Ice Beanie Shark Tank Update | Ice Beanie after the Shark Tank
What is Ice Beanie?
The Ice Beanie is a cold compression cap that employs cold compression treatment to relieve migraines, headaches, fevers, and stress without the need of medication.
Additionally, it is said to aid in the recovery process following concussions, chemotherapy, traumatic brain injury (TBI), inflammation, and sports-related injuries.
Nic Lamb, the originator of Ice Beanie, is a competitive big wave surfer based in Santa Cruz, California.
He participates in surfing contests worldwide.
He began surfing at the age of five and became the youngest surfer in the world at the age of 14 when he rode Northern California’s lethal “Mavericks” wave.
Lamb achieved his aim of becoming a Mavericks Champion in 2016.
However, he had a severe concussion in 2017 while riding a large wave at Nazare, Portugal.
Lamb continued to suffer from migraines and headaches following the event.
He discovered cold compression therapy, or cryotherapy, as a non-drug treatment for his post-concussion migraines.
However, he quickly became bored of putting ice packs over his head on a regular basis.
He reasoned that there must be a more efficient method. He eventually came up with the idea for the Ice Beanie.
The chilly compression beanie is constructed from soft microfiber polyester and completely covers the head.
It has gel packs strategically placed on the head to stimulate acupressure points while also keeping the wearer’s head cool.
It has an integrated velcro belt for adjustable compression to match a variety of head sizes.
To use it, simply place it in the freezer for an hour and then wear it for some refreshing comfort.
As it heats up from the wearer’s body heat, it will conform to the wearer’s head. The beanie is machine washable, reusable, and lightweight.
Who Founded Ice Beanie?
Nic Lamb is the founder of Ice Beanie.
What happen to Ice Beanie at the Shark tank Pitch?
Nic Lamb, creator of Ice Beanie, drove a skateboard barefoot in the Shark Tank. Seeking a $50,000 investment in exchange for 20% equity, which equates to a $250,000 valuation.
He discussed his background and displayed footage of himself plunging from a large wave, where he had a concussion.
Lamb provided Ice Beanies for the Shark panel, which they eagerly tested on. He disclosed that he has a pending patent on the Ice Beanie design.
“Does this cause hair growth?” O’Leary made a joke. He then inquired about the market size for cold compression pain relief hats. “How many individuals are willing to encase their heads in ice?”
“Anyone who believed it would succeed would do it,” Cuban said for Lamb, realizing the product’s potential.
Lamb stated that approximately 40 million individuals suffer from terrible headaches and migraines in the United States alone.
Each Ice Beanie costs $7 to manufacture and retails for $39.95 on the company’s official website and on online marketplaces Etsy and Amazon.
When Herjavec inquired about lifetime sales, Lamb stated that they had sold $100,000 or 2,500 copies of Ice Beanie since its introduction in the fourth quarter of 2020.
Lamb explained that he used his network of CrossFit global competitors, elite UFC fighters, and Olympic athletes to advertise the Ice Beanie.
The Ice Beanie has been used by athletes to help them recover from tough exercises, reduce inflammation, and alleviate tension headaches.
Kevin O’Leary was the first to opt out, claiming that the client niche market is insufficiently large.
Lori Greiner admired Lamb as an entrepreneur but opted out due to concerns about the brand’s competition.
Cuban then offered $50,000 in return for 30% stake, stating, “Because at $50,000, you’re an excellent partner.”
Cuban attempted to sweeten the transaction by stating that the Ice Beanie cooling compression hats will be displayed in the locker room of his NBA club, the Dallas Mavericks.
Lamb inquired as to Cuban’s willingness to reduce his share request from 30% to 25%. Cuban readily agreed. Nic Lamb, the creator of Ice Beanie, chose to finalize the agreement with billionaire Shark Mark Cuban.
As the professional surfer was celebrating his acceptance of Cuban’s offer, Shark Daymond John broke his silence.
“Are you certain you didn’t want to hear my offer?” inquired the creator of FUBU.
“I had an incredible offer,” added Shark Robert Herjavec, who had remained silent following Lamb’s presentation.
O’Leary and Herjavec of the Sharks attempted to persuade Lamb that he had made a mistake by accepting the initial offer.
Lori Greiner, serving as a mediator, advised Lamb that he may reconsider and listen to what the other two Sharks had to say.
John disclosed his $100,000 offer in exchange for 25%. Lamb remained unfazed, clinging to the Shark with whom he had already struck a deal. This brings the valuation to be $200,000.
Ice Beanie after the Shark Tank
The Ice Beanie was in tremendous demand and sold out on Amazon shortly following the February 2021 Shark Tank show.
It has positive ratings on Amazon from users who got relief using Ice Beanie.
The brand has restocked on their official website, where it can be purchased individually for $39.95 or in several packs ranging in price from $71.91 for two to $127.84 for a four-pack.
It is also now available on Etsy under the title “Natural Migraine and Headache Relief Hat.”
The business maintains a small following on Facebook and Instagram, where it regularly promotes holistic well-being suggestions.
As of March 2021, there is no indication that this transaction was completed.
The agreement with Mark was completed in October 2021.
The business generates $550,000 in sales.
Ice Beanie Net Worth
Nic Lamb enters Shark Tank seeking a $50,000 investment in exchange for 20% equity, which equates to a $250,000 valuation.
He accepted an offer from Mark of $50,000 for 25% which values his business at $200,000.
Ice Beanie Competitors
There is no update about the Competitors.
Ice Beanie FAQS
Is it true that Ice Beanie landed a contract on Shark Tank?
Nic Lamb, a California surfer/entrepreneur, presented his migraine cure beanie company, IceBeanie, on Season 12 of Shark Tank.
Nic departed with a contract with Cuban: $50,000 in exchange for a 25% stake.
Who invested in Ice Beanie?
Nic agreed to take a $50,000 investment in return for 25% stock with Mark Cuban after Daymond and Robert tried to persuade him to accept their proposals.
What currency is the site’s pricing shown in?
All prices are in United States Dollars.
They’ve made an order; when will it be delivered?
They mail products as quickly as possible, usually within 24 hours. Please allow production time for their item to ship; delivery timeframes are typically between 3-5 days.
After their order has been sent, the tracking number will be updated.
If they are dissatisfied with their purchase, can it be returned? What happens if there is a problem?
They provide a full refund if the goods is faulty or damaged.
They have 30 days to return it to them for a full refund.
They must return it at their own expense; after the merchandise is received, they will get a refund for the entire amount of their original purchase.
Please include a return label with their name and order number on returned shipments.
Please keep in mind that if their shipment is on its way to them, they must wait for it to arrive and then return it to receive a refund.
Is it possible for them to cancel their order?
They can cancel their order without incurring any penalties. They must cancel their order prior to it being processed.
If the item has already been shipped, please utilize their simple return process to receive a full refund.
How long does it take to ship?
Shipping timeframes vary due to the fact that we ship internationally from a variety of fulfilment hubs. Shipping takes an average of 3-5 working days.
Does the ice pack extend from the base of the head to the neck?
IceBeanies are designed to cover the head, not the neck.
However, several consumers have discovered that wearing the IceBeanie backwards conceals those additional places.
Is the ice pack malleable?
Yes! They recommend that they leave the product to rest momentarily after taking it from the freezer, depending on how long it has been frozen.
This will allow the IceBeanie to soften and reach the correct temperature.
How many ice packs are contained in the Icebeanie?
IceBeanie comes with three acupressure gel packs.
How long does it remain cool?
45 minutes to an hour and a half or more! Depending on the length of time they remain frozen.
How does the large top gel pack insert into the beanie?
All of their gel packs are meticulously pre-installed inside IceBeanie for simplicity of usage. Simply freeze and then put on.
What is the net worth of Nic Lamb?
Nic Lamb net worth is $1.5 million.
