Wad-Free Shark Tank Net Worth 2023
After Cyndi’s successful deal with Kevin O’ Leary, the company valuation rose to $4 million and has been steadily rising since. This investment proved beneficial for Wad-Free as sales of their product took off, resulting in a higher net worth than previously estimated.
In 2022, it is estimated that the company’s net worth is now around $5 million due to its successful sheets untangling product which helps keep laundry items neat and organized.
The investment from Kevin O’ Leary was a pivotal moment for Wad-Free, providing them with the financial boost needed to take their business to new heights.
What Is Wad-Free?
The Wad-Free device is designed to prevent sheets from getting tangled inside a washing machine or dryer. It is an intriguing and simple device that speeds up the washing process by keeping the sheets separate from other items in the washer.
Wad-Free is also eco-friendly, as it is made from recycled and non-toxic plastic. The device is durable and can be used for many years.
The inventor of Wad-Free, Cyndi Bray, holds a bachelor’s degree in business administration from Michigan State University and a master’s degree in business administration from the University of Illinois at Chicago.
She came up with the idea for Wad-Free out of frustration when her sheets kept coming out in a wad after being washed.
No matter what she tried, the sheets always ended up tangled with each other or with smaller items, which sometimes caused damage to the machine.
Who Is The founder Of Wad-Free?
Cyndi Bray established Wad-Free as a solution to a common problem – bed sheets getting tangled up in the dryer and trapping all the other items. However, when she couldn’t find a suitable solution, she decided to create one herself.
Her story is quite inspiring as she taught herself physics, computer-aided design, and how to build a prototype. In just 14 months, she was able to register her product, test numerous prototypes, and find a manufacturer.
The product itself is a four-inch square piece of plastic with rounded corners and a hole with a snap closure in each corner. To use it, simply cut off a few inches from each corner of your sheets (this works for normal and fitted sheets), insert them through the holes, and attach them with the snaps.
You can then wash and dry your sheets as usual, and they will not get tangled or bunched up, resulting in shorter drying times. More detailed instructions can be found on the website or in the video provided below.
Despite founding the business during the Covid-19 pandemic, Cyndi was able to generate sales through her website and videos, as well as through extensive outreach on social media.
A two-pack of Wad-Free currently costs $18.99 on Amazon, and within just eight months, Cyndi was experiencing rapid growth.
What Happened To Wad-Free At Shark Tank Pitch?
In episode 1306 of Shark Tank, Cyndi Bray presented her product, Wad-Free, which prevents sheets from getting tangled up in the dryer. She was seeking a Shark to help her expand the brand and break into retail. Her asking price was $200,000 in exchange for a 5% stake in the company, which was valued at $4 million.
Cyndi demonstrated how sheets can become wadded up in the dryer and showcased pre-fitted sheets with Wad-Frees already attached. She claimed that with the help of a Shark, she could turn her product into a profitable venture.
She shared that Wad-Free was available at Walmart, The Grommet, on her website, and on Amazon, and had generated over $513,000 in sales since June 2020. The product costs $3.50 to manufacture and an additional $3.50 for delivery, with Cyndi absorbing the delivery cost, resulting in a 38% profit.
Cyndi holds an MBA and previously owned an advertising firm for 20 years before leaving her job to care for her husband, who was diagnosed with a brain tumor. Shark Tank premiered two months after her husband passed away, and the show inspired her to create Wad-Free.
Mark and Robert were not interested in investing, but Kevin offered $200,000 in exchange for 10% equity and a royalty of $1.50 per unit until he recoups $1 million. Lori was also interested in investing and offered $200,000 in exchange for 25% equity.
However, Kevin revised his offer to $200,000 for 5% equity and a royalty of $1.50 per unit until $1 million is recouped, which Cyndi accepted. She left the pitch with a deal with Kevin as her new partner.
What Happened To Wad-Free After Shark Tank?
Wad-Free experienced a surge in sales immediately after they announced they had entered into a deal with Kevin O’Leary, and the due diligence process is currently still underway.
Even though reliable revenue numbers are not yet available, the company is still operating, selling their product to customers through their website and Amazon as of February 2022.
As of February 2023, Wad-Free has achieved more than $500,000 in lifetime sales so far – an impressive feat considering the relative youth of the company.
Competitors of Wad-Free
The primary competitors of Wad-Free in the market space are; Whirlpool’s Dryer Sheets Feature, Dryer Balls, and Dryer Bags.
Net Worth of Wad-Free
The company valuation was $4 million during and after the investment done by Kevin O’ Leary. Since then the company is still operating and hence the company net worth might have been higher than that of pitch.
Wad-Free FAQs
What is Wad-Free?
Wad-Free is a sheet attachment that prevents sheets from being tangled in the dryer. It is an innovative sheet saver that keeps bedding flat and neat by eliminating the need for elastic bands, clips or pins. It’s a 4″ x 4″ plastic film product.
Who Invented Wad-Free?
Wad-Free was invented by founder and inventor Cyndi Bray of Clearwater, Florida.
How much was Cyndi asked on Shark Tank?
Cyndi Bray was asking for $200,000 for 10% stake of the business.
How much money did Cyndi Bray make from Shark Tank?
Cyndi make $200,000 for 5% equity and a royalty of $1.50 per unit until $1 million is recouped from Kevin O’ Leary.
Is Wad-Free still in business?
Yes. The company is still operating and the founder, Cyndi Bray is still the owner of the business.
Where can I buy Wad-Free?
Customers can purchase Wad-Free sheets direct from their website as well as on Amazon.
How much do they cost?
They cost $18.99 and are available in various colors like white, black, pink, navy blue and purple. They also come in twin, full, queen and king size bedding sets.
What is Wad-Free made of?
It is a 4″ x 4″ plastic film product made of polyethylene. They are also available in twin, full, queen and king size.
How safe is Wad-Free?
Wad-Free sheets are designed to fit over old sheets, not to be used with new ones. To avoid putting new items into the dryer; the owner should remove all of their bedding and then put on clean, dry sheets that have been bought specifically for this purpose.
Is Wad-Free loud?
No. Wad-Free sheets are designed to be quiet and gentle on the clothes.
How do you use Wad-Free?
Wad-Free sheets are easy to use: just wrap the sheet around itself and toss in the dryer! Each pad is 27 inches long so it can be used as a sleeve after wrapping around the entire set.
Is Wad-Free easy to use?
Wad-Free sheets are easy to use.
What is the warranty on Wad-Free?
The entire product is guaranteed against manufacturing defects for one year after purchase. There is also no warranty on breakdown caused by misuse or abuse.
Is Wad-Free safe for my sheets and appliance?
Wad-Free sheets are made from durable plastic film and are safe for dryer and its accessories.
Is Wad-Free sustainable?
Yes. The company has a recycling program through which used pads are recycled into a valuable product called Coat hanger. This product is used by campers as makeshift handles on door latches, tent poles, etc.
Is Wad-Free reusable?
Yes. The company also has a reusability program through which used pads are recycled into a valuable product called coat hanger.
Where is Wad-Free made?
Wad-Free is made in the United States of America.
Is there a money back guarantee?
Yes. The company offers a 45-day money back guarantee on all its products that are purchased directly through their website.
What is the net worth of Cyndi Bray?
The net worth of Cyndi Bray is not available.
