Jax Sheets – Bed Sheets For Men
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 12, 2021
Asking For:
$212,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Jax Sheets are copper-infused bedsheets designed for men, known for staying fresh longer and reducing the need for frequent washing.
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Background Story
Wen, the founder of Jax Sheets, hails from a small village in Africa and is based in St. Paul, Minnesota. He stumbled upon the idea for Jax Sheets after experiencing issues with smelly clothing during a trip to Iceland. This led him to explore materials like bamboo, copper, and silver. He initially launched a successful copper-infused shirt and underwear line before expanding into sheets due to popular demand. Wen is a self-proclaimed honest and sincere entrepreneur who values authenticity in business.
The Product
Jax Sheets are made from a unique blend of bamboo and copper-infused materials, designed to combat odor and bacteria, allowing users to go longer between sheet washes.
They are marketed specifically towards men and aim to provide a solution for those who may not wash their sheets as frequently. In addition to the bedding, Jax Sheets also introduced HercLéon, a line of laundry-free clothing made with similar technology, allowing customers to travel, camp, and stay fresh while packing less.
The product was initially launched through a successful Kickstarter campaign and has a retail price of $148 per set.
How It Went
The company’s position before Shark Tank
At the time of the pitch, Jax Sheets had recently completed a Kickstarter campaign with total sales of $350,000. They had not sold sheets outside of crowdsourcing platforms due to limited inventory. Wen mentioned a customer acquisition cost of $33, with an average sale of $148 and a margin of around $70. The company’s structure was simple, with Wen being the sole operator running the business from his garage.
The Negotiations:
The Sharks were charmed by Wen’s honesty and enthusiasm but had concerns about the company’s structure and data. They liked the product’s potential but were uncertain about the customer acquisition cost and whether Jax Sheets was truly worth $2 million, as Wen had claimed. Each Shark evaluated the business differently, with Mark Cuban, Kevin O’Leary, Lori Greiner, and Robert Herjavec ultimately deciding not to invest due to various concerns, including the lack of clear data on customer acquisition costs and the company’s structure.
Barbara Corcoran, while appreciating Wen’s honesty, also decided not to invest, suggesting that Wen should return with more data. Ultimately, Wen left the Tank without a deal, but the Sharks commended his sincerity and encouraged him to return with more information about the business’s performance.
