Fridge Fronts Shark Tank Update | What Happened to Fridge Fronts after Shark Tank?
What is Fridge Fronts?
Fridge Fronts are magnetic covers that can be applied to refrigerators and other large metal appliances to give them a new look.
They have magnetic backings that make it easy to remove and come in a variety of colors and designs.
The company was founded in 2002 by Jan Augenstein, who holds a Bachelor of Fine Arts degree from Wright State University and a Master of Education degree from Boston University.
In 1992, after completing her studies, Augenstein entered the real estate industry and later sold her Fridge Fronts business to Best Appliance Skins.
Who is the founder of Fridge Fronts?
Jan Augenstein started her own company in 2002, eight years after obtaining her Master’s degree.
She and her spouse, a member of the military, lived on a base and she used magnetic skins as a cost-effective way to personalize their home.
The magnetic sheets feature beautiful graphics and can be customized for any appliance, preserving the original surface while adding a personal touch.
Despite her brother investing $250,000 in the business, Fridge Fronts faced challenges and struggled to gain traction, despite a brief boost from an appearance on the Rachel Ray show.
Unfortunately, the company’s growth was hindered by a failed transaction with a small printing firm that went out of business.
What Happened to Fridge Fronts at Shark Tank pitch?
Jan Augenstein appeared on an episode of Shark Tank to showcase her revolutionary kitchen appliance design, Fridge Fronts, and to seek funding for her project.
She was looking for an investment of $100,000 in exchange for 30% stake in her company, which was valued at $333,333.
She demonstrated the potential of the product by showing how it can transform the appearance of an old, unattractive refrigerator.
Kevin Harrington expressed interest in her past business,
Skymall, and was impressed by her success. However, other Sharks did not see a fit for their investment.
Only Kevin Harrington and Barbara Corcoran remained interested, with the latter willing to invest half the amount requested with the condition that Augenstein maintains her current level of success.
Harrington added the condition of 50% equity in the company, which Augenstein accepted, thus closing a deal.
What Happened to Fridge Fronts after Shark Tank?
The agreement between Kevin Harrington and Barbara Corcoran for Fridge Fronts has been completed and the company has expanded to include a wide range of designs and options.
The magnets used have also been improved, and customers with non-magnetic appliances can now opt for a removable adhesive film.
The product line has also been expanded to offer more customization options, allowing customers to easily fit the product to their appliance.
Jan Augenstein, the founder, was able to recover her investment and successfully launch the Fridge Fronts product, showing that a strong idea and determination can lead to success.
Jan sold the company to Best Appliance Skins in 2013 for an undisclosed amount.
The new owners have a wide selection of over a million photos to choose from when creating their skins. Jan is now a realtor in Ohio and also runs a home staging business.
Net Worth of Fridge Fronts
The company’s value was initially estimated at $333,333 during the pitch, but afterwards decreased to $200,000.
The company was later acquired by Best Appliance Skin in 2013 for an undisclosed amount, so its current net worth is unknown.
Fridge Fronts FAQs
What is Fridge Fronts?
Fridge Fronts are magnetic covers for refrigerators and other big, metal appliances. Even the dirtiest refrigerators become objects of art when covered in these skins. Magnetic backings facilitate removal and are available in a range of colors and designs.
Who is the founder?
Jan Augenstein created the firm in 2002. She earned a Bachelor of Fine Arts degree from Wright State University and a Master of Education degree from Boston University.
How much was seeking on Shark Tank?
Jan was seeking for $100,000 in exchange for 30% stake in her firm, which was valued at $333,333.
Did she have the deal?
Yes, she had a deal with Barbara Corcoran and Kevin Harrington.
How much was the deal?
They offered $100,000 for 50% ownership of the company with $200,000 valuation.
Is Fridge Fronts still in business?
Yes, Fridge Fronts is still in business and had been acquired by Best Appliance Skin in 2013.
When was Fridge Fronts founded?
The firm was founded in 2002.
Where was Fridge Fronts located?
The firm was based in Ohio.
What is Fridge Fronts Products?
Fridge Fronts Products are magnetic sheets for refrigerators and other metal appliances that can be adorn with graphics and designs.
In what markets does Fridge Fronts operate?
Fridge Fronts operates in the US, Canada, China, France, Germany, Australia, South Korea and the UK.
Who is the current owner of Fridge Fronts?
The current owner is Best Appliance Skins, which have over a million photos to choose from when creating skins. Jan Augenstein remains a realtor in Ohio and has a home staging business.
How was Fridge Fronts work?
Fridge Fronts is a product that can be used by customers who own non-magnetic equipment. The skins can be placed onto the refrigerator or other metal appliance and removed without damage.
Is Fridge Fronts durable?
Fridge Fronts are flexible and not waterproof, so they do not last very long in the rain or in pools of water.
They are durable for both indoor and outdoor use, though some people may try to damage them if doing so does not cause a great deal of physical damage to their property.
How do I buy Fridge Fronts?
The firm does not have an online store, but the magnets can be purchased from many different retailers. The skins are available in a range of colors and designs and are also customizable.
How do I apply Fridge Fronts?
The firm does not offer installation services, but customers can easily apply the skins themselves.
What else is offered by Fridge Fronts?
The firm also offers magnet boards, which feature a smaller number of designs than the refrigerator magnets.
Where did Jan Augenstein find her inspiration?
Jan Augenstein was inspired to create Fridge Fronts after seeing magnetic skin options for blenders and computers on the Internet.
She soon realized that there were no options available for appliance covers, so she began looking into creating her own line of designs.
Where is Jan Augenstein now?
Jan Augenstein is a realtor in Ohio. She was born and raised in Dayton, Ohio.
What is the net worth of Jan Augenstein?
The net worth of John Augenstein is unknown.
