Wedfuly Shark Tank Net Worth 2023
It is not possible to accurately answer the question regarding Wedfuly’s net worth in 2023 as the most recent information available is from 2022.
However, according to sources, Wedfuly was valued at around $4 million when it appeared on Shark Tank in 2021 and had secured an investment of $2 million during the show. Therefore, it is likely that their net worth has increased since then.
What is Wedfuly? Who is the founder of Wedfuly?
Wedfuly is a company that is dedicated to creating an inclusive and welcoming wedding experience for people of all races, ethnicities, identities, orientations, classes, and sizes.
Their virtual wedding service offers advanced technology for a multi-angle live stream experience and a team of specialists to assist with the execution of your special day. You will work with Wedfuly’s team remotely to design and produce your wedding live stream.
Caroline Creidenberg, the CEO and founder of Wedfuly, graduated in computer science from the University of Denver and entered the wedding industry from an IT perspective.
In her early days, she could be found riding her pink two-wheeler barefoot along High Drive in Kansas City, but she never daydreamed about weddings or white gowns at the time.
In 2017, Creidenberg founded Wedfuly as a virtual wedding service that helped couples save money by planning weddings online.
However, when the COVID-19 pandemic hit in March 2020 and the wedding business came to a standstill, the company shifted gears. Creidenberg and her team collaborated with Zoom to provide virtual weddings.
On March 28, 2020, Wedfuly, in partnership with Zoom, hosted their first virtual wedding ceremony, which was officiated by the bride’s father who was not physically present.
Since then, the company has conducted “hundreds” of virtual weddings where the bride, groom, or family member sets up multiple smartphone cameras at different angles.
The Wedfuly team can produce the virtual wedding remotely or send a team member to the wedding location for an additional fee.
Wedfuly offers a free introductory consultation, and their fees range from $700 to $2000, plus additional “extras.” In addition to the actual wedding ceremony, each virtual wedding package includes toasts, virtual reception tables, first dances, and group dance parties.
A simulated wedding procession can also be added to the package, which includes two tripods, battery packs, a venue audio device, and a DJ setup.
Aside from virtual weddings, Wedfuly also provides “conventional” wedding planning services. As the wedding industry recovers from the pandemic, some experts predict that there will be a trend towards smaller, more intimate weddings with a virtual component.
Wedfuly Shark Tank Pitch
Caroline Creidenberg appeared on an episode of Shark Tank, seeking a match for her virtual wedding business, Wedfuly.
She hoped that one of the Sharks would be interested in partnering with her. In exchange for a 5% stake in her $4 million company, Caroline asked for $200,000.
She began her presentation by discussing the beauty of weddings and how the Covid-19 outbreak inspired her to create the firm. She claims that despite the lifting of pandemic-related lockdowns, virtual weddings are not a passing trend.
Caroline is a software engineer who used to work at a large financial institution, where she was one of only three women in a department of 60.
She created wedding planning software to create a more female-centric business. She claims that 40% of her clients were not even planning a wedding at all.
In 2020, Wedfuly had sales of $700,000 with a profit of $100,000. Sales to date in 2021 have been $1 million with a profit of $300,000. The average revenue per client is $1500, with a profit margin of 75%.
During the Shark Tank episode, Caroline and her colleagues shared that they had performed 700 weddings since March of 2020, including 30 in a single day.
The Sharks were impressed by this feat. Mr. Wonderful asked if Wedfuly was a data feeder company, and Caroline responded that they gather every wedding guest’s name and email address.
Kevin was interested in the data aspect of the business and offered $200,000 in exchange for a 20% ownership stake. Caroline countered with $200,000 for a 10% equity interest, but Kevin declined. Lori was impressed by Caroline but ultimately decided not to invest.
Mark was skeptical about Caroline’s ability to expand the business and went out.
Robert, on the other hand, liked the concept and offered $200,000 for a 10% ownership stake in the company, which valued the company at $2 million. Caroline accepted, and backstage, Robert became the first Shark to leave the pitch with a deal.
The deal with Robert is still under due diligence, but Caroline and her team are optimistic that it will move forward. The company is still in operation as of January 2022, and its annual revenue has yet to be disclosed.
Caroline believes that having someone like Robert as a mentor will be extremely beneficial for her as an entrepreneur and businesswoman.
Competitors of Wedfuly
The company similar to Wedfuly in the market, including Live Stream Bride, a similar day-of-the-wedding streaming service that allows users to live streams their wedding.
Net Worth of Wedfuly
The company valuation was $4 million during the pitch, after the investment done by Robert Herjavec the company worth $2 million.
Since then the company is still operating as of January 2022 and hence the company net worth might had increased.
Wedfuly FAQs
What is Wedfuly?
Wedfuly is a company dedicated to making weddings more inviting to individuals of different ethnicities, races, identities, orientations, classes, and sizes.
The virtual wedding service includes all of the equipment needed for an elevated, multi-angle live stream experience, as well as a team of professionals to help you plan your special day.
Who is the founder?
Caroline Creidenberg is the founder and creator of Wedfuly.
How much was asking on Shark Tank?
Caroline was asking for $200,000 for a 5% stake in her company.
What happened on the Shark Tank?
Caroline received a deal done with Robert Herjavec who offered $200,000 for 10% ownership of the company which was worth $2 million.
Is Wedfuly still in business?
As of January 2022 Wedfuly is still in business.
Where is Wedfuly located?
Wedfuly is based in Denver, Colorado.
What is Wedfuly website?
The website of Wedfuly is www.wedfuly.com.
How can I contact Wedfuly?
The primary method for contacting Wedfuly is through the contact form on their website (www.wedfuly.com) or via email at [email protected]
Where do you create a wedding?
Wedfuly only works with physical venues. Customers can have a digital wedding ceremony, but you must be there in person.
What functions and features does Wedfuly offer?
Wedfuly offers all the necessary planning tools to make their wedding day run as smoothly as possible. Creative considerations and helpful tips are offered during the Planning coaching process, as well as pre-wedding support during the reception itself.
Is Wedfuly successful?
Yes, Wedfuly is successful. In 2020 the revenue was $700,000 with profit of $100,000.
Is Wedfuly offering discount?
There is no discount offered by Wedfuly.
Does Wedfuly deliver?
Yes, Wedfuly delivers. The service is booked from the site and ships worldwide.
Does Wedfuly offer coupons?
There are no available offers or coupons for Wedfuly at present.
Is Wedfuly guaranteed?
Yes, Wedfuly is backed with a standard 30-day warranty.
How much does Wedfuly cost?
The price is range from $700 to $2000. Add-ons cost additional fees, which can be found by contacting the service directly.
What are the payment options of Wedfuly?
The primary payment method for Wedfuly is a credit card or debit card. Other payment methods may be available, but are not listed on the site currently.
What is the net worth of Caroline Creidenberg?
The net worth of Caroline Creidenberg is not revealed.
