Nightcap Shark Tank Net Worth (Before and After Shark Tank)

Nightcap, a drink cover and spike prevention scrunchie, appeared on Shark Tank and secured a deal with investor Lori Greiner. Before the show, Nightcap had only earned $68,000 in sales. But after Lori Greiner saw the potential in the product, she invested $60,000 for a 25% stake in the company, valuing it at $240,000. After their Shark Tank appearance, Nightcap experienced significant sales growth, reaching $2.1 million in lifetime sales in just one year. As of 2021, Nightcap’s net worth is estimated to be over $400,000.

Key Takeaways:

• Nightcap appeared on Shark Tank and received a deal from Lori Greiner.
• Before Shark Tank, Nightcap had $68,000 in sales.
• Lori Greiner invested $60,000 for a 25% stake in Nightcap.
• Nightcap’s sales grew to $2.1 million after Shark Tank.
• Nightcap’s net worth is estimated to be over $400,000 in 2021.

About Nightcap and its Founders

Nightcap, the innovative drink cover and spike prevention scrunchie, was brought to life by siblings Shirah Benarde and Michael Benarde. Shirah, driven by the desire to address the prevalent issue of drink spiking, conceptualized Nightcap after hearing numerous troubling stories from her friends. She ingeniously modified a pair of her mother’s pantyhose and tied it to a scrunchie, creating a prototype that would protect against unwanted tampering.

Recognizing the tremendous potential of the product, Michael joined forces with Shirah to help bring Nightcap to market. They embarked on their entrepreneurial journey, receiving support from various sources, including their parents, crowdfunding campaigns, and pitch contests. Shirah took charge of product development and social media management, ensuring Nightcap’s message reached a widespread audience, while Michael oversaw the distribution aspects of the business.

Today, Nightcap offers a range of scrunchie styles on their website. Customers can choose from a single Nightcap priced at $11.99 or opt for a family pack, consisting of four scrunchies, priced at $39.99. Their product line caters to individuals looking for an effective and stylish solution to protect their drinks from potential harm.

Founders	Responsibilities
Shirah Benarde	Product development
Michael Benarde	Distribution

Key Takeaways:

• Nightcap was founded by siblings Shirah Benarde and Michael Benarde.
• Shirah’s inspiration for Nightcap came from hearing stories about drink spiking.
• Shirah is responsible for product development and social media management, while Michael oversees distribution.
• Nightcap scrunchies are available in various styles on their website.
• Pricing ranges from $11.99 for a single Nightcap to $39.99 for a family pack of four units.

Nightcap’s Success on Shark Tank and After

During my research, I discovered that Nightcap had an impressive pitch on Shark Tank that caught the attention of the Sharks. Shirah and Michael, the founders of Nightcap, showcased their market research, well-designed product, and patented technology, leaving a lasting impression. In particular, Lori Greiner, a prominent Shark Tank investor, expressed a keen interest in partnering with Nightcap and made a generous offer of $60,000 for a 25% stake in the company.

After finalizing the deal with Lori, Nightcap experienced remarkable growth in sales. The support from Lori and her team contributed to the expansion of Nightcap’s online retail operations, resulting in a significant increase in their net sales. In September 2021 alone, Nightcap’s sales soared by 68%, reaching an impressive $8.6 million.

To meet the growing demand, Nightcap made their scrunchies available in approximately fifty locations across the United States and Canada. Furthermore, they established global shipping capabilities through their website, allowing customers worldwide to enjoy the safety and convenience of Nightcap. Pricing for the Nightcap scrunchies ranges from $11.99 for a single unit to $39.99 for a family pack of four units.

For those who prefer shopping on Amazon, Nightcap is also available on the platform, providing customers with multiple options to purchase their innovative drink cover and spike prevention scrunchie. With their ongoing success and commitment to expanding availability and improving their products, Nightcap continues to establish itself as a leader in the market.