Teddy Needs a Bath Shark Tank Net Worth 2023
Teddy Needs a Bath is a company that appeared on Shark Tank and offers laundry bags to safely clean stuffed animals. The company was valued at $500,000 during the pitch.
Mark Cuban offered her a deal of $100,000 for 33% equity but it fell through after the show. Instead, Cuban loaned Townend the money to finance large purchase orders and helped her secure a licensing deal with world-renowned teddy bear manufacturer Gund
Since then, the company has been acquired by Charisma Brands with an unknown net worth. According to several sources, as of March 2023, Teddy Needs a Bath’s current net worth is also unknown.
What is Teddy Needs a Bath?
Teddy Needs a Bath is a cotton fabric bag with a zipper that has the ideal level of porosity to safely wash dirty stuffed animals without causing any damage to the toys.
The bag is made entirely of natural materials, using 100 percent eco-friendly cotton, and is equipped with a larger-than-usual plastic zipper. The concept is simple: seal the stuffed animal or several smaller toys in the bag, then place the bag in the washing machine to securely wash the toys without risking harm to the machine or toys.
The founder of Teddy Needs a Bath is Nicole Townend, who created the product in Huntington Beach, California. As a mother herself, she realized the potential hazards of dirty stuffed toys and wanted a solution for washing them safely without causing any damage. After discovering that there was no such product on the market, she decided to create one herself.
Nicole’s creative nature led her to design the Teddy Needs a Bath bag after a year of experimentation. The entire process took over a year, and she needed a name for her invention. Unable to find an existing product that could safely clean soiled plush toys, she designed one herself!
Teddy Needs a Bath is an ideal solution for washing stuffed toys that may contain germs, dust mites, or lice, and should be washed at least once a month, especially if they are frequently used.
What Happened to Teddy Needs a Bath at Shark Tank pitch?
Teddy Needs a Bath was created by a “Momtrepreneur” named Nicole from Huntington Beach, California. She pitched her product in Episode 414 of Shark Tank, seeking $50,000 for a 10% stake in her company, which was valued at $500,000. The Sharks were impressed by the fact that she had already sold $12,000 worth of merchandise on the Babies R Us website.
While Lori recognized the need for the product, she went out because she had seen similar bags. Robert was unable to find a market and went out, while Daymond thought it was too early and also went out.
Mr. Wonderful offered $50,000 for 50% equity but demanded a 10% premium until he recouped his investment. Mark made a $100,000 offer for 40% equity, but Kevin reduced the royalties to 30%.
After speaking with her husband, Nicole returned with an offer for Mark of $100,000 for 30% equity and a 10% royalty until he recouped his investment. Mark accepted the deal, and Nicole left the Shark Tank with a deal.
Nicole’s on-air deal with Mark Cuban did not come to fruition, but he did collaborate with her and became her financier and business advisor. He provided her with financing for purchase orders at a lower rate than typical purchase order financing charges of 15-20% interest on short-term borrowing.
Teddy Needs a Bath became available at participating Babies R Us and Bye Bye Babies locations, and Nicole’s company was featured in a season 5 episode 501 update piece. She expanded to over 450 Babies R Us locations and secured a licensing agreement with Gund, the world’s largest Teddy bear manufacturer, who took control of manufacturing and distribution.
Nicole sold Teddy Needs a Bath to Charisma Brands in 2019 for an undisclosed amount.
Competitors of Teddy Needs a Bath
Teddy Needs a Bath has similar companies with similar products, these are; Ryno Craft 13, Gamestop, Inc., The Kite Connection, and Shannons Craft Store.
Net Worth of Teddy Needs a Bath
The company was valued at $500,000 during the pitch. Since then the company has been acquired by Charisma Brands with an unknown sum and hence the company’s net worth is not available.
Teddy Needs a Bath FAQs
What is Teddy Needs a Bath?
Teddy Needs a Bath is a zippered cotton fabric bag with just the perfect degree of porosity to allow filthy stuffed animals to be washed without being pulled apart.
Who is the founder?
Nicole Townend founded Teddy Needs a Bath in Huntington Beach, California. She was fully aware of the dangers such plush toys posed.
How much Nicole was seeing on Shark Tank?
Nicole was seeking for $50,000 for 10% in her firm, which was worth $500,000.
Did she have the deal?
Yes, Nicole made a deal with Mark Cuban of $100,000 for 30% equity shares plus a 10% royalty until he recoups his investment.
Is Teddy Needs a Bath still in business?
Yes, Teddy Needs a Bath is still in business as of February 2022, but it has been acquired.
Who acquired Teddy Needs a Bath?
Charisma Brands acquired Teddy Needs a Bath in 2019.
Who is the President of Charisma Brands?
Tony Shutts leads the team of Charisma Brands.
Where is Teddy Needs a Bath located?
Teddy Needs a Bath is located in Hawaii.
What is Teddy Needs a Bath target audience?
Families who love to lift their children’s spirits by giving them stuffed animals they can clean and wash without having to worry about the harm it could do.
Where can I get Teddy Needs a Bath?
Customers can get Teddy Needs a Bath online at www.TeddyNeedsBath.com or at participating Babies R Us and Bye Bye Babies locations.
Who are Teddy Needs a Bath currently working with?
They are working with the Gund, the world’s largest Teddy bear manufacturer to distribute their products.
What does Teddy Needs a Bath do?
The bag is made completely of natural materials and is 100 percent eco-friendly cotton. It also features a larger-than-normal plastic zipper.
What was the Shark Tank Episode in which Teddy Needs a Bath appeared?
Teddy Needs a Bath was presented in Season 4, Episode 414.
What is the shipping cost of Teddy Needs a Bath?
There is a flat shipping cost of $4.99 for the lowest priced bear bag.
How much does a Teddy Needs a Bath cost?
The cheapest Teddy Needs a Bath is $8.95 and the most expensive one is $11.99 with free shipping.
What is the retail value of Teddy Needs a Bath?
Customers may purchase Teddy Needs a Bath from participating Babies R Us and Bye Bye Babies locations for a retail price of $12.95.
How do I pay for Teddy Needs a Bath?
Customers may pay for Teddy Needs a Bath by credit card, debit card, PayPal, or check.
Are there any discounts for Teddy Needs a Bath?
There are a lot of discounts such as free shipping on orders over $99 and free shipping on orders over $200.
Where is Nicole Townend from?
Nicole Townend is from Huntington Beach, California.
What is the net worth of Nicole Townend?
The net worth of Nicole Townend is not available.