Zipit Bedding Shark Tank Net Worth 2023
The estimated net worth of ZipIt Bedding in 2023 is currently unknown, as the company is no longer in business. When they appeared on Shark Tank in February 2014, their valuation was $375,000.
Despite the Sharks’ misgivings about their marketing campaign, the founders persisted with their strategy and plans.
After the show aired, ZipIt Bedding gained some popularity but eventually shut down its official website and ceased operations.
What is Zipit Bedding? Who is the founder of Zipit Bedding?
Zipit Bedding is a unique bedding solution that combines a sheet and a comforter into one seamless unit, similar to a sleeping bag.
This innovative design provides the cleanliness and extra layer of a sheet while eliminating the hassle of dealing with a bunched up top sheet when making your bed.
Zipit Bedding comes in a variety of beautiful colors and designs, with every sleep set being reversible and some even featuring glow-in-the-dark options.
Cleaning is a breeze as well, as the bedding can easily be removed with a quick flip of the wrist and placed in the washing machine.
Founded by Jennifer MacDonald, Zipit Bedding is ideal for all types of sleeping arrangements, from bunk beds to Murphy and trundle beds.
Available in twin and full sizes, each set comes with a matching pillowcase that also zips up, ensuring that your pillows stay securely in place.
The company was created by MacDonald and her sister Hayley Carr, who understood the frustration of dealing with bunched up sheets and comforters. They sought to create a solution that would simplify the process, and Zipit Bedding was born.
With Zipit Bedding, making your bed only takes a few seconds, as opposed to the minute and a half it typically takes.
The twin set costs $55, while the full size set costs $65, and the company plans to introduce queen, king, and California king sizes in the future.
In summary, Zipit Bedding is a convenient, comfortable, and stylish bedding solution that makes life easier for everyone.
Zipit Bedding Shark Tank Pitch
In episode 18 of season 5 of Shark Tank, Hayley and Jennifer appeared to showcase their Zipit Bedding product to potential investors.
Their goal was to secure a $75,000 investment in exchange for a 20% stake in their company, which was valued at $375,000.
During their pitch, they demonstrated how the comforter could be easily attached to the fitted sheet, and also highlighted various adaptations that were created to accommodate bunk beds and other needs.
At the time, their patent was still pending, and they had sold 1,000 units through a three-minute TV commercial, which generated $7,500 in revenue.
However, they incurred a loss due to expenditures. Despite this, a large bedding provider had expressed interest in licensing the device, with the caveat of a 50,000 minimum order and a 4% margin on US sales and a 6% margin on overseas sales.
However, the contract would not have placed the bedding on store shelves until the summer, which did not meet the sisters’ goal of having the product available by Christmas.
Although the Sharks initially declined to invest, the women persisted with their marketing strategy, which included utilizing both television and commercials to raise brand awareness.
Lori Greiner was the only Shark who believed in their vision but felt they would have been better off taking the licensing contract and getting into large shops instead. In the end, the sisters left the Tank without securing a deal with a Shark.
Despite the Sharks’ skepticism about their marketing plan, the sisters were able to successfully get their product into Target, Bed Bath & Beyond, Walmart, and Amazon.
As of November 2021, the company’s annual revenue was $3 million. However, there have been some negative reviews on at least one website regarding delayed delivery of products.
Net Worth of Zipit Bedding
The company was valued at $375,000 during the pitch, since the company has been doing well in sales with annual revenue of $3 million in 2021. This shows that the net worth of the company had elevated.
Zipit Bedding FAQs
What is Zipit Bedding?
Zipit Bedding is a set that includes a sheet and a comforter. The sheet zips together with the comforter to form a single, seamless bed cover similar to a sleeping bag.
It provides the extra layer and cleanliness of a sheet while eliminating the inconvenience of dealing with a bunched up top sheet every time you make your bed.
Who is the founder?
Jennifer MacDonald is the founder of Zipit Bedding Company. She had been working together with her sister Hayley Carr as a partner in the company. The two mothers are well aware that children despise making their beds.
They were seeking for a solution to make the top sheet and comforter a one unit because they constantly had the sheets balled up in a lump.
How much were asking on Shark Tank?
The ladies were asking for $75,000 for 20% of the company.
Did they get the deal?
Zipit Bedding did not get the deal on the show.
Is Zipit Bedding still in business?
Yes, Zipit Bedding is still in business and the company is doing well.
How is Zipit Bedding Website?
The Zipit Bedding website is still working well for online purchase.
Did Zipit have problems with their product?
Zipit had had to modify their product because children tend to unzip the top sheet, revealing the comforter underneath. To help curb this, they added a zipper on the bottom sheet.
How does Zipit Bedding work?
Zipit Bedding works by attaching to the top sheet and zip into the bottom sheet. Both sheets can be used as normal, and they do not have to remove them at all.
When unzipped, the cover becomes one unit. Therefore, you do not have to deal with a bunch of sheets when making their bed.
What are some downsides?
The company has received criticism that the sheets might have been too expensive for some customers. Others were concerned about lack of durability due to cheap material used in manufacture.
Is Zipit Bedding washable?
Yes, both the top sheet and comforter sheet can be washed on a regular basis. The company says that these sheets will last for years and those customers have reported washing their sheets in water as hot as 110 degrees.
Can I put on warm water?
It can be put into warm water, but the company suggests that customers should use cold water first.
How did Zipit Bedding initial success?
When the pair tried to introduce the idea of the product to retail stores, they had difficulty convincing department stores and large chain retailers. They decided to approach family-owned furniture chains such as Rooms to Go and Overstock instead.
What is the net worth of Jennifer MacDonald?
Net worth of Jennifer MacDonald is estimated at $850,000.
