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 Shark Tank Updates
NightCap is a product that was created by Shirah and Michael Benarde, two siblings who were motivated by a friend’s experience with drink spiking. NightCap is a scrunchie that can be wrapped around the stem of a drinking glass to prevent tampering.
The product appeared on Shark Tank in 2021, and Lori Greiner invested $60,000 for 25% of the company. NightCap has sold over 50,000 units and is currently available in over 700 stores nationwide. In 2020, Forbes.com praised the product for its innovation and effectiveness.
In December 2021, NightCap rolled out a keychain version of the product, which can be attached to a keychain. In March 2022, NightCap was featured in an update segment on Shark Tank, where it was revealed that the company had done $2.1 million in sales in the same year they appeared on the show.
The update also mentioned that the product will come in different colors and that Julia Michael had invested in the company. NightCap has a strong social media following, with over 175 million views on TikTok.
As of November 2022, NightCap is still in business. The product has been successful in preventing drink spiking and has gained popularity since appearing on Shark Tank.
Lori Greiner’s investment in the company has helped to grow the business and engage her marketing team to promote the product. NightCap plans to expand into new markets and continue to grow its online presence in 2023.
Nightcaps Shark Tank Table Summary:
|Founders||Shirah Benarde and Michael Benarde|
|Product||A drink cover that can be utilized as a means of outdoor protection|
|Shark Tank Pitch||Lori Greiner offered $60,000 for a 25% stake in the company, which was valued at $240,000|
|Net Worth||Nightcap’s net worth likely exceeds $400,000 by 2021|
|Sales Figures||Achieved $2.1 million in lifetime sales in one year after Shark Tank pitch. In September 2021, the company’s net sales increased by 68% to $8.6 million|
|Availability||Sold online through the company website and on Amazon. Also available in about fifty locations throughout the United States and Canada|
|Pricing||Single Nightcap priced at $11.99 with 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|
What Is Nightcap And How Does It Work?
NightCap is a drink spiking prevention product that doubles as a hair scrunchie. It was invented by Shirah Benerde in 2019 and was launched in partnership with her older brother, Michael, a senior at Florida State University.
NightCap is easy to use and can be worn on the wrist or in the hair as a stylish hair accessory. The user can pull the cover from their pocket and place it over the drink, which can easily be placed around the glass. NightCap is a reusable product, so the user can wash it after use and use it again.
NightCap works by preventing drink spiking, which is a common problem in bars, clubs, and restaurants. The user can combat drink spiking and protect themselves by using NightCap.
The product is designed to be used in a simple three-step process: wear on your wrist or in your hair, pull drink cover out from hidden scrunchie pocket, place cover over drink and pop in a straw. NightCap is also available in a keychain version, which was launched in December 2021.
It is important to note that NightCap is not a product that prevents the effects of alcohol.
There is a different product called Nightcap, which is a drink that is designed to be consumed after alcohol consumption to improve sleep and aid in feeling normal the next day. It is a proprietary blend of DHM, Milk Thistle, Magnesium, B6, B12, and electrolytes.
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 Was The Outcome Of The Nightcaps Shark Tank Pitch?
NightCap, a product designed for drink spiking prevention, appeared on Shark Tank Season 12 Episode 12 and was pitched by brother and sister duo Shirah and Michael Benarde.
The product was praised by all of the sharks, and Lori Greiner made an offer of $60,000 for 25% of the business, which the siblings accepted. Since airing and securing a deal with Lori, the company has released three new colors and a keychain version of the product.
NightCap has also brought in singer Julia Michaels onto the team to help promote it in bars and music venues. The product has been successful, with sales booming to the tune of millions.
The appearance on Shark Tank helped springboard the business into a money-making machine, along with its strong social media following. The product has amassed more than 175 million views on TikTok.
What Happened To Nightcaps After Its Appearance At The Shark Tank?
After appearing on Shark Tank, NightCap has continued to be successful and has seen significant growth in sales. The product was praised by all the sharks, and Lori Greiner invested $60,000 for 25% of the business.
Since then, NightCap has launched a keychain version of the product and released three new colors. The company has also brought in singer Julia Michaels to help promote the product in bars and music venues. NightCap has been listed on Lori’s website and can also be purchased on Amazon.
The product has been described as a “drink spiking prevention scrunchie” and has been found to be effective in preventing drink spiking. In an update segment on Shark Tank, NightCap reported $2.1 million in sales in the year since their appearance on the show.
The company has continued to grow, and Shirah Benarde now acts as the company’s President. Overall, NightCap has been successful in preventing drink spiking and has continued to grow since its appearance on Shark Tank.
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.