Grease Bags Shark Tank Net Worth 2023
The company was valued at $300,000 during its Shark Tank pitch in 2017. Since then, the company has made many sales and elevated its valuation in 2021.
According to , LaTangela Newsome, the founder of Grease Bags, has a net worth of 15 million USD as of 2022.
She is a singer and actor who made her fortune from her career. also confirms that LaTangela Newsome’s net worth is approximately $15 million, which she earned from her acting and singing career. However, reports that Grease Bags has an estimated worth of $700,000.
What is Grease Bags? Who is the founder of Grease Bags?
Grease Bags is a company that produces environmentally friendly bags designed to help customers dispose of leftover cooking oil in a safe and sustainable way.
Instead of pouring used oil down the drain and potentially causing clogs, users can pour the grease onto these non-toxic, absorbent bags, which break down the oil and protect the environment.
The founder of Grease Bags is Latangela Newsome, a single mother from Texas who is passionate about cooking and creating a safer world for animals and plants by reducing pollution and waste.
Before starting her own business, Latangela worked as a marketing specialist and author at Peak City Publishing, where she wrote a book about cyberbullying among young people. She is currently the CEO of Grease Bags.
Latangela’s inspiration for creating Grease Bags came from her frustration with people who discard cooking grease and oil in an environmentally harmful way. She wanted to set a positive example for her child and educate people about the importance of proper grease disposal.
In December 2016, Latangela launched a Kickstarter campaign to raise funds for her business, but it was unsuccessful, raising only $75 out of a $25,000 goal.
However, she remains committed to promoting the need for appropriate grease disposal and making it a simple and accessible solution for everyone.
Grease Bags Shark Tank Pitch
After the Kickstarter campaign failed, Latangela decided to pitch her idea to the investors on Shark Tank in order to secure a partnership. During her pitch, she asked for a $75,000 investment for a 25% stake of her company, which was valued at $300,000.
Robert encouraged her to display her product and provide samples, which she did with some apprehension. She even offered the Sharks some fried chicken wings to demonstrate the effectiveness of her product.
Latangela explained that her product, Grease Bags, was a patent-pending solution for absorbing grease from fried foods, which she priced at $12.99 to avoid financial problems. However, the cost of production was only $2.34.
Lori wasn’t interested in investing because she didn’t fry food or eat it, while Mark believed that a green product may not be well-positioned for those who fried things, so he opted out. Kevin had concerns about the packaging and also decided not to invest.
Robert liked Latangela but felt there were too many unknowns since the product was still in the prototype stage, so he passed on the opportunity. Barbara, however, was intrigued and offered $75,000 for 50% equity shares if the price could be reduced to $6.99.
Latangela agreed to the offer, but the deal with Barbara never materialized. Despite manufacturing and delivery problems in December 2017, Grease Bags ultimately found a distributor in Selery, a fulfillment center in Dallas funded by Mark Cuban.
While the website is no longer operational as of February 2019, the bags were available for purchase on Zulily in April 2021, and the company has been growing since the Shark Tank segment.
Customers can now purchase Grease Bags on the company’s website and Amazon since August 2021.
Summary Table: Grease Bags Shark Tank
| COMPANY NAME | GREASE BAGS |
| Founder | Latangela Newsome |
| Valuation | $300,000 (2017) |
| Net Worth 2022 | $15 million |
| Estimated Worth | $700,000 |
| Product | Environmentally friendly bags for used cooking oil disposal |
| Shark Tank | $75,000 for 50% equity from Barbara Corcoran, deal did not materialize |
| Distribution | Available for purchase on official website and Amazon since August 2021 |
| Updates | Website sold out in July 2022, manufacturing and distribution issues not resolved, possible new version of product in the works |
Net Worth of Grease Bags
During the Shark Tank pitch the company was valued at $300,000 and they have made a lot of sale since then which mean the valuation of the company have elevate in 2021.
Grease Bags Updates
Grease Bags is an eco-friendly invention that allows people to compost their used cooking grease. The bags are made from non-toxic, absorbent natural materials that are easy to compost.
The product was pitched on Shark Tank in 2017, and although a deal was made with Barbara Corcoran, it never closed due to production and distribution issues. Grease Bags faced some manufacturing and material issues early on that negatively affected its sales.
Despite the setbacks, Grease Bags is still operational and available for purchase online through its official website.
In July 2022, the website was “sold out” of the product, indicating that it is still in demand. However, the website was not functioning as of February 2019, and there were no new Facebook posts for a little over a year.
There is no information on whether Grease Bags has resolved its production and distribution issues or if it has made any updates to the product since its Shark Tank appearance.
In August 2022, a Facebook post suggested that a new version of Grease Bags that is even better for the earth may be in the works. It is unclear if this is a new product or an update to the existing one.
Grease Bags FAQs
What Is Grease Bags?
Grease Bags is an eco-friendly invention that allows people to compost their used cooking grease. The product is a disposable, compostable, and convenient way to get rid of used cooking oil at home.
The bags are lined with a layer of naturally occurring microorganisms that break down animal fat and cooking oils into compost.
These microorganisms are similar to the ones used by the government to take care of oil spills in the ocean and waterways in an environment-friendly manner. The bags are all-natural, non-toxic, and absorbent, making it easy and green to compost used cooking grease.
Grease Bags was created by Latangela Newsome, who was inspired by her love of cooking and her desire to reduce pollution caused by pouring grease down the drain or putting it in plastic, disposable bag. As of July 2020, Grease Bags are available for purchase online, and the website is still up and running.
However, the bags were still in the testing phase as of Newsome’s air date on Shark Tank, and she was looking to produce the bags for sale by May 2017. Grease Bags faced some manufacturing and material issues early on that negatively impacted the company.
The website is currently marked as “out of stock,” and it is unclear if the product will be restocked or if the company is undergoing a makeover.
How Does Grease Bags Works?
Grease Bags is a product that allows homeowners to dispose of leftover grease after cooking in an environmentally friendly way. The bags are lined with naturally occurring microorganisms that break down animal fat and cooking oils into compost.
The microorganisms used in Grease Bags are similar to those used by the government to take care of oil spills in an environmentally friendly manner. The bags are all-natural, non-toxic, and absorbent, making them easy to use and compostable.
LaTangela Newsome, the inventor of Grease Bags, created the product because she did not like pouring grease down the drain or putting it in plastic, disposable bags because it added to pollution. Newsome appeared on Shark Tank in 2017 and received an offer from one of the sharks.
As of 2020, Grease Bags are available for purchase online, and the Grease Bags site is still up and running. The valuation of Grease Bags was $300,000 when it appeared on Shark Tank, and its net worth is above $500,000 as of 2022.
One disadvantage of Grease Bags is that users have to wait for the grease to cool before putting it into the bag. Educating people about the importance of appropriate grease disposal and how simple the solution is remains a challenge for the company.
Nonetheless, Grease Bags is a product that can assist individuals in disposing of grease bags responsibly and contribute to pollution reduction by quickly absorbing greasy oil.
What Happened To Grease Bags After Shark Tank?
LaTangela Newsome entered Shark Tank Season 8 to get an investment for her eco-friendly grease disposal alternative company, Grease Bags. She pitched her patent-pending, all-natural, non-toxic, absorbent bags that allow for easy and green composting.
Barbara Corcoran agreed to invest $75,000 in exchange for 50% in Grease Bags. However, the deal ultimately fell through because Newsome’s material costs were too high to maintain the agreement.
As of December 2021, Grease Bags were available for purchase on the company website and Amazon. In July 2022, Newsome was “sold out” of product on her website and Amazon once again. As of January 2023, Grease Bags are available on a “pre-order” basis.
Grease Bags’ website is still up and running, but all products are marked as “out of stock”. It is unclear whether Grease Bags will be back in stock or if the company is undergoing a makeover.
In conclusion, Grease Bags were available for purchase on the company website and Amazon as of December 2021, but are currently out of stock. The deal with Barbara Corcoran fell through due to high material costs.
It is unclear whether Grease Bags will be back in stock or if the company is undergoing a makeover.
What Is The Current Valuation Of Grease Bags?
The current valuation of Grease Bags, an eco-friendly product that can be used to dispose of and compost used cooking grease, is not explicitly stated in the search results. However, during its Shark Tank pitch in 2017, the company was valued at $150,000.
Another search result states that the company was valued at $300,000 during its Shark Tank pitch in 2017 and has since elevated its valuation in 2021. The founder of Grease Bags, LaTangela Newsome, has a net worth of $15 million USD as of 2022.
It is important to note that the price of Grease Bags has changed over time. During the pitch, the company got a valuation of $150,000, and the product was sold at three bags for $12.99. However, the current price of Grease Bags is $8.99. The cost to make Grease Bags is $2.34 per unit.
In summary, the current valuation of Grease Bags is not explicitly stated in the search results. However, the company was valued at $150,000 during its Shark Tank pitch in 2017, and the founder of Grease Bags, LaTangela Newsome, has a net worth of $15 million USD as of 2022. The price of Grease Bags has changed over time, and it is currently sold at $8.99 per bag.
Is Brake Free Helmet Still In Business?
Yes, Brake Free Helmet Light is still in business as of January 2022. The company has generated $3 million in sales as of January 2022. Since their appearance on Shark Tank in 2019, they have shipped more than 15,000 units to customers and received hundreds of positive reviews. Brake Free is a smart wireless brake light that can be attached to the back of any motorcycle helmet. It contains a series of LED lights that light up brighter when the rider decelerates the bike or hits the brakes. The product is designed to increase the visibility and safety of riders on the road.
Brake Free is a unique product that improves visibility and has no identical competitors in the market. The company has a vision to go worldwide and has reached its target of $3 million by 2022. Brake Free is available for purchase on their website and various other platforms. The company is based in San Francisco, California They are currently working on global distribution to expand their business beyond the United States.
What is Grease Bags?
Grease Bags is a firm that manufactures ecologically friendly bags that allow customers to decompose leftover cooking oil.
Instead of pouring spent oil down the drain and then spending money to fix it when it clogs, users may pour the grease onto these non-toxic, absorbent bags, which degrade the oil and safeguard the environment.
Who is the founder?
Grease Bags was founded by Latangela Newsome, a single mother from Texas who enjoys cooking.
What is her offer on Shark Tank?
Latangela was seeking for $75,000 for 25% shares of her company at valuation of $300,000.
Did she get the offer?
Yes, she got the offer.
How much did she get?
Barbara offer her $75,000 for 50% shares of her company at valuation of $150,000.
Is still in business?
Yes, it is still in business.
Is Grease Bags available on Amazon?
Yes, it is available on Amazon.
Who is the risk taker on Shark Tank?
Barbara Corcoran had made a number of pitches on Shark Tank which are all successful hence she is always taking at risk.
Mark Cuban has had many successful investments since he joined Shark Tank thus he too takes at risk.
How much does Grease Bags cost?
Grease Bags are currently available for pre-order on the company’s website and Amazon at $12.99.
How does Grease Bags work?
The company produces eco-friendly bags that decompose oils and grease to secure the environment. These sustainable products are made of organic materials, so they are safe for people and animals.
To use them, place the used cooking oil on the bag, seal it with a zip tie, and toss it in your normal trash can or recycling bin.
Is safe to buy online?
Yes, it is safe to buy online.
Where are they available?
Grease Bags are available on their website and on Amazon.
Is it a scam?
No, it is not a scam.
Is the company registered in the United States?
Yes, the company is registered in the United States.
Who else is signed up with Grease Bags as clients?
Grease Bags has been available since December 2017 and as of now they have been receiving orders from different states in United States.
How did they get their client base?
The company is still in the early stages and they have yet to release any marketing material publicly, so we do not know how they got their client base.
What do you think about Grease Bags?
Grease Bags makes a world of difference in preserving our environment. However, I will be waiting for the PR campaign to see if it will work for them.
How does it make money?
The company produces products that decompose used oils and grease. They charge customers a fee of $12.99 for an absorbent bag.
What are the strengths?
The company makes a difference in the protection of our environment.
What is the weakness?
The company is still in the early stages and has yet to release any marketing material publicly, so we do not know how they will make a profit by selling their product.
What will happen if Grease Bags fails?
If Grease Bags fails, then it will just disappear from the world as there are many companies that have come and gone before it.
Is there any marketing strategy?
The company does not have any marketing strategy at the moment.
Who are their target customers?
The target customers are individuals who are cooking in restaurants, chefs, home cooks, etc.
They are targeting the market of people who use oil within 4 hours of cooking.
What is the best way for Grease Bags to get attention?
The company should keep on making quality products so that people can get attracted to their brand.
Are people happy with Grease Bags?
As of now, there are no major complaints about Grease Bags, but it will be interesting to see how their customers will react to the product after it comes live.
