Taaluma Totes Shark Tank Net Worth 2023
Taaluma Totes appeared on Shark Tank Season 6 in February 2015. Jack Dufour and Alley Heffren sought $110,000 for 15% equity but walked away without a deal, this equates to a $733,333 valuation.
The Sharks liked the product and its social mission, but they had issues with the company’s valuation and pricing.
Taaluma Totes has not appeared on Shark Tank since then. As of March 2023, there is no information available about Taaluma Totes’ net worth or future plans.
What is Taaluma Totes? Who are the Founders of Taaluma Totes?
Taaluma Totes is a line of backpacks produced in Virginia by individuals with disabilities, using traditional fabrics from various countries around the world.
The company donates 20% of its profits to the country of origin of the fabric used in each tote.
These proceeds are given as micro-loans to small business owners and farmers in need, and once the loans are repaid, the money is used to purchase more fabric to make additional totes.
Taaluma Totes has enlisted college students to act as ambassadors and sell their backpacks on campuses across the country. As of 2021, the company has given out over $250,000 in micro-loans to more than 1,400 villages.
The idea for Taaluma Totes came from co-founders Jack DuFour and Alley Heffren, who both share a passion for travel, bright colors, and social altruism.
While traveling in Uganda, Alley found a piece of fabric she loved and had it made into a skirt, while Jack had a backpack made from another fabric swatch. Since the fabrics used are produced in small quantities, each bundle is considered a “limited edition.”
The textiles used in Taaluma Totes come from all over the world, and the brand name comes from the Swahili word “taaluma,” which means culture.
Although the company’s initial IndieGoGo campaign was unsuccessful, raising only $2,300 of their $10,000 goal, Dufour and Heffren were undeterred.
Their unique business model involves sourcing textiles from impoverished countries, sending them to the United States, and having individuals with disabilities craft them into backpacks.
Taaluma Totes Shark Tank Pitch
Jack and Alley appeared on Shark Tank during the sixth season’s twentieth episode. Their aim was to secure $110,000 in exchange for 15% equity, which would value their company at $733,333. During their pitch, they shared their story and provided samples of their product.
Daymond John liked their product but felt that it was under-priced. He suggested that they should be selling their product for $100 instead of $65.
The other Sharks were also impressed with their idea, and they explained how each tote bag sold contributed to funding microloans.
Lori Greiner inquired about the sales of their product, and Jack informed her that they had sold $60,000 worth of Taaluma Totes in the last 10 months, funding $6,000 in micro-loans for artisans to create additional backpacks.
They clarified that the money they were seeking would be used to enhance their campus ambassador program.
Robert Herjavec was a fan of their product, describing the cloth as “wonderful.” However, he felt that they were in Shark Tank too soon, and therefore, he exited the deal.
Mark Cuban also thought that they had not gotten far enough in their business and were still just a product, not a corporation. Lori Greiner advised them that they should be proud of themselves, but it was too early for her to invest.
Daymond John appreciated their efforts but was concerned that they were not thinking about margins, which meant they would not survive at the current pricing point.
He also decided to pull out of the deal. Kevin O’Leary was moved by Alley’s story, but he felt that their company was not worth the valuation they had placed on it, and they were too young for him to invest in.
The weekend after their debut air date, they received 8,000 orders, compared to the roughly 1,000 bags they had sold in their entire operation up to that point.
As a result, they had to focus on producing bags, which forced them to improvise.
They developed a crowdfunded fabric purchase procedure where travelers could send a minimum of 15 yards of cloth to Taaluma, which would be enough to produce 12 bags. The traveler would receive $15 when one of these bags is sold.
Jack and Alley got married in October 2016, and as of August 2021, they are still in business, generating a yearly revenue of $3 million.
What is the Net Worth of Taaluma Totes?
Jack and Alley appeared on Shark Tank season 6 episode 20 in search of $110,000 in exchange for 15% equity. This equates to a $733,333 valuation.
Current valuation is evidently higher since the Company has grown.
Who are the Competitors of Taaluma Totes?
There are no competitors identified for Taaluma Totes.
Taaluma Totes FAQS
What is Taaluma Totes?
Taaluma Totes is a collection of backpacks manufactured by persons with disabilities in Virginia from traditional textiles from across the world.
They obtain their materials from impoverished nations and then let disabled people weave them into backpacks.
Where is Taaluma Totes Located?
They’re located in Blacksburg, Virginia, USA.
Who founded Taaluma Totes?
Jack and Alley are the two founders of Taaluma Totes.
How much were they seeking in the Shark Tank?
They were asking for $100,000 for 15% equity. This equated to a $733,333 valuation.
Did they get the deal from the Sharks?
No, all of the Sharks backed out of the deal.
How much were Taaluma Totes seeking on their IndieGoGo Campaign?
The first campaign was for $10,000, but it was unsuccessful. They only raised $2300.
What is Taaluma Totes’ Website?
Their website is www.taalumatotes.com
Where can they buy Taaluma Totes?
They can purchase Taaluma Totes at their Website.
When was Taaluma Totes founded?
They were founded in 2013.
How much does Taaluma Totes costs to purchase?
They cost $65.
How much does Taaluma Totes cost to make?
They cost $27 to make.
Are there any pockets inside the tote?
Absolutely! For their convenience, there is a passport compartment inside the tote.
When will they get their tote?
Orders ordered before 12 p.m. EST are sent the same business day. The shipping time in transit is computed at the moment of purchase depending on the customer’s zip code.
Can they cancel their order and get a refund?
Without a doubt! Simply notify them by email at [email protected]carryacountry.com, and they will take it from there.
Do they provide worldwide shipping?
Yes, they ship all over the world and would love to have a tote on their shoulders no matter where they live.
What is the best method to get in touch with Taaluma Totes?
Send them an email at [email protected] if they have any questions or comments.
Will a laptop fit in their tote?
Yes. Totes are approximately 18″ x 12″ x 5″ in size and will comfortably carry most computers measuring 15″ or smaller.
Taaluma Totes has their back whether they are utilizing a tote for travel, class, or a weekend trip.
What is the net worth of Jack DuFour?
Jack DuFour’s net worth is unavailable.
What is the net worth of Alley Heffren?
Alley Heffren’s net worth is unavailable.
