Wedfuly Livestream Weddings
DEAL
EPISODE SUMMARY
🕓 Air Date: November 5, 2021
Asking For:
$200,000 for 5%
Investor:
Robert Herjavec
Deal:
$200,000 for 10%
PRODUCT SUMMARY
Wedfuly is a virtual wedding planning and production service that allows couples to host interactive weddings online, even offering remote guests a front-row seat to the celebration.
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Background Story
Caroline Creidenberg, a Denver native, emerged as the driving force behind Wedfuly, recognizing the pressing needs of couples grappling with pandemic-induced challenges. Armed with her software engineering background, she embarked on a remarkable journey that steered her towards a revolutionary solution in the wedding industry. Her transition into this domain was not only a career shift but a mission to address a growing demand for unique wedding experiences.
With the pandemic casting uncertainty over traditional wedding celebrations, Caroline envisioned a solution that could bridge the gap between lavish ceremonies and courthouse unions. She set out to democratize the wedding experience, making it accessible and engaging for a broader audience. The result was Wedfuly, a virtual wedding planning and production service that defied convention.
Caroline’s proficiency in software engineering lent a tech-savvy edge to Wedfuly, ensuring that couples could embrace the digital realm without compromising on the magic of their special day. Her background exemplifies the power of innovation and adaptation, illustrating how a passionate entrepreneur can transform an industry by recognizing emerging needs and crafting a solution that speaks to both heart and mind. Wedfuly, under her guidance, became the beacon of hope for couples seeking a different, memorable, and inclusive path to matrimony.
The Product
Wedfuly redefines the wedding experience by offering an all-encompassing planning service with a virtual twist. Here’s how it works: Couples start by signing up and utilizing the Wedfuly Guide and Workbook, a comprehensive tool designed to prepare them for their virtual wedding journey.
On the actual wedding day, Wedfuly transforms the virtual event into a captivating multimedia experience. This includes video presentations, personalized playlists, and engaging interactive moments like the crowd-favorite group dance. Importantly, the technology utilized is refreshingly low-tech, relying on tripods and cellphones, ensuring accessibility for couples worldwide.
Wedfuly offers a range of pricing options to cater to various needs, with base packages spanning from $800 to $1,200. Notably, the company boasts an impressive average revenue per customer of $1,500, bolstered by its cost-efficient operations and 75% profit margin, making it a sustainable and profitable venture.
Through Wedfuly, couples not only find an innovative solution to pandemic-related wedding challenges but also gain access to a memorable and interactive wedding experience that transcends geographical boundaries.
How It Went
The company’s position before Shark Tank
Wedfuly stands as a testament to its impressive performance since its inception in March 2020. With $1 million in total sales, the company has orchestrated 700 weddings, reflecting its agility in adapting to changing times. The most telling sign of its success is the evident profitability, as it garnered $100,000 in profits on $700,000 in sales in the previous year alone.
Caroline Creidenberg retains full ownership of Wedfuly, with a 100% stake in the company. Remarkably, the venture has not sought external funding, demonstrating its ability to sustain growth through organic means. Wedfuly’s business model centers on direct sales, targeting couples in search of distinctive and memorable wedding experiences. By providing an innovative and immersive virtual alternative, they have tapped into a niche market that values creativity and accessibility.
In terms of partnerships, while the transcript does not mention specific partners or wholesalers, Wedfuly’s approach suggests a collaborative potential with other wedding-related businesses. This could include alliances with providers of wedding products, services, and technology solutions, further expanding its reach and influence in the wedding industry. With a solid financial foundation, impressive profitability, and an innovative concept, Wedfuly is well-poised to continue its growth trajectory and redefine the wedding planning industry.
The Negotiations:
During the negotiations on “Shark Tank,” Caroline Creidenberg faced a crucial decision for the future of Wedfuly. She initially sought $200,000 for 5% equity in her company, valuing it at $4 million. Robert Herjavec was the first to make an offer, proposing $200,000 for 20% equity, which was considerably higher than Caroline’s initial ask. Caroline, confident in her vision, countered with a more favorable offer: $200,000 for 10% equity. This offer showcased her negotiation skills and her belief in the value of her business.
Robert ultimately accepted her counter-offer, securing a deal with Caroline for the desired investment amount and a smaller equity stake. The negotiation was not only about the financial aspects but also the strategic value Robert could bring to Wedfuly. He recognized the potential for synergy between Wedfuly and his other wedding-related businesses, particularly in leveraging the customer data generated by Wedfuly to benefit his other ventures. This strategic alignment was a key factor in Caroline’s decision to accept Robert’s offer.
Caroline’s negotiation highlighted her ability to hold her ground and secure a deal that was not only financially favorable but also strategically beneficial for the future growth of Wedfuly. It marked a pivotal moment for the company, securing its first male partner and setting the stage for potential collaborations within the wedding industry.
