Grease Bags Shark Tank Update| Grease Bags after Shark Tank
Table of Contents
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.
Grease Bags was established by Latangela Newsome a Texas single mother who enjoys cooking. Before starting her own company, she worked as a marketing major and author at Peak City Publishing.
She wrote a book for Peak City Publishing about youngsters who have been bullied online. She is the current owner of Green Bags.
The bags allow customers to properly dispose of grease rather of pouring it down the drain and spending a lot of money to fix clogged pipes.
Who is the founder of Grease Bags?
Grease Bags was founded by Latangela Newsome, a single mother from Texas who enjoys cooking.
Ms. Newsome was a marketing major and author at Peak City Publishing before delving into business, where she produced a book about cyber bullying on youngsters. She is currently the CEO of Green Bags.
Latangela motivation stems from her desire to make the world safer for animals and plants by eliminating pollution and trash.
She wants to educate people about the harmful effects of inappropriate grease and oil disposal on the environment. She was irritated by the habit of some people of throwing discarded grease and cooking down the drain.
She did the right thing in order to establish a better example for her kid, for whom she enjoys cooking. Latangela, had a failed Kickstarter campaign in December 2016, raising only $75 of a $25,000 target.
Latangela says her problem is educating people on the need of appropriate grease disposal and how simple the answer actually is in addition to obtaining finance for her firm.
What Happened to Grease Bags at Shark Tank pitch?
After the Kickstarter campaign fail she further decided to deploy her idea to the Shark Tank investors for her to secure a partnership.
Latangela comes in looking for a $75,000 investment for a 25% stake of her company at valuation at $300,000 on the pitch.
After some encouragement from Robert, she displayed the product and handed out samples with considerable trepidation.
She then offered him and the other Sharks some fried chicken wings she’d made to serve as demonstration grease.
When asked about the grease-absorbing substance, she said it was harmless and was comparable to bio remediation materials used for oil spills.
She claimed to have a patent on the bags. Grease Bags are still in the prototype stage, and she’s pricing them at $12.99 in order to avoid financial problems. The cost is $2.34.
Lori also claims that she never fries food and never eats and she is out of the business. Barbara declares that she enjoys eating fried bacon for breakfast.
Mark believes that a green product does not always position itself well among those who fried things, so he goes out.
Kevin has some concerns with the package, but he acknowledges that he never uses the stuff, so he’s out as well. Robert likes Latangela, but there are too many unknowns because she is still in the prototype stage, so he exited the deal.
Barbara is intrigued, but she wants the price reduced to $6.99. Latangela believes she is capable of doing so. Barbara offers $75,000 for 50% equity shares and the price if costs and prices are reduced. Latangela accepts the offer.
What Happened to Grease Bags after Shark Tank?
The contract with Barbara never materialized, but Latangela persisted. In December of 2017, she had manufacturing and delivery snafus, resulting in a large number of dissatisfied clients.
Grease Bags chose Selery, a fulfillment center in Dallas financed by Mark Cuban, to distribute the product.
They were ultimately delivered, however the website is no longer operational as of February 2019.
In April 2021, the bags were available for purchase on Zulily. In May of the same year, the firm’s website made pre-orders available, and the company has been growing since the Shark Tank segment.
Customers will be able to purchase the bags on the company’s website and Amazon beginning in 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.
