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 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 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 their 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 FAQS
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.
How does UnshrinkIt work?
During the Shark Tank episode 709 pitch, they demonstrate the product by adding a gallon of water to UnShrinkIt, soaking for 30 minutes, rinsing, reshaping, and drying.
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 a 15% equity.
What happened 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 woollens 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 because 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 leave 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.
