Hoodie Pillow Shark Tank Net Worth 2023
The company was valued at $600,000 when the owners pitched it and accepted an offer of $90,000 for 20% equity shares – bringing their valuation to $450,000.
Since then, despite the initial low evaluation and a two year period of operation with its original worth remaining unchanged, the company has shown significant growth in net worth which is now greater than its initial pitch value.
With annual revenue standing at a whopping $5 million as of July 2022, it’s clear that the company continues to be successful and is likely to continue seeing financial gains in the future.
What Is Hoodie Pillow? Who Is The Founder Of Hoodie Pillow?
The Hoodie Pillow is a company that produces pillows for travelers who want to journey in comfort, warmth, and style. Their gear includes an integrated inflatable pillow that can deflate and roll away when not in use.
While regular travel pillows are a luxurious comfort, they are often an oversized accessory. When not in use, they are not something you would want to travel with draped around your neck. Additionally, they can look ridiculous strapped to your carry-on as you move from gate to gate.
Chris Hendley and Rebecca Rescate co-founded The Hoodie Pillow. Chris, a family man with a career in digital marketing, worked alongside Rebecca’s husband at the time.
The Hoodie Pillow is marketed as an accessory for individuals looking to “Cocoonify.” It is a pillowcase designed to fit standard-sized pillows, made of sweatshirt material, and featuring an integrated hood.
The Hoodie Pillow has a large hood with a drawstring for added comfort on chilly evenings. When pulled up over the ears and eyes, the hood also helps to block out light and sound.
The founder of The Hoodie Pillow is Chris Hendley and Rebecca Rescate, who co-founded the company. Chris initially approached Rebecca with his unique yet smart invention, the ‘Hoodie Pillow,’ and she declined to join the firm but agreed to help him launch the venture.
He approached her again after inventing the product, and she decided to offer her support to The Hoodie Pillow. By using her existing CitiKitty storage and distribution networks, she was able to seamlessly integrate The Hoodie Pillow into her product range.
Chris Hendley and Rebecca Rescate co-founded The Hoodie Pillow. Chris Hendley was a coworker of Rebecca’s husband’s and contacted her with his eccentric yet smart invention, the ‘Hoodie Pillow.’
He desired Rebecca as a partner, but she first declined to engage in the firm, instead offering to assist Chris in getting his venture off the ground.
He approached her again after inventing the product, and she decided to provide her support to the Hoodie Pillow. By utilizing her existing CitiKitty storage and distribution networks, she was able to seamlessly integrate Hoodie Pillow into her product range.
What Happened To Hoodie Pillow At Shark Tank Pitch?
The Hoodie Pillow is a product that will undoubtedly make its mark in Shark Tank history, not only for the product itself but also for the entrepreneur who presented it to the Sharks. Rebecca Rescate, the founder of CitiKitty, made a comeback to Shark Tank to showcase a new product.
She has made millions through CitiKitty since collaborating with Kevin Harrington in season two episode 208. In season four episode 415, Rebecca introduced her friends and colleagues, Chris and Dana Hendley, and their invention, the Hoodie Pillow.
During their pitch, Rebecca and Chris requested $90,000 in exchange for a 15% share in their company, which was valued at $600,000.
The Sharks found the product amusing at first, but Rebecca impressed them with the news that they had made 3,000 sales in their first eight weeks in business. Daymond even demonstrated the device on a couch that was set up for the presentation.
Kevin made an offer of $90,000 for 33% equity shares, with the condition that they all “pay out” simultaneously. Chris countered with a 25% stock stake for $100,000, but Kevin remained uninterested. Daymond offered $90,000 for a third of the business and gave a ten-second deadline for a decision.
Barbara then offered $90,000 for 40% equity shares and a ten-cent royalty, but only if Daymond joined her. Daymond demanded a quick response, and Chris answered with $90,000 for 30% equity.
Barbara asked if they could divide the difference at 35% equity shares, but Rebecca insisted on $90,000 for a 20% stake.
Robert saw an opportunity and offered $90,000 for 20% equity shares. He had witnessed Rebecca’s success with CitiKitty and was determined not to miss out on the Hoodie Pillow. Chris accepted Robert’s offer, and everyone left the pitch with a deal, smiling.
What Happened To Hoodie Pillow After Shark Tank?
On the Monday following the first airing, Rebecca and Chris revealed that they had sold over 4,000 units, and they anticipated selling a total of 8,000 units by the end of the month.
Although negotiations were ongoing with Robert, the deal was never finalized. The company expanded their product line to include pillow cases, children’s pillows, inflatable pillows, hooded beach towels, luggage, and children’s Hoodie Pillows featuring cartoon characters.
As of January 2022, the company remains in operation and generates an annual revenue of $5 million.
Competitors of Hoodie Pillow
The competitor for Hoodie Pillow is the traditional inflatable pillows.
Net Worth of Hoodie Pillow
The company was valued at $600,000 during the pitch by the owners and they accepted an offer $90,000 for 20% equity shares, which brings valuation to be $450,000. Since then the company is still in business and the company net worth could be more than that of pitch.
Hoodie Pillow FAQs
What is Hoodie Pillow?
Hoodie Pillow is a company that creates pillows for travelers who want to travel in style, comfort, and warmth. Each piece of gear features an integrated inflatable pillow that deflates and rolls away when not in use. While typical travel pillows are a luxurious comfort, they are frequently an oversized accessory.
Who is the founder?
Chris Hendley and Rebecca Rescate co-founded The Hoodie Pillow. Chris, a family guy with a career in digital marketing, was a coworker of Rebecca’s husband at the time.
How much were they seeking on Shark Tank?
They were seeking for $90,000 for 15% stake of their business.
How much were they offered for Hoodie Pillow?
Robert Herjavec offered for 20% in exchange for $90,000.
Is Hoodie Pillow still in business?
Yes. The Hoodie Pillow is still in business as of January, 2022.
How much money did Hoodie Pillow make?
The company makes $5 million in annual sales.
Where is Hoodie Pillow located?
The Hoodie Pillow is located in New York.
How does Hoodie Pillow work?
The Hoodie Pillow features an integrated inflatable pillow that deflates and rolls away when not in use.
Where can Hoodie Pillow are purchased?
Customers can purchase on the company website, Amazon, and many retailers.
How long until Hoodie Pillow gets to the customer?
Once shipped out, The Hoodie Pillow arrives within 2-5 business days.
Is Hoodie Pillow shipping?
The Hoodie Pillow is shipping.
What is Hoodie Pillow shipping cost?
The Hoodie Pillow shipping cost depends on their delivery address and the shipping method customer select.
How to order a Hoodie Pillow online?
Customers can order a Hoodie Pillow online by going to their official website.
Is Hoodie Pillow product any good?
Yes, it’s a simple idea that could appeal to many consumers.
What are the payment methods for Hoodie Pillow?
Customers can make payments using PayPal and credit cards.
Can I get a refund for Hoodie Pillow?
If customers have any problems with their products, they can contact their customer service. The company provides a 30-day refund guarantee to all customers. That means if they’re not satisfied with their purchase, they can return it and request a refund of their money back.
Is Hoodie Pillow safe to use?
Yes. The Hoodie Pillow is safe to use.
What is Hoodie Pillow made of?
The Hoodie Pillow is made of quality material that has been tested with high-performance materials.
Is the design for Hoodie Pillow available for sale?
Yes, it’s available to purchase as a way to express their creativity and love for travel.
Who is the CEO?
Rebecca Rescate is the CEO and co-founder of The Hoodie Pillow.
What is the net worth of Rebecca Rescate?
The net worth of Rebecca Rescate is unknown.