The Matte Shark Tank Update| The Matte after Shark Tank
What is The Matte?
The Matte creates improvised folding and extendable cosmetic counters that is useful for ladies who need to store their cosmetics on a tiny bathroom countertop.
Melissa Clayton, an entrepreneur who earlier launched Tiny Tags in 2012 to produce jewelry, is the founder of The Matte.
She graduated with honors from the University of Massachusetts, Amherst, with a degree in Philosophy. She is currently the CEO of The Matte and Tiny Bags.
It makes the most of the limited space, holding up to two pounds of cosmetics and other beauty goods. It is now available in two colors: black and pink.
Who is the Founder of The Matte?
Melissa Clayton is the founder of The Matte. She is an entrepreneur who earlier launched Tiny Tags in 2012 to produce jewelry.
The Matte was an idea by Melissa, while she was setting up her own cosmetic booth at a trade show. With the help of a friend who is a product designer, she made a prototype of The Matte which she showed to her husband and friends for feedback.
Melissa Clayton, the founder of The Matte has been interviewed by Newsmakers Daily regarding her entrepreneurship journey.
She graduated with honors from the University of Massachusetts, Amherst, with a degree in Philosophy.
She founded the company in 2014 to address a challenging problem: how to set out all of your make-up in a small bathroom.
She grew tired of knocking items on the floor when she put on make-up by utilizing her closed toilet seat and the sides of her little sink. There has to be a better way of doing things.
She imagined a folding mat that folded down to the size of an iPads and unfolded to cover a bathroom sink, producing a type of “countertop.”
They went through numerous prototypes after hiring a freelance industrial designer before settling on a final design.
It’s an excellent solution for tiny sinks and for traveling. In 2015, she purchased a first batch of 500 pieces and has never looked back.
She began it because she wanted a unique, personalized piece of jewelry to commemorate the birth of her first kid. Melissa is now looking for a Shark to assist her with her new enterprise.
What Happened to The Matte at Shark Tank Pitch?
Melissa is hoping to work with a Shark following the discovery of the Matte to help her create and implement a marketing campaign to enhance her sales.
Currently, The Matte’s only marketing is done through word of mouth, influencers, and organic searches.
Melissa enters the Shark Tank pitch seeking $100,000 in return for 20% equity shares in her firm, bringing the company’s worth to $500,000.
She went on to say that she has been a successful strategy, selling $20,000 of merchandise in the 30 days before to shooting. Melissa understands the importance of a clear marketing plan for the firm to be genuinely successful.
Unfortunately, the other sharks were not as taken by The Matte as Melissa was. Most people grappled with the idea.
Many others thought the product was too niche in a market that was already too small. Another critique was that The Matte did not adequately describe the product’s nature and use.
Lori Greiner, fortunately for Melissa, realized the value in The Matte. She did, however, demand a share that reflected how much value she added to the product.
As a consequence, she requested $100,000 for a 33.3% stock part in the firm, and Melissa countered with $100,000 for a 25% equity portion in the company, but Lori refused to hear any counter offers.
Melissa accepted Lori’s offer of $100,000 for 33.3% equity shares of the company and walked away from the Shark Tank with a deal after giving it some thought.
What Happened to The Matte after Shark Tank?
There is no proof that the contract with Lori was completed. The first re-run of this show comes just three months after it first aired, so they might still be doing their due diligence.
The company is performing well in terms of sales and there is increase in revenue since the sales is spontaneously growing. The company has already sold more than 48,000 units since the airing of the show.
Competitors of The Matte
The company has many competitors in the market space. These are; The Free Website Guys, WebFX, DSS, SmartSites, Design Pickle, Penji, SmartBug Media and Revenue River.
Net Worth of The Matte
The company was valued at $500,000 during the pitch and has makes a lot of sales which makes the valuation to increase.
The Matte FAQs
What is The Matte?
The Matte is a product that Melissa invented to help people who want to store their cosmetics.
Who is the Founder?
Melissa Clayton is the founder of The Matte.
What is their offer on Shark Tank?
Melissa was seeking for $100,000 for a 20% equity stake.
Did she get the deal?
Yes, Melissa was working with Lori to move forward with the business.
What is the offer?
Melissa get offer of $100,000 for a 33.3% equity stake from Lori.
What is the size of the business there?
The company has grown from 14,000 to 48,000 units since Shark Tank. It has also been ranked as one of the best-selling products on the market.
What is the business strategy?
They have a unique approach to marketing strategy. Melissa has been using her social media accounts and through influencers to promote the product.
Is there a unique feature of the product?
There is no unique feature of the product per se. It is just a product that helps people with makeup products in small spaces.
Is still in business?
Yes, they are still in business.
How the business model?
They have a business model of a subscription box, similar to other companies. They sell the product directly to the customer.
Who is the company competing against?
The company is competing against The Free Website Guys, WebFX, DSS, SmartSites, Design Pickle, Penji, SmartBug Media and Revenue River.
What are the problems which they are solving?
There are many issues that the company is trying to solve, for example makeup spills on floors, small bathrooms, and people who have moving situations.
The shark tank has appreciated Lori contribution since she came to Shark Tank after helping other companies which she has invested in.
Is safe to buy online?
Yes, it is safe to buy online.
How much does it cost?
It has a retail price of $49.99 and can be purchased online on their official website.
Is a scam?
It is not a scam in any way; the product quality has been proven through numerous customer reviews.
What have been done to solve their problems?
Melissa is using her social media accounts to promote the business and she has been using influencers to market it. She has placed many orders for their products considering its value.
How much is a Matte?
2 sizes are available: a small 10″ x 10″ and a large 14″ x 14″. They cost $39 and $49 respectively, and they do not include shipping costs.
How can I contact The Matte?
Contact Info: www.thematte.com/contact
How can I buy The Matte?
The Matte can be purchased from the official website. And customer needs to know that it is available in two colors: black and pink.