Foam Party Hats Shark Tank Net Worth 2023
The company valuation was $666,667 during the pitch, and with investments done by two Sharks the company valued at $400,000.
Despite this significant decrease in value, annual revenue for 2021 is a promising $223,353 which indicates that the net worth has likely increased since then.
By 2022 the company had a net worth of $400,000; fast-forward to January 2023 and they are reporting over $1 million in annual revenue – testimony to their commitment to success.
What is Foam Party Hats? Who is the founder of Foam Party Hats?
Foam Party Hats is a company that produces foam hats with fun designs for a wide range of events, including weddings, birthdays, and corporate gatherings.
As a family-owned business, they offer over 600 pre-designed hat options to choose from or the ability to customize your own. They even offer hats with COVID themes.
In 2010, Grace and Manuel Rojas, who immigrated to the United States from Venezuela, founded Foam Party Hats LLC. Manuel, who studied chemical engineering in Houston, Texas, brings his expertise to the company.
Grace, on the other hand, focuses on making hats to support their business, which she sells to family, friends, and at local community events.
The majority of the revenue from her hat sales go towards supporting her son’s studies. Foam Party Hats also caters to other events such as festivals, performances, sporting events, and cruises.
Grace and Manuel Rojas, who came to the United States as Venezuelan immigrants in 2010, founded Foam Party Hats LLC after being inspired by a unique concept at Manuel’s elder sister’s wedding 13 years ago. Grace created an array of foam hats that were a hit with guests on the dance floor, prompting the duo to later pursue this idea.
As a result of the challenging political climate in Venezuela, the family moved to Houston, where Grace used her life savings to pay for Manuel’s education at the University of Houston, where he studied chemical engineering.
Meanwhile, Grace continued to make and sell her hats, initially to friends and family, and later at local events. Her website was up and running by the time Manuel graduated, and her hats were selling across the globe.
In 2017, Manuel joined the business, and together they founded Foam Party Hats LLC. In addition to their standard styles, they have collaborated with various large organizations and groups to create personalized hats for special events.
Producing high-quality hats has been a significant challenge for Foam Party Hats. They have stringent quality standards and struggle to find skilled workers.
Despite these challenges, the company is debt-free and self-sustaining. Sales doubled between 2018 and 2019, and there are hundreds of designs available at prices ranging from $12 to over $100. The hats are also widely available on Amazon.
What Happened to Foam Party Hats at Shark Tank pitch?
Grace and Manuel Rojas, a mother-son duo, appeared on the fifth episode of the tenth season of Shark Tank to seek investment for their vibrant and festive hat company, Foam Party Hats. They hoped to secure a deal with a Shark to aid in the growth of their business and increase production.
The pair asked for $100,000 in exchange for a 10% stake in their company, which had a valuation of $666,667. During their pitch, they showcased their unique hats and discussed the company’s origin story.
Each Shark received a bespoke hat, with Lori receiving a jewelry box hat and Kevin receiving a chef Wonderful hat. Manuel and Grace also highlighted their ability to create custom hats, which cost $10 to produce and sold for $45.
The company had been heavily impacted by the COVID-19 pandemic, with 80% of their sales being ruined. As a result, they moved their store to Amazon and achieved sales of $6,000 the previous month. In 2017, sales were $25,000, while in 2018 and 2019, they were $75,000 and $145,000, respectively. By August 2020, they had made $153,000 in sales.
Manuel aimed to use the investment to expand the business, with a particular focus on the COVID-19 hat that had generated a lot of attention and sales. While Kevin found the company to be an excellent family business, he declined to invest. Mark believed that the business’s core was unclear and opted out.
Daniel expressed interest in investing and offering Manuel a full-time position, which he accepted. Robert exited the deal. Daniel made a non-negotiable offer of $100,000 for a 30% stake in the company, which Manuel accepted.
Lori expressed interest in investing and asked Daniel if he would hire her, but he declined. She then proposed a joint investment with Mark, who agreed solely to annoy Daniel. In the end, Manuel and Grace accepted the joint offer from Mark and Lori and secured a deal to aid in the growth of their business.
What Happened to Foam Party Hats after Shark Tank?
Mark and Lori didn’t finalize the deal and left the presentation with an offer from the two Sharks. However, the company is still running and as of December 2021, it had an annual revenue of $223,353. The company is thankful that weddings have resumed.
Competitors of Foam Party Hats
The primary competitors of Foam Party Hats are; Vkomplete, Victoria L Williams and All Star Activewear, Inc.
Net Worth of Foam Party Hats
The company valuation was $666,667 during the pitch, after the investment done by two Sharks the company valued at $400,000.
Since then the company still runs with annual revenue of $223,353 in 2021. This justify that the company net worth might had risen.
Foam Party Hats FAQs
What is Foam Party Hats?
Foam Party Hats is a company that sells hats. This company also gives custom-designed party hats. They have many different designs and types of party hats.
Who is the founder?
Foam Party Hats is co-founded by mother-son business partnership of Grace and Manuel Rojas, whose parents are Venezuelan immigrants to the United States.
How much were they asking on Shark Tank?
They were asking for $100,000 for 15% stake of their company at valuation of $666,667.
Did they have the deal?
Yes, they did from Lori Greiner and Mark Cuban.
How much was the deal?
Lori and Mark offered $100,000 for 25% ownership of the company, which worth $400,000.
Is Foam Party Hats still in business?
Yes, they are still in business until today. And there was news about them in December 2021.
How much does Foam Party Hats cost?
The party hats cost around $12 to $100, depending on the design.
How many employees they have?
Foam Party Hat is ran by a mother-son team with no full-time staff, but they have a lot of freelancers to help them.
What is their revenue?
Their annual revenue was $223,353 in 2021.
Where is this company located?
Foam Party Hats is located in Houston, Texas.
What are the prices and shipping?
All the prices are in USD. The shipping costs depend on the package weight and destination country, the prices are explained in each product page.
They offer free shipping in USA if the total order amount is $25 or more (excluded Hawaii, Alaska and Puerto Rico).
What is the industry of Foam Party Hats?
Foam Party Hats, works in the Apparel Accessories and Other Apparel Manufacturing industries.
What is the website of Foam Party Hats?
The website for Foam Party Hats is www.foampartyhats.com.
Who is the main owner of Foam Party Hats?
Manuel Rojas is the primary owner of Foam Party Hats.
When was Foam Party Hats founded?
Foam Party Hats was founded in 2017.
What is the best way to contact?
The best way to contact Foam Party Hats is by emailing at [email protected] or calling at 832) 729-4216.
Is product still available?
Yes, product is still available and have new colors added frequently.
How do I order for Foam Party Hats?
To purchase product or place an order, customers need to contact [email protected]
How can I get a discount offer?
To get discounts and promotional offers, customers need to sign up for their newsletter (for more information).
Is Foam Party Hats cruelty free?
No, Foam Party Hats is not cruelty free.
What is the net worth of Manuel Rojas?
The net worth of Manuel Rojas is $1.5 million.