SafeGrabs Shark Tank Net Worth 2023
Cyndi Lee asked for $75,000 in exchange for a 12% stake in her company, which was valued at $625,000. during their pitch, and after Lori Greiner invested $75,000 in exchange for 30% ownership of the company in the company its worth increased to $300,000.
This increment in valuation has been further justified by their performance as they have been able to generate annual revenue of $4 million in 2021 and over $24 million in lifetime sales.
All these facts demonstrate that the company’s net worth had indeed elevated drastically since the investment done by Lori Greiner.
What is SafeGrabs?
SafeGrabs is a round-shaped, flexible silicone disk that can be used as a microwave oven mitt, place mat, trivet, potholder, jar opener, utensil rest, splatter shield, and food cover all in one. It is BPA-free and safe for use in the microwave and around the house.
SafeGrabs is designed to fit precisely on your microwave turntable, allowing you to securely grasp hot meals without burning your fingertips.
The inventor of SafeGrabs is Cyndi Lee from Houston, Texas. As a youngster, Cyndi was too lazy to use a towel to pick up hot plates from the microwave, and as an adult, she continued to burn her fingers. This led her to develop SafeGrabs as a solution to her problem. Initially named the Micro Easy Grab, Cyndi later changed the name to better reflect the product’s versatility.
In 2015, Cyndi won a QVC sweepstakes and sold out her appearance. Her success on the show led to an invitation to return. More recently, she was featured on Steve Harvey’s show as part of his Passion Project section, where she won the event and received $5000 to further develop her invention.
SafeGrabs is available for purchase on Amazon for between $12 and $15, and Cyndi plans to expand her business beyond online sales and into larger retailers such as Target and Wal-Mart.
What Happened to SafeGrabs at Shark Tank pitch?
In Season 8, Episode 5 of Shark Tank, Cyndi Lee sought investment from one of the Sharks to help her secure a purchase order for her business. She needed money to create more products to sell in stores. She asked for $75,000 in exchange for a 12% stake in her company, which was valued at $625,000.
Despite some negative feedback from the Sharks, Lori offered $75,000 in exchange for 30% ownership of the company, but after negotiations, Cyndi accepted $75,000 for a 20% stake in the company.
After the Shark Tank episode aired, SafeGrabs quickly sold out on QVC. In Season 9, Episode 825, an update on the company’s progress was provided. Cyndi had made $2.4 million in sales in one year and had expanded her product line to include pinch mitts. As of December 2021, SafeGrabs was still in business and had an annual revenue of $4 million.
Net Worth of SafeGrabs
The company was valued at $625,000 during the pitch, after the investment done by Lori Greiner the company valued at $300,000.
Since then the company have been performing well in sales with annual revenue of $4 million in 2021. This justify that the company net worth had elevated.
SafeGrabs FAQs
What is SafeGrabs?
SafeGrabs is BPA-free and may be used in the microwave as well as around the house. Safe Grabs’ round form fits perfectly on your microwave turntable and allows you to firmly grip hot dishes without burning your fingertips.
Who is the inventor?
Cyndi Lee, a Houston-based mom, invented the SafeGrabs to assist her with multitasking. She was too sluggish as a youngster to pick up hot plates from the microwave with towels, and she eventually developed a flexible silicone disk that could be used as a trivet, pot cover and even jar opener.
How much was seeking on Shark Tank?
Cyndi was seeking for $75,000 for a 12% share in her firm, which was valued at $625,000 at the time.
Did she have the deal?
Yes, she did the deal with Lori Greiner.
How much was the deal?
Lori Greiner offered $75,000 for 25% equity shares of the company.
Is SafeGrabs still in business?
Yes, the company is still in business with annual revenue of $4 million as of December 2021.
When was the deal made on Shark Tank?
The deal was made on episode 5 of Season 8.
Where can I get SafeGrabs?
Safe Grabs was available on Amazon and in a few local small retail shops, but Cyndi had yet to secure a deal with a larger retailer.
While Cyndi admitted that other comparable devices were on the market, Safe Grabs was the only one made of silicone, which was more flexible and adaptable.
Can SafeGrabs be washed in the dishwasher?
Safe Grabs is the ORIGINAL multi-purpose heat-resistant silicone microwave mat. EASY & SAFE: BPA-free, dishwasher safe, heat resistant to 475°F, non-slip, and naturally non-stick silicone.
How do I clean SafeGrabs?
Simply rinse with water and brush off excess water before wiping with a moist towel. SafeGrabs may also be used in the dishwasher’s top rack.
What is two pack included in SafeGrabs?
The 2-pack includes one 10″ and one 12″ Safe Grabs.
How do I remove food stain in SafeGrabs?
After washing and drying, expose the garment to direct sunshine for a few hours, and the stains should disappear (certain foods like curry will stain if not rinsed right away).
Users may bake it at 400 degrees Fahrenheit for 15 minutes to remove food odors, but the Safe Grabs will be HOT, so let it cool!
Why is microwaveable popcorn not permitted?
Because microwaves release waves that initially heat up water molecules (H2O), because microwaveable popcorn is dry, the silicone will heat up at the same pace, making it hot.
Certain popcorn producers’ bags include ink that, when heated, stains the silicone and will not come out.
Is SafeGrabs safe for children?
Yes, Safe Grabs has received all BPA-Free and Food-Grade Silicone certifications. Silicone is the material of the future for kitchenware since it is more durable than plastic.
There are numerous low-cost and poorly constructed silicone mats on the market that have not been tested for safety.
Is SafeGrabs shipping?
Yes, they are shipping to the continental USA.
Where can I buy the products?
The products are only available on their website and Amazon.com.
What are the methods of payment accepted by SafeGrabs?
Only PayPal
How can I contact SafeGrabs?
Please contact them through the contact form on the website.
Is there a coupon code available for SafeGrabs?
No, there is no coupon code available.
What is the shipping cost of SafeGrabs?
Shipping cost is $2.99 per product, regardless of the number of products purchased.
What is the net worth of Cyndi Lee?
Cyndi Lee Rice net worth is $600,000.
