Nubrella Shark Tank Update | Nubrella after Shark Tank
What is Nubrella?
Nubrella is an invention that has 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.
Not only does this product offer convenience and protection in rain, but it also works as a phone stand when closed.
Nubrella is a hands-free, backpack-style umbrella and weather protection device that may be used in rain or shine. Its non-invertible canopy retains its shape in high winds, and its SPF-50 liner totally shuts off the sun’s heat and rays.
Alan Kaufman is the company’s founder and inventor. Alan continues to be the only owner and leader of the business, which has been re-branded as The Canope.
Who is the founder of Nubrella?
Nubrella was founded in 2002 on a wet day in New York City when inventor Alan Kaufman noticed how difficult it was for individuals to maintain their umbrellas in hand while juggling strollers, phones, and other items.
That was Alan’s epiphany moment. Alan envisioned a gadget for weather protection that could be worn rather than handled. Nubrella was formed after numerous doodles and several cups of coffee.
Kaufman’s elegant backpack design enables for hands-free use of the umbrella “hood.” The folding hood allows the user to adjust the umbrella to changing weather patterns, making it ideal for hands-free use.
There is no reason to remove it once the rain stops. Simply push the front back, and the umbrella is neatly stowed away, ready to be repositioned at the first indication of cloud cover.
What Happened to Nubrella at Shark Tank pitch?
Kaufman decided to pitch his concept for a better mousetrap to Shark Tank investors in order to secure funding and assistance with marketing and distribution.
Kaufman is seeking a $200,000 investment in return for a 25% stake in Nubrella, which is now valued at $800,000.
He has already committed more than $900,000 of his own money in the product’s development. Not only does he want the Sharks’ actual cash, he also requires their skills and marketing platforms in order to build his firm.
Kaufman argues that inverting his Nubrella is impossible. It also prevents wind, assisting the wearer in remaining warm during inclement weather, and the device is fully hands-free. Sharks attention has been piqued.
Kaufman is greeted with ecstatic laughter as he unveils his goods. Robert Herjavec and Daymond John quickly asked to try them on. The two interact with the Nubrella, butting heads and make space invasion jokes.
Barbara Corcoran inquires about the Nubrella weight and other characteristics. Kaufman’s confidence grows significantly as he answers product-related inquiries. Kevin Harrington interjects with a sales-related inquiry.
Kaufman reports that the device has sold 3,000 copies solely via word of mouth, and that a recent manufacturing adjustment has reduced the price from $49.95 to $29.95, a $14 savings.
Kaufman claims that he is unable to fulfill orders because of the huge demand. The issue, as Daymond John points out, is whether Kaufman has a patent on his invention. He has one in the United States and has patents pending in other countries.
Barbara Corcoran says Nubrella is an overly specialized product. She exited. Robert Herjavec was close second to exit the deal.
Kevin Harrington makes an offer of $200,000 for 65% of the company’s ownership. Kevin O’Leary pulls from deal due to a lack of distribution channels.
Kaufman declines Harrington’s offer and counters with a 35% equity stake. Daymond John offers to join Harrington, decreasing the company’s ownership to 60%.
Kaufman responds by providing 50% stake in the firm. The Sharks say that they desire 51% ownership of the firm in order to exert control over it.
Daymond John sweetens the deal by extending funding as long as sales stay robust. Kaufman accepts after a few uncomfortable minutes, and they all make a deal.
What Happened to Nubrella after Shark Tank?
Following the program, Harrington determined that Nubrella pricing point was incompatible with his infomercial company, and his portion of the arrangement fell through.
Daymond John sought to use his relationships in order to get a broader distribution platform for Kaufman, but this, too, failed. The agreement with Kaufman and the two Sharks was finalized following the pitch’s applause.
Kaufman sued Sony Pictures et al. in 2016 in Massachusetts State Court, demanding “compensation for missed investment possibilities, a piece of money collected each time an episode containing Nubrella airs, and a clear label stating when the episodes initially 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.
He rebranded the firm as Canope in 2020. As of July 2021, he is still selling 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.
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.
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.