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.
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 FAQs
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.