Nightcaps Shark Tank Net Worth 2023

Nightcap’s success story began with a remarkable pitch at Shark Tank, resulting in astonishing sales growth. In one year after the show aired, they achieved $2.1 million in lifetime sales and expanded their reach to the United Kingdom.

Before appearing on Shark Tank, Nightcap had only earned $68,000 in sales; however, Lori Greiner saw potential in their sleep masks and purchased for $240,000- valuing the company at $400,000.

Since then, Nightcap has continued to have strong sales figures which indicates that its current net worth is likely even higher than it was before – possibly reaching over $400,000 by 2021.

What is Nightcaps?

Nightcaps are a specialized item that can be utilized as an effective means of outdoor protection, specifically designed to wrap around a glass and safeguard it against potential drugging or contamination. These are not your typical hairbands, but rather a customized design.

The inspiration for this invention came to Shirah Benarde, a 16-year-old resident of West Palm Beach, after hearing countless horror stories from her peers about spiked drinks.

After experiencing a dream that provided a solution to this problem, Shirah created a prototype by modifying a pair of her mother’s pantyhose and tying it to a scrunched-up item.

The drink cover is placed on top of cups or glasses, with a straw hole for ease of use, and prevents harmful substances from being surreptitiously slipped into the drink.

Although Nightcaps cannot guarantee safety in all situations involving alcohol, they are a valuable tool in terms of security and can serve as a deterrent against those who would seek to harm others.

Who is the founder of Nightcaps?

Shirah Benarde, a teenager from West Palm Beach, came up with the idea for Nightcap after hearing numerous stories from her friends about alcohol being spiked when she was sixteen.

One night, she dreamt of a solution to this problem and the next day, she modified a pair of her mother’s pantyhose and tied it to a scrunchie to create the first prototype of her invention.

When her older brother Michael Benarde saw the prototype, he was immediately impressed with the idea and recognized its critical importance.

As a college student, Michael decided to assist his sister in realizing the potential of Nightcap, and the siblings worked together for the following six months. They received support from Florida State Entrepreneur College contests, an Indiegogo campaign that raised $12,275, and $18,000 from their parents.

In September 2019, they launched their website, and since then, they have sold over 10,000 Nightcap units across America and in more than two dozen countries, exclusively through their website.

Nightcap has become popular among college students and their parents, as well as various organizations such as police, counselors, and women empowerment groups. Shirah is responsible for product development and social media management, while Michael oversees distribution.

Nightcap scrunchies are available in various styles on their website, with a single Nightcap priced at $11.99 and discounts available for bulk orders.

A Nightcap with a reusable straw kit costs $15.99, and a family pack of four units is available for $39.99, with additional straw kits available for up to $51.99.

Nightcap scrunchies can also be purchased on Amazon, and they are available in various colors. These flexible and lightweight scrunchies were previously only available in black.

What Happened Nightcaps at Shark Tank pitch?

Michael and Shirah are young entrepreneurs who lack formal marketing training. They have been learning social marketing and SEO organically, which has proven to be highly beneficial for their business growth. However, they are now seeking a partnership with a Shark to accelerate their expansion.

To secure this partnership, Shirah and Michael are offering a 20% stake in their company for $60,000, based on a company valuation of $300,000. They are also looking to diversify their investment base, as their parents and crowdsourcing have been their only sources of funding so far.

The Sharks are impressed with the Benarde twins’ market research, product design, and patent work. They have obtained a utility patent for a wearable beverage spiking device, which has garnered attention and praise.

Lori Greiner is particularly interested in investing in Nightcaps and offers $60,000 for a 25% stake in the firm. She expresses her enthusiasm for the product and the social cause it represents.

The other Sharks encourage Shirah and Michael to accept Lori’s offer, given her strong interest in the product. The Benarde twins agree and strike a deal with Lori Greiner.

What Happened to Nightcaps after Shark Tank?

After the presentation, Michael, Shirah, and Lori closed the deal, with Lori providing support for their online retail operations.

As of 2021, Nightcap is still in business and ships globally through their website, nightcapit.com. They also handle bulk and wholesale orders and can be found in about fifty locations throughout the United States and Canada.

If you prefer to purchase Nightcap’s products in person, their website includes a store locator, and wholesale orders can be personalized. Nightcap is committed to expanding its reach and helping customers avoid alcohol spiking. In September 2021, the company’s net sales increased by 68% to $8.6 million.

Net Worth of Nightcaps

After Lori acquired the company, which was valued at $240,000, its worth reached $400,000 at its peak. The company’s sales have been strong since then, indicating that its net worth has increased in 2021.

Nightcaps FAQs

What is Nightcaps?

Nightcaps are a device that may be used as an efficient method of outdoor protection.

It is not a standard hairband, but a customized design that may be wrapped around a glass to protect it from being drugged or contaminated.

Who is the founder?

Shirah Benarde, a 16-year-old West Palm Beach native, created the concept. Shirah has heard innumerable horror stories about alcohol spiking from her pals when she was sixteen.

Subsequently, the solution to this difficulty appeared in her dream. The next day, she altered a pair of her mother’s pantyhose and tied it to a scrunched to create the prototype for her invention.

What is their offer on Shark Tank?

They were looking for $60,000 for a 20% stake in the company at valuation of $300,000

Did they get a deal?

Yes, they made a deal with Lori.

How much is the deal?

Lori offer $60,000 for 25% share in the company at valuation of $240,000.

Is Nightcaps still in business?

Yes, it is still in business and doing well since the episode aired.

What add-ons do Nightcaps offers to their customers?

They offer add-ons like nightcapz.com, which is the official communications portal on their social media platforms and includes Nightcap merchandise, tips on banning alcohol spiking, and relevant events for college students.

Who are their clients?

They currently have clients that include schools and colleges such as: Hunter College, Columbia University, Purdue University, and Florida State University to name a few.

Where is their headquarters?

They are listed on their website as being based in Crofton, Maryland.

How many nightcaps have been sold?

‘Since opening their Nightcaps website nightcapit.com in September 2019, the siblings have sold over 10,000 units throughout all 50 states and over two dozen countries.

All sales have occurred via the website. Nightcaps are a favorite among college students and their parents.

How is Nightcaps drink cover doing?

According to one person, he has been using the product for a week and enjoys it. He says that his drink is very secure in his hands when he is at a bar or pool party.

Is Nightcap patented?

Shirah Benarde’s innovation is simple to utilize. The “Nightcap,” as she dubbed it, is designed to fit snugly over the majority of glasses and cups used at pubs and restaurants. Benarde’s innovation now holds a provisional patent.

Are nightcaps good for you?

A nightcap can assist in de-stressing. Its liquor that includes polyphenols, comparable to those found in red wine, that serve as antioxidants.

While a nightcap amount of Cognac may not be sufficient to provide cardiovascular advantages, it does contain chemicals that may be good to your health.

How do you apply for nightcaps?

You can find the details about how to apply for nightcaps on their official website nightcapit.com

Where can I buy Nightcap?

You can get this product at Amazon, Walmart, and EBay etc.

What is the net worth of Shirah Benarde?

The net worth of Shirah Benarde is not known.

What is the net worth of Michael Benarde?

The net worth of Michael Benarde is unknown.