The Woobles – Beginners Crochet Kit
DEAL
EPISODE SUMMARY
🕓 Air Date: September 30, 2022
Asking For:
$250,000 for 5%
Investor:
Lori Greiner, Mark Cuban (50/50)
Deal:
$450,000 for 6%
PRODUCT SUMMARY
The Woobles creates crochet kits with step-by-step video tutorials, enabling customers to make adorable characters while learning how to crochet.
WATCH HERE
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Background Story
Justine and Adrian, a wife-and-husband team, founded The Woobles after careers in tech and finance. Justine worked as a UX designer and manager at Google Classroom before discovering her passion for crochet, which boosted her confidence. Adrian, formerly a director on Wall Street, sought a more fulfilling path, leading them to create crochet kits to inspire learning and confidence in people of all ages.
The Product
The Woobles offers crochet kits that include easy-to-follow instructions, yarn, and a link to online tutorials. These kits allow customers, primarily adults, to create cute characters like Pierre the Penguin and Felix the Fox.
These kits are designed for both beginners and experienced crocheters, with prices ranging from $15 (wholesale) to $30 (retail). The kits can be purchased directly from The Woobles’ website.
How It Went
The company’s position before Shark Tank
The Woobles started with just $200 and has since achieved remarkable success, generating $5.3 million in sales over two years. Year-to-date, they’ve reached $3.1 million in revenue and expect to reach $7 million for the year. They primarily sell directly to consumers through their website, with a blended customer acquisition cost of $16 and an 86% gross margin. They’re seeking investment for licensing, wholesale expansion, and mentorship.
The Negotiations:
The Woobles received offers from several Sharks. Barbara Corcoran offered $300,000 for 10%. Lori Greiner and Mark Cuban both offered $300,000 for 10% as well. Kevin O’Leary offered $250,000 for 10%. Eventually, Lori Greiner and Mark Cuban teamed up and offered $450,000 for 6%, which The Woobles accepted, leading to a playful exchange among the Sharks. Lori Greiner was joined by Mark Cuban in the deal, leaving Barbara Corcoran and Kevin O’Leary feeling left out.
