Zuvaa Shark Tank Net Worth 2023
Zuvaa Shark Tank Net Worth
The net worth of Zuvaa is unknown as of 2023 since the company went out of business in 2020. Zuvaa’s founder Kelechi Anyadiegwa had a net worth of 1 million USD as of 2022.
Zuvaa was featured on Shark Tank USA in January 2018 and sought an investment of $460,000 in exchange for a 10% stake in the company, valuing it at $4.6 million.
However, none of the Sharks were willing to invest due to the high valuation and potential liability issues with vetting designers. As a result, Kelechi declined Kevin O’Leary’s offer of a loan at 12% interest for 10% equity.
What is Zuvaa? Who is the founder of Zuvaa?
Zuvaa was an e-commerce platform and online community that focused on selling African-inspired clothing and accessories. The platform allowed craftsmen to connect with customers from all over the world.
Additionally, Zuvaa provided buyers with cultural background details and information about the designers’ experiences.
The founder and former CEO of Zuvaa is Kelechi Anyadiegwu, who obtained a Master’s degree in Computer-Human Interaction from Carnegie Mellon University in 2014.
After working as a Web Design Consultant for the MEMS Industry Group, she started her own apparel company in 2014 with only $500.
Kelechi is of Nigerian origin and grew up wearing African-inspired clothing. She received numerous compliments on her attire, which led her to purchase a domain name and start selling African-inspired apparel from around the world.
Using her technical skills in online community development and design background, she soon grew the company into a $2 million revenue-generating business.
Kelechi was named to Forbes’ retail and e-commerce 30 under 30 lists, but the company eventually ran into problems due to overestimation, a small workforce, and difficulties in compensating vendors.
The company’s website currently links to a public apology where Kelechi accepts responsibility for the issues and promises to re-emerge in 2018 with a new business strategy.
Although Zuvaa faced challenges due to its rapid growth, Kelechi believes that the company has barely scratched the surface of its potential.
There are still some products available for purchase on the site, but the business model’s demise has led to a reduced inventory.
Zuvaa Shark Tank Pitch
When Kelechi Anyadiegwu appeared on Shark Tank in episode 913 to pitch her clothing business, Zuvaa, she showcased her vibrant African designs and sought the assistance of the Sharks to help her grow her company.
Kelechi was asking for a $460,000 investment in exchange for a 10% stake in her company, which was valued at $4.6 million. During her pitch, she had models wearing her clothing line and distributed samples to the Sharks.
The Sharks were impressed by Kelechi’s success, having turned a $500 investment into a $2 million-selling firm in less than two years.
However, despite generating a monthly revenue of $50,000, she was struggling to break even.
Kelechi’s business model involved charging designers a $50 monthly fee and a 17.5% commission, but the Sharks raised concerns about the company’s valuation.
Mark was the first Shark to decline the offer due to disagreement with the valuation, followed by Sara. Lori didn’t see the need for investment and opted out, while Daymond raised concerns about potential liability issues with evaluating designers.
Kevin offered Kelechi a $460,000 loan with a 12% interest rate in exchange for a 10% equity stake, but she declined the offer and left without securing a deal.
Unfortunately, the company was shut down before the planned air date of January 21, 2018, and Kelechi walked away from the pitch without a deal.
However, in February 2020, she rebranded the company as Ujuu Media, with plans to launch the website in 2021. As of January 2022, the website is operational, but there is currently no revenue data available.
Competitors of Zuvaa
The primary competitors of Zuvaa in the market space are; Farfetch, Bluefly, Clothia and El Armario De La Tele.
Net Worth of Zuvaa
The company valuation was $4.6 million during and after the pitch, since then the company rebranded to Ujuu Media. This shows the company net worth might had increased.
Zuvaa FAQS
What is Zuvaa?
Zuvaa was an online community and marketplace for African-inspired clothing and accessories that connected artisans with clients from all over the world.
Furthermore, it provided customers with cultural background information as well as the designers’ experience.
Who is the Founder of Zuvaa?
Zuvaa was founded by Kelechi Anyadiegwu, who hails from Nigeria.
How much was seeking on Shark Tank?
Kelechi was seeking $460,000 for 10% stake in her company, which was worth $4.6 million.
Did she have the deal?
No, she didn’t have a deal on Shark Tank.
Is Zuvaa still in business?
Zuvaa is no longer in business as of January 2018.
Did Zuvaa rebranded the company name?
Yes, Zuvaa rebranded and changed its name to Ujuu Media.
How can I contact Zuvaa?
The only way to contact Zuvaa is via the company website at http://www.ujuu.com/contact or via their Twitter account at http://www.twitter.com/ujuu_brands
How was the appearance of Zuvaa on Shark Tank?
Kelechi Anyadiegwu pitched the business and showed off some of the designs to the Sharks on Shark Tank Episode 913 in 2018.
What kind of business is Zuvaa?
Zuvaa was an online community and marketplace for African-inspired clothing and accessories that connected artisans with clients from all over the world.
What does the name Zuvaa mean?
The name Zuvaa comes from Zulu, which means rain. The company is meant to be a safe space for African designers online.
How much did Zuvaa & Ujuu sell for?
Although she didn’t receive a deal on Shark Tank, Kelechi rebranded her clothing line and launched a new website: www.ujuu.com, where she is currently selling clothing and accessories. It is unknown if she received any investment or loans to launch the new business after Shark Tank.
What is Zuvaa business model and philosophy?
The business model of Zuvaa is online community management.
How much does it cost to run a Zuvaa store?
There is no fee to use the site at this time.
Are Zuvaa clothes available for purchase?
Yes, they are available to purchase on the website.
How Zuvaa did make money?
The company makes money by charging designers a $50 monthly charge plus a 17.5% commission.
How can I get Zuvaa clothing?
Zuvaa clothing is available for purchase on Amazon.
What is Zuvaa return policy?
There is no return policy at this time.
What is Zuvaa shipping and delivery time?
There is no information about shipping and delivery time.
How long is the Zuvaa warranty?
There is no information about warranty at this time.
Are Zuvaa products made in America?
Most of the products are made in America.
Are Zuvaa products sold in stores?
There are no brick-and-mortar stores for the company.
Who was the target market of Zuvaa?
Zuvaa was primarily geared towards women of color who wanted to purchase contemporary high-end designs inspired by African culture.
How many employees worked for Zuvaa?
There is no information about the number of employees at this time.
What were the methods of payment accepted by Zuvaa?
Zuvaa accepted PayPal, credit card, and debit card.
Are there any affiliate programs for Zuvaa?
No, there is no affiliate program for the company. She doesn’t want her clients to make money off of her business.
How many colors available on Zuvaa?
There is no information about the number of colors available on Zuvaa at this time.
Does Zuvaa offer discounts or sale prices?
No, there is no information about discount at this time.
What are Zuvaa business hours?
The company was not established for brick-and-mortar retail. There are no hours of operation.
Who is Kelechi Anyadiegwu?
Kelechi Anyadiegwu is a seasoned entrepreneur and the Founder and CEO of Ujuu Media, a digital business that supports multicultural consumer brands.
Ujuu Media’s main ideals are scalability and sustainability. Prior to the commencement of the pandemic, the venture studio recognized for propelling fashion firms was already lean.
What is the net worth of Kelechi Anyadiegwu?
Kelechi Anyadiegwu’s net worth is unknown.
