Nubrella Shark Tank Net Worth
Nubrella is an invention that has a collapsible umbrella with a built-in handle, meaning it can be folded down to the size of the palm of your hand and stowed away easily in any bag or purse.
Alan Kaufman appeared on Shark Tank seeking $200,000 for 25% of his hands-free umbrella, Nubrella. During the pitch, the company was valued at $800,000 after the investment of two Sharks. The company was valued at $392,000 after its investment.
Kevin Harrington made an offer of $200,000 for 65% of the company’s ownership. Kevin O’Leary pulled from the deal due to a lack of distribution channels.
In 2021, Nubrella was valued at $800,000 during its pitch on Shark Tanks. However, it is unclear what its current net worth is as there are no recent updates available online.
What is Nubrella and Who is the founder of Nubrella?
Nubrella is a collapsible umbrella with a built-in handle that can be folded down to fit in your hand and easily stored in any bag or purse. It not only provides protection from the rain but also serves as a phone stand when closed.
It is a backpack-style weather protection device that can be used in any weather, rain or shine. Its non-invertible canopy retains its shape in high winds, and its SPF-50 liner blocks the sun’s heat and rays.
Alan Kaufman is the founder and inventor of the company. He remains the sole owner and leader of the business, which has been rebranded as The Canope.
Nubrella was founded in 2002 on a rainy day in New York City when Alan Kaufman noticed how difficult it was for people to hold their umbrellas while juggling strollers, phones, and other items. That was when Alan had his epiphany and envisioned a wearable weather protection device. After several sketches and cups of coffee, Nubrella was born.
Kaufman’s backpack design allows for hands-free use of the umbrella hood, and the folding hood lets users adjust the umbrella to changing weather conditions, making it perfect for hands-free use. When the rain stops, users can simply push the front back, and the umbrella folds neatly and is ready to be repositioned at the first sign of cloud cover.
Nubrella Shark Tank pitch
During his Shark Tank pitch, Alan Kaufman presented his concept for Nubrella, a hands-free, a backpack-style umbrella that offers weather protection and can be adjusted to changing weather patterns.
He was seeking a $200,000 investment for a 25% stake in Nubrella, which was valued at $800,000. Kaufman received a lot of interest from the Sharks, with Robert Herjavec and Daymond John trying on the product and asking questions about its weight and other features.
Kevin Harrington offered $200,000 for a 65% ownership stake, but Kaufman declined and countered with a 35% equity stake. Daymond John then offered to join Harrington, decreasing the company’s ownership to 60%.
Kaufman responded by offering a 50% stake in the firm, and the Sharks ultimately accepted this offer on the condition that they have a controlling ownership stake of 51%.
Following the show, Harrington determined that Nubrella’s pricing point was incompatible with his infomercial company, and his portion of the deal fell through. John attempted to use his relationships to secure a broader distribution platform for Kaufman, but this also failed.
Kaufman later sued Sony Pictures and others in 2016 for missed investment opportunities and demanded a percentage of the money collected each time an episode featuring Nubrella aired. He was awarded a settlement of $20,000 in this case.
A second action in Federal Court was dismissed on one allegation of carelessness and one count of violation of fiduciary responsibility and covenant of good faith and fair dealing.
Kaufman later rebranded the company as Canopy in 2020, and as of July 2021, the product is still being sold on his website and on Amazon, generating $1 million in annual sales.
Competitors of Nubrella
The company competes with one of the company called Rain Shield.
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Net Worth of Nubrella
During the pitch the company was valued at $800,000 after the investment of two Sharks the company valued at $392,000. In 2021 the company net worth is estimated at $1.5 million.
Nubrella FAQs
What is Nubrella?
Nubrella is a wearable, hands-free weather protection device for outdoors use. It’s a simple, fun and functional product that takes the hassle away from using an umbrella in the rain.
Who is the founder?
Nubrella was founded in 2002 by inventor Alan Kaufman. Alan is a serial inventor.
How much was asking on Shark Tank?
Alan Kaufman was asking $200,000 investment for a 25% stake in the company.
Did he get the deal?
Yes, he did. He got an investment of $200,000 for a 51% stake from Kevin Harrington and Daymond John.
Is Nubrella still in business?
Yes, Nubrella is still in business.
Does Nubrella work?
Yes, Nubrella works very well.
If I buy it now, how much will it cost?
Currently one can buy this interesting umbrella for $89.99 on Amazon.
Who are the competitors?
A competitor is the Rain Shield.
What’s the difference between Nubrella and others?
Nubrella is a 100% hand-free umbrella; it fits on any head or body, of any size, and opens when one need it most, without getting caught up in their gloves or coat sleeves.
How much did Kaufman invest in the product?
Alan invested $100,000 of his own money into the product.
How do I buy Nubrella?
Nubrella can be bought from this website.
What is their website?
Their website is www.nubrella.com
Can I use Nubrella in the rain?
Yes, one can use this great product in the rain, snow and wind.
How does it work?
Nubrella comprises of an inflatable dome and a full-length, flexible pole that acts as handle. The dome contains polyurethane foam, which is designed to store and consolidate water, which acts as a water reservoir.
When the dome is inflated, the manufacturer claims that one can use Nubrella without getting wet and without the hassle of carrying an umbrella that gets trapped inside your clothing and becomes inconvenient when you need it most.
What is the net worth of Allan Kaufman?
The net worth of Alan Kaufman is estimated to be $1.5million.
