiberFix Tape works by using a substance called polypropylene. When applied to a surface, it allows the substance to bind together, making it waterproof and unbreakable.

How do you use FiberFix Tape?

FiberFix tape repairs almost anything, from cracked walls to broken auto glass with just a few steps:

Step 1:  Clean surface area very well and let it dry completely.

Step 2: Remove backing paper and apply splicing tape over the crack or break.

How does the company generate revenue?

They sell FiberFix on their website for $4.95 for a two-pack, with a two-pack costing $2.99 on Amazon.

They also sell them at Walmart, Lowe’s, True Value, Ace Hardware and Home Depot for an additional 25%-30% more per unit.

Who is the current owner?

In 2018, it was reported that J-B Weld purchased FiberFix for an undisclosed sum and now owns the company based on its annual revenues.

How do you use FiberFix Tape?

Just apply it to broken, bent, or dented items, and it will harden within minutes.

How much does FiberFix Tape cost?

It can cost $2 a roll or less on Amazon or at Walmart.

How strong is FiberFix Tape?

FiberFix Tape is up to four times stronger than standard duct tape. This allows users to fix things that were previously unreachable with regular duct tape. It can also be used as an adhesive for other repairs and put in the form of a cord wrap.

Is FiberFix a success?

In only three months, the firm moved from $300,000 in pre-Tank sales to $6 million in revenues. FiberFix is available via the company’s website, Bed Bath & Beyond, and other shops nationwide.

Is FiberFix a long-term solution?

It’s simple to apply and adheres to most surfaces. FiberFix provides a rapid, economical, and durable solution, allowing users to return to work faster than ever before.

What is the net worth of Spencer Quinn?

Spencer Quinn was the founder and CEO of FiberFix Tape. He has a net worth of $12 million.

What is the net worth of Eric Child?

Eric Child was the President of FiberFix. His net worth is unknown.

Fiberfix Shark Tank Pitch Season 5 Episode 6