Umano Net Worth
Umano is a t-shirt company that appeared on Shark Tank and received a $150,000 investment from Mark Cuban and Lori Greiner.
The company was founded by brothers Alex and Jonathan Torrey, but it has since been discontinued.
Umano’s net worth before appearing on Shark Tank was $1 million.
What is Umano Clothing and Who are Umano Founders?
Umano Clothing is a company that produces t-shirts featuring children’s artwork and donates a bag of art supplies to a child in need for every t-shirt sold. The founders, Jonathan and Alex Torrey established the company in 2011 with the goal of empowering and assisting children.
Their t-shirts are made from a sustainably sourced micro modal fabric and birch wood trees, which they claim makes them extremely soft.
The company’s concept revolves around children, not just t-shirts, as they allow children to design the artwork featured on the shirts and donate backpacks filled with school supplies to deserving children for every t-shirt purchased. Last year alone, they donated almost 10,000 backpacks.
Jonathan and Alex Torrey were inspired to start the business after realizing that teaching children how to perceive things in school was essential. They also encouraged children to recognize their own potential and forge their own paths.
Before founding Umano, the Torrey brothers had no experience in fashion, manufacturing, or e-commerce. Despite facing some challenges along the way, they were able to overcome them with the help of dedicated staff and new relationships.
The company began in their parent’s garage, but with the help of a successful Kickstarter campaign that raised over $30,000, they were able to expand into warehouse space and increase their screen printing capacity. Today, their shirts can be found in Bloomingdales and niche shops throughout the country.
Umano Shark Tank Pitch
During the pitch on Shark Tank, Jonathan and Alex shared that they were back living with their parents to help grow the business, which was a family effort. They were seeking $150k for a 15% stake in their company, which valued the business at $1 million.
Their products were upgraded fashion staples that connected people to a cause, and they passed out samples of their best designs. Bloomingdale’s, specialized stores, and online sold their shirts for $48.
When asked by Daymond if they paid royalties to the artists, they responded that they were engaged in “social business,” and Mark believed that millennials would embrace their mission.
Robert inquired about the cost of goods sold, and Jonathan revealed that the t-shirts cost $7 to make, and the bag given to the students cost $4, making the total cost of each shirt $11.
Despite forecasts of $250k in sales for 2015, Robert and Kevin didn’t invest, believing there was too much risk. However, Lori was impressed by their mission and offered $150k for a 25% stake in the company, which Daymond also matched.
Mark offered $150k for 20% and invited either Lori or Daymond to join him. Ultimately, Lori and Mark’s offer was accepted, but Daymond insisted on keeping the shirt.
After appearing on Shark Tank, Umano’s popularity grew, but the founders decided to leave the brand in March 2017. However, Jonathan planned to start another social entrepreneurship-style firm that could have an even greater impact.
In 2021, Alex started a local “basic products” delivery business in Philadelphia called Mlkmn, while Jonathan formed AMHC, a “development and property management firm specializing in factory-built housing projects.”
Umano Net Worth
Jonathan and Alex are looking for $150,000 for a 15% stake in the company. This represents $1 million. They accepted an offer from Mark and Lori of $150,000 for a 20% stake thus valuing it at 750,000.
Umano Competitors
There is a competitor identified for Umano.
Umano Clothing FAQS
What is Umano?
Umano is a firm that creates t-shirts using children’s artwork. Umano donated a bag full of art supplies to a youngster in need for every t-shirt sold.
Who were the founder of Umano?
It was founded by brothers Jonathan and Alex.
How much was they asking in the Shark Tank Pitch?
They were seeking $150,000 for a 15% stake in the company.
Did they get the deal from the Sharks?
They accepted an offer from Mark and Lori of $150,000 for 20% stake.
Why did Umano go out of business?
Following Shark Tank, the brothers announced the closure of Umano in March 2017.
They stated that they chose to close Umano because they planned to grow the model even further with greater resources, but that this “become much less possible and has a lot to do with funding.” Torrey described it as a “difficult decision.”
Is Umano still in business?
Through the company’s giving pledge, the Umano apparel brand has empowered 40,000 children in the United States and throughout the world as of 2017.
The firm is finishing its adventure by terminating its brand at the end of March.
What forms of payment were umano.com accepting?
All major credit cards are accepted at umano.com.
What does Umano mean?
Umano is an Italian word that means “mankind.”
Who started Umano?
Umano was formed in 2011 by brothers Jonathan and Alex Torrey.
Where were they based?
Umano is located in Athens, Georgia, the world’s fashion centre.
Were people donating?
People do not take donations, but they may support Umano’s objective of empowering children to unleash their creativity by purchasing one of their fantastic goods.
With each purchase, Umano will provide a backpack full of art tools to a child in need.
What percent of proceeds were they donating?
Their approach is based on a one-for-one giveback.
With every product purchased, they provide a bag full of art supplies to an underprivileged child and personally deliver it to their partner school, regardless of cost.
One package equals one backpack of art supplies.
Were every kid receiving a backpack?
Yes, each student at one of their partner schools receives a backpack.
How were they choose what kids to give backpacks to?
All of the children at Umano’s partner schools receive backpacks.
How often were Umano giving?
They give several times a year. They can adjust their donation schedule to best fit the requirements of their partner schools since they work directly with them.
Where were Umano products manufactured?
Their omobono cloth is made in Turkey, cut and sewed in Haiti, and screen printed in Athens, Georgia.
Their Umanotarian shirts are manufactured in Egypt.
How were Umano working with manufacturers to adhere to human rights?
Umano does all possible to uphold human rights principles.
To fulfil the highest standards, they’ve built a rigorous due diligence procedure and work with their own staff and reputable manufacturing partners.
What is net worth of Jonathan Torrey?
Jonathan Torrey net worth is currently is unavailable.
What is net worth of Alex Torrey?
Alex Torrey’s net worth is currently unavailable.
