Long Wharf Supply Co. Shark Tank Net Worth 2023

Long Wharf Supply Co. appeared on Shark Tank Season 13 Episode 2 and asked the sharks for $375,000 for 15% equity at a $2.5 million valuation.

The company is an apparel brand that makes sweaters using oyster shells, recycled water bottles, and cotton or natural lambswool.

Long Wharf Supply Co. has a net worth of around $5 million. In terms of numbers, last year, the company sold goods worth $495,000.

It is unclear what the net worth of Long Wharf Supply Co. will be in 2023 as it depends on various factors such as sales growth rate, expenses, and investments.

However, the company has been growing since its inception in 2016 and continues to sell premium sweaters along with other products.

What is Long Wharf Supply Co.? Who are the Founders of Long Wharf Supply Co.?

Long Wharf Supply Co. produces sustainable clothing using a unique manufacturing process that combines recycled plastic and crushed oyster shells.

The design of their garments is inspired by the aesthetic of east coast fishermen. In addition to clothing, they also sell various small products such as travel kits, coasters, passport sleeves, and keyfobs, as well as purses, caps, and other accessories.

One of the most notable aspects of Long Wharf Supply Co. is its commitment to environmental conservation. A portion of their profits is used to reseed coastal oyster reefs, which are natural water filters. They have already assisted in the reseeding of almost 70,000 oysters.

The key to their manufacturing process is proprietary nanotechnology that produces “rPET yarn” by fusing the oyster shell with plastic and then blending it with high-quality yarn to create the fabric for their sweaters.

The company was founded by Michael Lamagna, who was inspired to create a product that combined his professional experience with his personal values.

The name of the company is a tribute to Lamagna’s great-grandfather, who worked in a textile factory at Long Wharf in Boston. Lauren Lamagna is the Brand Manager, and the company’s manufacturing takes place in South Portland, Maine.

The company began with a successful Kickstarter campaign in August 2020, raising $75,009 and delivering products in time for Christmas.

They now offer hundreds of styles in various colors and designs, with men’s sweaters priced between $128 and $158 and women’s sweaters between $128 and $138.

In addition to running the company, Michael Lamagna works on the board of Harlem Lacrosse, a program that helps impoverished children in the community.

Long Wharf Supply Co. Shark Tank Pitch

Lauren and Mike made an appearance on the second episode of season 13 of Shark Tank, with hopes of securing $375,000 in exchange for a 15% stake in their company. This would place the company’s valuation at $2.5 million.

Their mission is to raise awareness about plastic pollution in the oceans and to educate the public on the risks it poses. They also highlighted the issue of oyster shells becoming contaminated when dumped in landfills.

To combat this, each sweater they sell contains 30 oyster seeds, and they have successfully planted over 70,000 oysters to date.

The Sharks were impressed with the sweaters, which Mike revealed are made of 10% wool, 50% recycled plastic and shellfish, 20% nylon, and 20% viscose derived from plants.

They were also shown a time-lapse video of oysters cleaning polluted seawater, which further impressed the Sharks.

Lauren disclosed that each sweater costs between $23.50 and $33.50 to manufacture, and they sell for between $120 and $150. They have a cost of acquisition of $1 per customer, and they sold $495,000 worth of products in the previous year.

When questioned about ownership, Mike revealed that he currently owns the entire company. However, the Sharks were not impressed with the high valuation, with Kevin O’Leary stating that it was too much to ask for a company that had not yet proven itself.

Daymond John and Lori Greiner were also hesitant to invest, with Daymond citing concerns about the price and Lori wanting to explore more affordable product options.

Peter expressed admiration for their mission but had concerns about the valuation and the fact that Lauren did not currently own any stock in the company. Mike eventually agreed to give Lauren a 10% stake, and Peter offered $375,000 for a 45% stake.

The siblings attempted to counteroffer with a 20% stake but were unsuccessful in reaching an agreement with Peter.

Despite this, the company continues to expand its operations and has invested heavily in the establishment of new oyster cultures to clean up coastal ocean waters.

Long Wharf Supply Co. Shark Tank Summary

TOPIC	INFORMATION
Company Name	Long Wharf Supply Co.
Founders	Michael Lamagna, Lauren Lamagna
Product	Sustainable clothing using a unique manufacturing process that combines recycled plastic and crushed oyster shells.
Revenue	Sold goods worth $495,000 in the previous year.
Valuation	$2.5 million on Shark Tank, seeking $375,000 for 15% equity.
Net Worth	Around $5 million.
Shark Tank	Appeared on Season 13, Episode 2, seeking $375,000 for 15% equity at a $2.5 million valuation.
Update	The company did not get a deal on Shark Tank but has continued to grow and expand its operations.

 

Long Wharf Supply Co. Net Worth

On Shark Tank, Lauren, and Mike were seeking $375,000 in exchange for a 15% stake in their firm. This implies a $2.5 million valuation.

Long Wharf Supply Co. Shark Tank Updates

Long Wharf Supply Co. is an apparel brand that makes sustainable fisherman’s sweaters from a soft blend of recycled oyster shells, recycled water bottles, and cotton or natural lambswool.

The company appeared on Shark Tank Season 13, seeking $375,000 for 15% equity at a $2.5 million valuation, but left without a deal.

The siblings who founded the company, Mike and Lauren Lamagna, seek to use ocean waste, including recycled oyster shells, to create sweaters and accessories, with the goal of helping the environment.

Since appearing on Shark Tank, Long Wharf Supply Co. is still in business and selling its premium sweaters along with other products. The company has a net worth of around $5 million and sold goods worth $495,000 in the previous year.

Long Wharf Supply Co. continues to clean 15,000 gallons of water in the sea daily. The company is selling its luxury and environmentally friendly products at an elevated price at present. Men’s sweaters cost between $128 and $158, while women’s sweaters cost between $128 and $168.

Although Long Wharf Supply Co. did not receive an investment from the Sharks, the company continues to operate and pursue its mission of cleaning up the oceans and reducing plastic waste.

The company’s sustainable approach to fashion and commitment to environmentalism has resonated with consumers, allowing it to thrive despite not receiving a deal on Shark Tank.

Long Wharf Supply Co. FAQS

What Is Long Wharf Supply Co. And How Does It Work?

Long Wharf Supply Co. is a clothing brand that focuses on sustainability and creating products with a clean and modern aesthetic and everyday functionality. The founder of Long Wharf Supply Co. is Mike Lamagna, who studied finance at Merrimack College.

Lamagna grew up by the sea and describes himself as “a salty, sandy, fish & lobster-loving beach baby”. He moved to New York City after college but never forgot his roots and continued to visit seaport communities in New England and Long Island.

Long Wharf Supply Co. makes sweaters, bags, hats, and other accessories from recycled oyster shells, water bottles, cotton, and natural lambswool.

The brand is committed to sustainability and has partnered with organizations and non-profits committed to the well-being of oyster populations.

Long Wharf Supply Co. products can be purchased on the brand’s website, with accessories retailing from $28 onwards and clothing retailing from $128 onwards.

Long Wharf Supply Co. was started by siblings Lauren and Mike Lamagna following the design of their father’s old fisherman sweater.

The brand is named after Long Wharf, a historic deep-water landing in Boston that saw the arrival of royal governors, pirates, and British troops.

A young New Englander cast off across the Atlantic on a merchant tall ship from Long Wharf in 1795 and founded several mills that would drive imports and exports in America during the 1800s.

What Happened To Long Wharf Supply Co. After Shark Tank?

Long Wharf Supply Co. is an apparel brand that makes sweaters using oyster shells, recycled water bottles, and cotton or natural lambswool. The company appeared on Shark Tank Season 13 Episode 2 and asked the sharks for $375,000 for 15% equity at a $2.5 million valuation.

However, Long Wharf Supply Co. did not get a deal in Shark Tank because of the valuation of the company. The founders felt that the company would increase its profit no matter the price it chose, and they decided not to accept any offer from the sharks.

After Shark Tank, Long Wharf Supply Co. continued to sell its luxury and environmentally friendly products at an elevated price. The company has a net worth of around $5 million, and last year, it sold sweaters that cost between $128 and $158.

While Long Wharf has been around since 2016, it just started selling sweaters last year. The company is helping clean up Earth’s oceans by using ocean waste, including recycled oyster shells, to create sweaters and accessories.

What Is Long Wharf Supply Co. Current Valuation?

Long Wharf Supply Co. is a sustainable clothing manufacturer that produces premium sweaters and other products made from a combination of recycled plastic and crushed oyster shells. The company was founded in 2016 by Mike and Lauren Lamagna.

In 2021, Long Wharf Supply Co. appeared on Shark Tank seeking $375,000 in exchange for a 15% stake in their firm, which implies a $2.5 million valuation. However, the company did not get the deal because of its high valuation.

As of 2022, Long Wharf Supply Co. has a net worth of around $5 million. Last year, the company sold goods worth $495,000.

However, it is unclear what the net worth of Long Wharf Supply Co. will be in 2023 as it depends on various factors such as sales growth rate, expenses, and investments. Shark Tank Talks estimates that the company’s net worth will be approximately $0.3 million to $0.5 million.

Long Wharf Supply Co. is still in business and has been growing since its inception in 2016. In November 2022, the company opened its physical store in Boston.

The SeaWell™ Collection, which includes original fisherman’s sweaters made from a soft blend of recycled oyster shells, recycled water bottles, and cotton or natural lambswool, is the company’s flagship product.

Each SeaWell™ Sweater reseeds up to 30 oysters and naturally filters up to 1,500 gallons of seawater every day.

Long Wharf Supply Co. Of Shark Tank’s Competitors?

Long Wharf Supply Co. is an apparel brand that makes sweaters using oyster shells, recycled water bottles, and cotton or natural lambswool.

The company appeared on Shark Tank Season 13 Episode 2 and asked the sharks for $375,000 for 15% equity at a $2.5 million valuation. However, the company did not get a deal on the show because of its high valuation.

It is unclear who Long Wharf Supply Co.’s direct competitors are, as the company’s unique selling point is its environmentally friendly and sustainable approach to sweater production.

However, there are other sustainable fashion brands that could be considered indirect competitors, such as Patagonia, Eileen Fisher, and Reformation. These brands also prioritize sustainability and ethical production practices in their clothing lines.

Despite not getting a deal on Shark Tank, Long Wharf Supply Co. is still in business and selling its luxury and environmentally friendly products at an elevated price. The company has a net worth of around $5 million and sold goods worth $495,000 in the previous year.

What is Long Wharf Supply Co.?

The Long Wharf Supply Co. is a manufacturer of sustainable clothing made from a combination of recycled plastic and crushed oyster shells.

Who is the founder of Long Wharf Supply Co.?

Mike Lamagna and Lauren Lamagna are the founders of the Company.

How much were they seeking in the Shark Tank?

The siblings were seeking $375,000 in exchange for a 15% stake in the firm. This implies a $2.5 million valuation.

Did they get the deal from the Sharks?

They did not get the deal from the Sharks. Sharks were unable to reach an agreement with them.

What are the Long Wharf Supply Co. products?

They make river and ocean-friendly clothes that comprise 30 oyster seeds per sweater sold, plus an eco-friendly plastic shellfish mix.

The sweaters are made from a blend of wool, recycled plastic, nylon, and viscose derived from plants. The company also sells hats and bags.

Why is Long Wharf Supply Co. unique?

Long Wharf Supply Co. is unique for two reasons: the garments are made from recycled plastic, and the garments are made from crushed oyster shells.

The brand is aiming to be environmentally friendly, sustainable, and mindful of social issues around the globe.

Where is Long Wharf Supply Company located?

They are located in Nantucket, Massachusetts.

When was Long Wharf Supply Company featured on Shark Tank?

They were featured on Shark Tank on October 15th, 2021.

How much do their sweaters cost?

Men’s sweaters cost between $128 and $158, women’s are around $128-$138.

What is their return policy?

Each item is covered by a warranty against manufacturing flaws or the delivery of defective materials.

If they are unhappy with one of their pieces, they should return it for a refund, repair, or replacement.

Please send an email to hello@longwharfsupply.com with their request.

If consumers are not pleased with their item after getting it, they can return or exchange it within 30 days of purchase.

What payment methods do they accept?

They accept MasterCard, Visa, Credit Cards, and PayPal.

How can they contact them?

They can visit their website at www.longwharfsupply.com or Email them at hello@longwharfsupply.com.

Is Long Wharf Supply Company a private or a public company?

It is a privately owned company.

Where are they selling?

They sell basically on their website.

What is the net worth of Michael Lamanga?

Michael Lamanga’s net worth is unavailable.