Napwell Sleep Mask Shark Tank Net Worth Update
Napwell Sleep Mask Shark Tank Net Worth Update
Napwell is a sleep mask that simulates a sunrise to reduce “sleep inertia” and wake up feeling less groggy. It was featured on Shark Tank in February 2015, with a business valuation of $1 million(net worth of $1M). The company successfully raised over $50,000 through a Kickstarter campaign 40 days later
The company’s valuation was $1 million when it appeared on Shark Tank based on a $100,000 offer in exchange for 10% of the firm.
However, the company went out of business within a year after its appearance on Shark Tank and its current net worth as of 2023 is unknown.
What is Napwell Sleep Mask? Who Founded Napwell Sleep Mask?
The Napwell Sleep Mask is a unique sleeping mask with integrated LED lights and an alarm clock that gradually wakes up the wearer. The mask is made from soft materials that gently hug the face, allowing for uninterrupted REM sleep
. It also features a detachable insert that houses the electronic components, making the rest of the mask washable for long-term use. The Napwell can be used for both naps and nighttime sleep.
The Napwell Sleep Mask was invented by two individuals, Justin Lee and Neil Joglekar, in 2012. Neil was an experienced entrepreneur who had previously founded two successful businesses, Cardinal Tutors and Reelsurfer.
Justin, on the other hand, had a bachelor’s degree in physics and biology from MIT and was a doctoral candidate in a combined Harvard-MIT program in health, science, and technology.
The two came together to create a product that would help people live more efficient and productive lives, starting with the problem of variables that impair the efficiency and seeking out a solution.
After research, they found that the primary hindrance to efficiency for most people was a lack of sleep and abrupt awakening, resulting in sleep inertia.
This led to the conceptualization of the Napwell sleeping mask. The product was successfully funded on Kickstarter in 2014, raising over $51,000 on a $30,000 goal.
Napwell Sleep Mask Shark Tank Pitch
In their Shark Tank pitch in Season 6, Episode 15, Neil and Justin sought $100,000 for a 10% stake in their company, representing a $1 million valuation. They wanted to help people optimize their naps using light to aid in biometric identification.
Neil distributed prototypes, explaining that the mask’s alarm can be set to the user’s desired wake hour and can be worn for a quick nap or the entire night.
During the pitch, Robert and Daymond tried on the mask, while Lori sought clarification. Mark thought the duo could easily obtain venture capital funding and was out, while Kevin pointed out their lack of marketing and that the product seemed too expensive.
Lori didn’t make an offer, and Robert chastised them for cramming too much into a sleep mask. Daymond declined to invest, and the duo left the show without a deal.
Neil later worked as Head of Product at CrossLead, while Justin pursued a doctorate in medical engineering and medical physics from Harvard-Division MIT’s of Health Sciences and Technology.
Napwell Sleep Mask Net Worth
Neil and Justin appear on Shark Tank in search of $100,000 in exchange for 10% of their firm. This represents a $1 million value.
However, the company went out of business within a year after its appearance on Shark Tank and its current net worth as of 2023 is unknown.
Napwell Sleep Mask Competitors
There is competitor identified for Napwell Sleep Mask.
Napwell Sleep Mask FAQS
What were Napwell Sleep Mask?
Napwell Sleep Mask is a sleep mask that uses light to help users wake up more naturally.
The mask comes with an alarm clock that can be programmed to wake them up within the 10-minute window around their ideal time, helping them feel less groggy in the morning and more alert throughout the day.
Who were the founders of Napwell Sleep Mask?
Napwell Sleep Mask was launched in 2013 by entrepreneur Justin Lee and Stanford graduate Neil Joglekar, who is now an employee at CrossLead.
How much were they seeking in the Shark Tank?
The entrepreneurs seek $100,000 in exchange for 10% of their business.
How much did they received from the Shark Tank?
They failed to secure an investment from the Sharks
How much money did Napwell Sleep Mask raise from Kickstarter?
The pair raise over $51,000 on a $30,000 goal.
How much were Napwell Sleep Mask retail for?
They were retailing it for $100.
Is the Napwell Mask itself durable?
The Napwell is “durable” in the sense that nothing should break if they roll on it while sleeping.
They’ve tested this on a modest scale thus far, but will scale this with the help of their Uber-early and Beta testers (and make design tweaks as necessary).
Is Napwell machine-washable?
While they cannot promise this, it has been a common request and is something they were investigating.
What materials were Napwell Sleep Mask made of?
Napwell was crafted from silky soft materials that hug the face softly while providing room for the eyes.
Were Napwell Mask User Friendly?
They are very user friendly, with easy-to-follow instructions.
What were the Napwell Sleep Mask competitors?
There is no direct competitor identified for Napwell Sleep Mask.
Where were Napwell Mask manufactured?
The Napwell was manufactured in the USA.
Were Napwell Sleep Mask patented?
They were no patent their light-based alarm system.
What were strengths of Napwell Sleep Mask?
It softly awakens them. Sleep inertia is a pain, and the way their lights gently awaken them helps ease sleep inertia issues in a simple/elegant manner.
Where can they purchase Napwell Sleep Mask?
They are out of business.
How can they contact Napwell Sleep Mask?
They are no longer in business.
What is net worth of Neil Joglekar?
Neil Joglekar’s net worth is unavailable.
What is net worth of Justin Lee?
Justin Lee’s net worth is unavailable.
