Unshrinkit Shark Tank Net Worth 2023 | What Happened To Unshrinkit After Shark Tank?
Unshrinkit Shark Tank Net Worth 2023
The net worth of UnshrinkIt during the shark tank pitch was $1 million. As of 2022, Unshrinkit’s founders Nate Barbera and Desiree Davis Stolar have a net worth of 1.8 Million USD. However, there is no information available on their net worth in 2023.
Unshrinkit is a product that helps stretch shrunken wool garments back to their original size. It was founded by Nate Barbera and Desiree Davis Stolar, who pitched it on Shark Tank America in November 2015.
The sharks made several offers, but the UnShrinkit founders ended up going with Mark Cuban’s offer of $150,000 for 15 percent equity.
At the time of filming, Unshrinkit had sold 5,000 units. Each bottle retailed for between $12 and $15 and only cost about a dollar to make. The business is still open in June 2022 with Stolar as CEO. Annual revenue is $2 million.
What is Unshrinkit? Who Founded the Unshrinkit?
UnshrinkIt is a new product that aims to remove wrinkles, creases, and bumps from clothes without damaging them.
The product uses a heating element to shrink the fabric on the inside while leaving the surface of the cloth unchanged.
The creators, Harvard Business School students Desiree Davis Stolar and Nate Barbera, designed UnshrinkIt as a formula that can fix shrunken wool sweaters caused by accidental washing or drying.
The process involves adding UnshrinkIt to water, soaking the sweater for 30 minutes, rinsing, reshaping, and letting it dry.
On an episode of the ABC, reality show Shark Tank, Cofounders Desiree Stolar, and Nate Barbera presented their pitch for funding and requested $150,000 in exchange for 10% stock in their company, showcasing UnshrinkIt as a company that sells a patent-pending liquid solution that helps users restore the original size of their wool clothes.
Desiree Stolar and Nate Barbera are the founders of Unshrinkit.
Unshrinkit can be used in four easy steps:
- Begin by filling a sink with warm water (3 liters) and then add the entire bottle of Unshrinkit.
- Soak the clothing in the mixture for at least 30 minutes for the best results.
- Next, rinse the clothing under cold running water and gently stretch it to the desired size.
- Finally, remove any remaining liquid by squeezing it out and lay the clothing on a towel to dry.
Note that while gloves are not necessary because Unshrinkit has been designed for sensitive skin if you usually wear gloves when doing dishes or laundry, you may use them.
Unshrinkit Shark Tank Pitch
Nate Barbera and Desiree Stoler made an appearance on Shark Tank seeking an investment of $150,000 for a 10% stake in their company, Unshrinkit.
Their goal was to tackle the problem of sweaters shrinking and they demonstrated their product, which uses a chemical compound they have patented, to restore shrunken sweaters to their original size. They revealed that they had sold 5,000 units and projected sales of $135,000 for the year.
The product costs only a dollar to produce and retails for $12-$15. During their pitch, Lori declined to invest due to concerns about limited market potential, while Robert saw the potential for the product to generate $1.5 million in sales in two years.
Kevin offered $150,000 for 33% of the company, but Nate countered with a 15% equity stake. Daymond then offered $150,000 for 25% of the company, which was ultimately accepted by Mark with a deal of $150,000 for a 15% ownership stake.
Since appearing on Shark Tank, Unshrinkit has secured $150,000 in investment for a 15% stake in their company. CEO Stoler continues to lead the company, while co-founder Barbera left to work for McKinsey & Company in Miami in 2016.
Unshrinkit’s product is available online and through various retailers, including Bed Bath & Beyond, Bloomingdale’s, HomeGoods, Marshalls, and T.J.Maxx.
The product has been further developed to include patent-pending technology that prevents garments from shrinking in the first place.
Unshrinkit has garnered over 5,000 satisfied customers and has been featured in various publications such as Advertising Age, Forbes, Entrepreneur, Fast Company, and Inc.com. They face competition from companies such as Forever Lazy, Restore, Dryel, Smart Shrinking, and Shrinking Spray.
Since their appearance on Shark Tank, Unshrinkit has gained many opportunities, with Mark Cuban now owning a significant stake in the company and serving on the board.
The company is expected to generate over $1.5 million in revenue this year and is projected to continue growing with the expansion of its product line.
Unshrinkit Competitors
There are some competitors, but the market is big enough for everyone since not all people want to go through the hassle of sending clothes to be professionally unshrunk.
This included:
- Restore
- Dryel
- Smart shrinking,
- Shrinking spray
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Unshrinkit Net Worth
The net worth of UnshrinkIt during the shark tank pitch was $1 million
Unshrinkit Shark Tank Updates
Unshrinkit is a liquid solution that helps to restore shrunken sweaters. The product was pitched on Shark Tank by Nate Barbera and Desiree Stolar, both Harvard Business School graduates, and entrepreneurs.
Although they received a deal with Mark Cuban for $150,000 for 15% equity in the company, the deal never closed. Barbera left the company in February 2016 to work for McKinsey & Company.
Stolar is currently the CEO of Unshrinkit, which is still in business as of June 2022, with an annual revenue of $2 million.
Unshrinkit works by adding the solution to a gallon of water, then adding the shrunken sweater or clothing and letting it sit for 30 minutes. The solution is then washed out under cold, running water. It is color and hand safe and can unshrink up to four garments at once.
The solution works with cashmere, merino, wool blends, angora, and lambswool. Each bottle of Unshrinkit retails for between $12 and $15.
Unshrinkit is a liquid solution that helps to restore shrunken sweaters. The entrepreneurs behind it received a deal on Shark Tank that never closed, but the company is still in business with Stolar as the CEO. The solution is easy to use and works with various types of wool.
Unshrinkit Shark Tank 2023
| ITEM | VALUE |
| Product | Unshrinkit |
| Founders | Nate Barbera and Desiree Davis Stolar |
| Shark Tank Pitch | $1 million net worth |
| Shark Investor | Mark Cuban |
| Investment Offer | $150,000 for 15% equity |
| Annual Revenue | $2 million (as of June 2022) |
| Current Net Worth | $1.8 million (as of 2022) |
| Competitors | Restore, Dryel, Smart Shrinking, Shrinking Spray |
FAQs
What Is Unshrinkit And How Does It Work?
Unshrinkit is a liquid solution designed to restore wool garments that have shrunk due to heat or warm water.
The product works by relaxing the protein bonds in wool fibers that have been curled up by the heat or agitation of the washer/dryer, allowing the fibers to straighten out again. Unshrinkit is patent-pending and cannot reverse pilling or save a garment that has felted or lost all elasticity.
To use Unshrinkit, one needs to fill a sink with warm water and add the entire bottle of the solution.
Soak the shrunken garment for 30 minutes, rinse under cold water, and gently stretch it back to the preferred size before squeezing out excess liquid and drying it on a towel. The product is made in Cambridge, Massachusetts, USA.
Unshrinkit has received positive reviews from customers, who report that it works as advertised and can even make the wool feel softer and less scratchy. The company is currently exploring options to develop similar solutions for other materials such as cotton and denim.
Who Founded UnShrinkIt?
Harvard Business School grads and entrepreneurs Nate Barbera and Desiree Stolar founded UnShrinkIt, a product to fix shrunken sweaters. They pitched for investment in Shark Tank episode 709.
What Happened To Unshrinkit After Shark Tank?
Unshrinkit is a liquid solution that helps restore shrunken wool garments to their original size. Nate Barbera and Desiree Stolar presented Unshrinkit on Shark Tank in 2015, asking for $150,000 in exchange for 10% equity in the company. Mark Cuban offered the deal, but it ultimately fell through.
Barbera left the company in February 2016 to work for McKinsey & Company, while Stolar stayed on as the CEO.
Despite setbacks, the company is still operational and has an annual revenue of around $2 million, with each bottle of Unshrinkit retailing for between $12 and $15. The founders of Unshrinkit have a net worth of 1.8 million USD as of 2022.
Who Is The Current CEO Of Unshrinkit?
Desiree Davis Stolar is the current CEO of Unshrinkit and is also one of the co-founders of the company. Stolar has a background in product development, physics, and management consulting, and is a graduate of Harvard Business School.
In 2015, Stolar appeared on Shark Tank to seek funding for Unshrinkit and received a $120,000 investment from Mark Cuban.
She is known for her attention to detail and has a patent-pending formulation for Unshrinkit that helps restore shrunken wool clothing to its original size. Stolar remains the CEO of Unshrinkit as of 2023.
How Successful Has Unshrinkit Been Since Appearing On Shark Tank?
Unshrinkit is a chemical solution that can restore shrunken wool garments to their original size. The product retails for between $12 and $15 and costs about a dollar to make.
The company appeared on Shark Tank Season 7 and pitched to Mark Cuban for $150,000 in exchange for 15% equity in the company. Although the deal never closed, Unshrinkit’s appearance on the show helped gain exposure and attract investors.
Despite setbacks, the company is still going strong, with annual revenue hovering around $2 million and national retailers expressing interest in selling the product.
To use Unshrinkit, customers can fill a sink with warm water, add the product, soak the garment for 30 minutes, rinse under cold water, stretch gently, and then dry on a towel.
Unshrinkit’s success has been attributed to its unique idea and well-executed marketing strategy, which has targeted focused consumer groups, including college students.
What was the Unshrinkit Shark Tank deal with Mark?
Unshrinkit is a chemical solution that helps to restore shrunken woolen garments to their original size. The product was pitched on Shark Tank Season 7 by Harvard Business School graduates and entrepreneurs Nate Barbera and Desiree Stolar.
They asked for $150,000 in exchange for 10% equity in their business, and Mark Cuban offered $150,000 for 15% equity, which they accepted. However, the deal with Cuban never materialized. Barbera left the company in 2016, leaving Stolar as the sole CEO.
As of 2023, Unshrinkit is still operating and generating around $2 million in annual revenue. The company is seeking major distribution, and national retailers have shown interest in selling its product.
What Is The Current Status Of The Unshrinkit Company?
Unshrinkit is a company that provides a liquid chemical solution capable of unshrinking woolen clothing. It was established by Nate Barbera and Desiree Stolar, both Harvard Business School graduates, and entrepreneurs.
They made an appearance on Shark Tank Season 7, where they agreed on a $150,000 investment by Mark Cuban in exchange for 10% equity in the company. As of June 2022, the company is still operating, with Stolar serving as CEO and generating $2 million in annual revenue.
Unshrinkit charges between $12 and $15 for each bottle, while it only costs around $1 to manufacture. This pricing strategy was implemented due to the belief that the company was undervalued at $9.99, a sentiment shared by both investors and customers.
Overall, Unshrinkit’s liquid-based chemical solution offers a simple solution to everyday laundry mishaps, and the company continues to be successful.
What motivated you to launch your business?
Desiree explains that she is wearing the sweater that sparked the business, which has had the wool strands restored to their original length.
It’s a solution that may be used to restore woolen sweaters that have shrunk due to improper washing or drying.
What’s the deal?
The Deal: Mark agrees to a deal for $150K in exchange for 15% equity.
What happened to the deal with Mark?
The deal with Mark was never executed.
What is the purpose of UnshrinkIt?
It’s a mixture that may be used to repair woolen sweaters that have shrunk due to improper washing or drying.
Following the directions on the back of the container, the solution will properly restore the fibers to their normal form, leaving clothes fragrance of new linen.
Is Unshrinkit for clothing for both men and women?
UnshrinkIt is specifically designed to fix wool garments for both men and women.
What is the cost of UnshrinkIt
The cost of the product is $12-15 per bottle
How do you use UnshrinkIt?
Unshrinkit is a specialized formula that was created to reoxidize wool fibers back to their original length.
Simply put, Unshrinkit restores the original state of the garment’s wool fibers, all while leaving the surface texture of the cloth intact!
Why is UnshrinkIt better than my regular shrinking solution?
It’s not just about the fact that it works! It’s also about the fact that UnshrinkIt doesn’t work all by itself, you have to combine it with another product. So it’s an even more effective solution.
What are some uses for Unshrinkit?
UnshrinkIt can be used for many different fabrics, including wools, synthetics, silk & cashmere.
What is the recommended usage of Unshrinkit?
The recommended usage is to use it for woolens that you don’t want shrinking.
What do you need to use Unshrinkit?
For the treatment, you will need a gallon of warm water. You will also need to mix 1 – 2 tablespoons of UnshrinkIt with the water.
Then you will put the mixture into your garment and let it soak for 30 minutes. After that, you can rinse your garment in warm fresh water for 10 seconds.
Why do you use Unshrinkit?
UnshrinkIt is a product that is designed to restore the original state of the garment’s wool fibers, all while leaving the surface texture of the cloth intact!
The reason why we created this product is that we had found there was no easy way to fix clothing that has shrunk. That’s why we decided to create this product.
Can Unshrinkit be used on multiple items?
Yes! You can use the formula on multiple items at the same time.
Does it work for all clothes?
UnshrinkIt is a specialized formula that was created to reoxidize wool fibers back to their original length.
Can UnshrinkIt be used on wooden items?
No, the product is specifically meant for wool items.
Is Unshrinkit safe?
Yes! The ingredients used in this product are all-natural and food-grade approved.
Their main ingredient is Pacific Sea Salt that you can find in your kitchen. So it’s perfectly safe for your health and the environment as well.
Can I reuse UnshrinkIt?
Yes! You can use the formula again when it is needed.
How long has UnshrinkIt been in production?
We have been developing UnshrinkIt for over two years.
Are there any restrictions on the usage of Unshrinkit?
The product is meant for wool items only. It performs best with items that are 100% wool.
It should not be used on synthetic fibers or blended fabrics.
The product is also not recommended for leather, silk, rayon or stretch fabrics. You might need to
Consult a professional cleaner or dry cleaner for these types of garments.
What type of water is needed in order to make Unshrinkit work?
The product can only be used with warm water. The water should be hot, but not boiling. You can use tap or filtered water.
The product will not work with cold or ice water either if the temperature is below 40 degrees Fahrenheit.
How do I speed up the process of Unshrinkit?
UnshrinkIt takes time to react with the wool fibers. You can speed up the process by leaving the button open longer, or leaving it soak for one more hour.
How long is Unshrinkit effective?
UnshrinkIt is an effective product if used correctly. The product has been used successfully on wool items for over 4 weeks, and it’s still working! However, once you stop using it; you will start to see some shrinkage again.
One of the main reasons why it works for this long time is because UnshrinkIt restores the wool fibers to their original state, which is not 100% shrunk.
How many times can I use UnshrinkIt?
You can use it as many times as you want. The only limit is the size of the bottle. If you have a big carpet, you might need to buy more than one bottle.
What does Unshrinkit smell like?
UnshrinkIt has a light, pleasant smell. It’s not offensive at all.
What happens if I use too much of the product on my clothes?
There is no such thing as “too much;” as long as you follow the instructions and don’t leave it soaked for more than two hours, you should be ok.
It’s only when you leave it soaking overnight or longer that you will experience issues with your garment.
Where is Unshrinkit produced and manufactured?
Cambridge, Massachusetts, USA
What is the shelf life for Unshrinkit?
Unshrinkit should be used within 12 months of purchase for optimal performance. Do not keep a portion of Unshrinkit stored as it should all be used during the unshrinking process.
