GarmaGuard Garment & Fabric Cleanser
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 16, 2020
Asking For:
$100,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
GarmaGuard is a natural garment and fabric cleanser that eliminates odor, freshens fabrics, and helps control dirt and grime using natural propellants.
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Background Story
GarmaGuard was founded by Pete Badaway and his wife, Bianca. Pete, a former police detective, and Bianca, a nurse, developed the product after realizing the need for a solution to keep clothes clean and odor-free after a day’s work.
Bianca’s experience as a nurse inspired the idea, as she often felt the need to decontaminate her clothing before interacting with her family after work. The couple recognized that while there were products for cleaning hands on the go, there was a gap in the market for cleaning clothes that are exposed to germs and odor-causing agents throughout the day. This led them to create GarmaGuard, a natural fabric cleanser.
The Product
GarmaGuard is a garment spray that can be applied to clothes to eliminate odor, freshen fabric, and control dirt and grime. The spray uses natural propellants and is designed to be convenient and effective. It works by eliminating odor-causing bacteria, including viruses (although not specifically tested for COVID at the time).
The product is available for purchase online, including the company’s website. Users can simply spray it onto their clothes to experience its benefits.
Price: $12.99
How It Went
The company’s position before Shark Tank
GarmaGuard had been in business for a year and a half at the time of the pitch. Their total sales up to that point were $476,000. The company was selling its products online through their website and other websites. The product had a profit margin of around 20%, with each unit costing $1.85 to make and selling for $12.99.
The founders mentioned having 14,000 loyal customers, a conversion rate of 6.6%, and a return customer rate of 33%. The founders aimed to make $100,000 in profits from their projected $500,000 in sales for the year.
The Negotiations:
The sharks expressed interest in the product’s potential and its effectiveness in eliminating odor-causing bacteria. However, concerns were raised about the lack of a COVID-killing claim, which could significantly boost sales. The founders mentioned working on obtaining such a claim but had not achieved it yet.
Despite positive feedback and the company’s strong sales figures, the sharks chose not to invest. With the suggestion that the founders focus on marketing and sales without giving up equity. Ultimately, no deal was made, and the founders left the tank without securing an investment.
