Twist It Up Comb Shark Tank Net Worth 2023
The amount of money that Twist It Up Comb is worth, which is known as its net worth, is not known to the public.
However, when the company appeared on the television show Shark Tank and presented its business to potential investors, it was estimated to be worth $1.7 million.
After accepting investment offers from two of the show’s investors, Mark Cuban and Daymond John, the company’s value decreased to $900,000.
Despite this decrease in value, Twist It Up Comb has continued to operate and run its business. It is therefore possible that the company’s net worth has grown since the time when its value was estimated on Shark Tank.
What is Twist It Up Comb? Who is the founder of Twist It Up Comb?
Twist It Up Comb is a patented styling tool designed for twisting natural hair. It is shaped like a tennis racket and operates in circular motions for efficient twisting.
The comb is portable, washable, and made of high-quality materials. It was founded by CEO Noel Durity, who was previously a real estate broker, he was motivated to create his own comb after being unable to find an efficient one on the market.
The company began operations in 2017 and sells its products on Amazon, to over 100 barber shops, and other online hair care retailers.
Twist It Up Comb retails at $29.99 and they also sell their own hair wax, Red One Aqua Hair Wax, which is $30 for a three-pack. The firm is 100% Black-owned and manufactures its products in the United States of America.
What Happened to Twist It Up Comb at Shark Tank pitch?
When Noel Durity, the CEO and founder of Twist It Up Comb, presented his product on Shark Tank, he hoped to receive financial assistance and a strategic partnership.
He was seeking $225,000 in exchange for a 15% stake in his company, which was valued at $1.7 million. He shared that in 2018, the company generated $500,000 in sales, with 70% of the sales being online and 30% being wholesale.
The issue he was facing was inventory management as he had run out of merchandise multiple times due to long wait times from his manufacturer.
He intended to use the investment to increase his inventory and approach bigger retailers such as CVS and Sally Beauty.
The Sharks had concerns about his recent hire of an accountant and the state of his back-office operations. However, both Mark and Daymond praised his tenacity and decided to partner together to offer him $225,000 for a 25% equity in the company, which he accepted.
What Happened to Twist It Up Comb after Shark Tank?
Twist It Up Comb experienced significant growth in sales after its appearance on Shark Tank. The deal with Mark Cuban and Daymond John was completed, and Mark continues to promote the product on his website and Amazon store page, branding it as a “Mark Cuban/Daymond John enterprise.”
However, the company faced issues with counterfeit products and had to take legal action against several stores. Despite this, Twist It Up Comb continued to innovate and released an updated version of their product, Twist it Up 3.0, which includes an ergonomic grip and a new version of the Red One Hair Gel in June 2021. The company is still in business and reported an annual income of $6 million as of February 2022.
Net Worth of Twist It Up Comb
The net worth of Twist It Up Comb is not publicly disclosed, however, during its pitch on Shark Tank, the company was valued at $1.7 million.
After accepting an investment from Mark Cuban and Daymond John, the company’s valuation dropped to $900,000. Since then the company has continued to operate and therefore it’s likely that the company’s net worth has increased beyond that amount.
Twist It Up Comb FAQs
What is Twist It Up Comb?
Twist It Up is a comb designed for natural hair twisting. The comb is shaped like a tennis racket and operates in circular motions to quickly twist Bantu hair. This one-of-a-kind styling tool is portable, washable, and economical due to its high-quality materials.
Who is the founder?
Noel Durity, CEO and the founder. Noel was previously a real estate agent and found that success in twisting hair by using a tennis racket. He then decided to create a comb that twisted hair quicker than anything else on the market today, including sponges.
How much was seeking on Shark Tank?
Noel was seeking for $225,000 for 15% of his business.
Who invested on Twist It Up Comb?
Mark Cuban and Daymond John invested on Twist It Up
How much did they invest?
They invested $225,000 for a 25% stake in the company
Is Twist It Up Comb still in business?
As at February 2022, Twist It Up Comb is still in business.
Where is Twist It Up Comb manufactured?
Twist it Up was produced in San Diego, California.
What is the revenue of Twist It Up Comb?
Twist It Up generated $6 million in revenue.
Where does Twist It Up Comb sell its products?
Twist It Up sells its products at barber shops and online retailers such as Amazon.
How does Twist It Up Comb work?
The patented product works at twisting hair. It is also portable, where one can carry it with them anywhere.
How much does Twist It Up Comb cost?
Twist It Up costs $29.99, but it may vary from time to time depending on the site.
What is Twist It Up Comb made of?
The comb has steel and plastic materials.
What can Twist It Up Comb are used for?
The patented product is for twisting hair.
Does Twist It Up Comb cause any pain?
No, Twist It Up does not cause any pain when using it for twisting hair.
Does Twist It Up Comb work on all hair types?
Yes, the comb can be used on all kinds of hair.
What is the return policy of Twist It Up Comb?
Contacting a customer service representative by using the contact us page may help them solve their concerns regarding return and refunds.
How long will Twist It Up Comb last when used?
The product can last for a very long period of time.
What makes Twist It Up Comb unique from other comb?
Twist It Up is unique in that it can twist hair faster than any other comb and is portable, unlike the others.
Is Twist It Up Comb better than using a sponge?
Yes, Twist It Up is better than using a sponge because it twists hair faster and easier.
How do I pay for Twist It Up Comb?
The products can be purchased by making payments online through Amazon.
What is the net worth of Noel Durity?
The net worth of Noel Durity is not revealed.
