Foam Party Hats Shark Tank Update | Foam Party Hats after Shark Tank
What is Foam Party Hats?
Foam Party Hats is a firm that manufactures fun-themed foam hats for almost any event. Their core market is weddings, birthday parties, and corporate events, and they are a family-run business.
They may also make hats for festivals, performances, sporting events, cruises, and other occasions. You may select from over 600 models of predesigned hat designs or create your own. There are also COVID-themed caps!
Grace and Manuel Rojas, Venezuelan immigrants to the United States in 2010, co-founded Foam Party Hats LLC. Manuel has a background as a chemical engineer, which he studied in Houston, Texas.
Grace focused primarily on making hats to support them, which she sold to family, friends, and at local community events, with the majority of the revenues benefiting her son’s studies.
Who is the founder of Foam Party Hats?
Grace and Manuel Rojas, Venezuelan immigrants to the United States in 2010, co-founded Foam Party Hats LLC. Manuel’s elder sister’s wedding 13 years ago inspired the initial concept. Grace created a slew of unique foam hats for the guests to wear on the dance floor.
They were a huge success. Due to the dire political situation in Venezuela, the family immigrated to the United States (particularly, Houston) in 2010.
Grace used her life savings to pay for Manuel’s education at the University of Houston, where he majored in chemical engineering.
Grace continued to make and sell her hats to friends and family, as well as at a few local events. Grace had a website up and running by the time Manuel graduated, and she was selling hats all over the world.
Manuel decided to become involved in 2017, and they founded Foam Party Hats, LLC. While they have numerous standard styles, they’ve collaborated with several large corporations and groups to create personalized caps for special events.
Production has been the most difficult task for Foam Part Hats. They have high quality requirements and have a difficult time finding qualified staff.
The corporation has no debt and is entirely self-sufficient. From 2018 to 2019, sales more than doubled. There are hundreds of designs to choose from, with prices ranging from $12 to more than $100. They’re easy to find on Amazon.
What Happened to Foam Party Hats at Shark Tank pitch?
Mother-son business partnership In Shark Tank episode 5 seasons 10, Grace and Manuel Rojas aim to celebrate a deal for Foam Party Hats, their colorful and festive hat company. Grace and Manuel want a Shark’s aid growing the business and increasing production.
Manuel and Grace apply to Shark Tank for $100,000 in exchange for a 10% stake in their firm, which is valued at $666,667.
They discuss the story of how the company got founded and show off their headwear. Each Shark receives a unique hat: Lori gets a jewelry box hat; Kevin gets a chef Wonderful hat, and so on.
They also make bespoke hats. It costs around $10 to produce a $45 hat. The firm handles a lot of weddings, but Covid-19 ruined 80% of their sales, so he moved his store to Amazon. Amazon sales were $6000 last month.
Sales in 2017 were $25,000; in 2018, they were $75,000; and in 2019, they were $145,000. They have made $153,000 in sales so far this year (as of August 2020).
Manuel wishes to use the funds to expand his business. He received a lot of attention for his Covid-19 hat, which aided in sales.
Kevin believes it’s a terrific family company, but he exit. Mark believes the most difficult part is figuring out what business they’re in; he’s out.
Manuel owns 20% of the firm and continues to work full-time. Daniel expresses an interest in investing, and Manuel accepts a full-time position. Robert exits at this point. Daniel makes a non-negotiable offer of $100,000 for 30% equity in the firm.
Mark makes remarks, and Daniel makes fun of him for being out. Lori asks Daniel if he will hire her, and he declines. Lori asks Mark if he’ll join her in a $100,000 investment for 25% stake in the firm.
He claims he’ll do it only to annoy Daniel. They ultimately choose Mark and Lori and walked away from the pitch with a deal.
What Happened to Foam Party Hats after Shark Tank?
The deal with Mark and Lori never finalized when they fled the pitch with a deal from the two Sharks.
As of December 2021, the company is still in operation with annual revenue of $223,353 and grateful that weddings are once again taking place.
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.