Play Maysie – Portable Dollhouse
DEAL
EPISODE SUMMARY
🕓 Air Date: April 14, 2023
Asking For:
$150,000 for 10%
Investor:
Barbara Corcoran
Deal:
$150,000 for 20%
PRODUCT SUMMARY
Play Maysie is a portable, magnetic dollhouse designed to provide quality play on the go and reduce toy-related mess at home.
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Background Story
Kayla Lupean, the founder of Play Maysie, hails from Cleveland, Ohio. As a first-time mom, she discovered the frustrations of dealing with scattered toys and missing pieces while trying to keep her house tidy. She was tired of navigating her home like a minefield of loose toys and decided to do something about it. Inspired by vintage tin lunch boxes, Kayla developed the concept of Play Maysie, a portable dollhouse with two interchangeable rooms and magnetic floors that attach wooden furniture to prevent lost pieces.
Her motivation was to make playtime enjoyable for kids while making cleanup easier for parents. Her journey to create Play Maysie began with a Kickstarter campaign, where she invested her $25,000 personal savings and received $30,000 in funding. Despite the challenges, including the loss of her wedding photography business due to COVID-19, she worked diligently to bring Play Maysie to life.
The Product
Play Maysie is a unique, portable dollhouse designed to offer children quality playtime while minimizing the mess associated with traditional toys.
The product features vintage tin lunchbox-inspired cases that open on both sides to reveal two interchangeable rooms. The magnetic floors inside the cases come with attached wooden furniture, eliminating the need for loose, lost pieces.
Play Maysie includes a set of six characters, designed to make doll play more gender-neutral and inclusive. The goal is to build character storylines and expand the product line to engage children in imaginative play.
Play Maysie is available for purchase online, priced at $49.99. With a cost of approximately $13 per unit, the product offers a competitive 70% profit margin.
How It Went
The company’s position before Shark Tank
Play Maysie demonstrated impressive performance with $170,000 in revenue in 2021 and an anticipated $400,000 in sales for the current year. The company’s growth was supported by a successful Kickstarter campaign that raised $30,000 and an additional $85,000 investment from an angel investor. The investor holds a 10% stake in the business.
Play Maysie’s customer base includes parents seeking innovative and mess-free toys for their children. The product’s competitive pricing, convenience, and focus on inclusivity make it appealing to a wide audience. The company’s structure appears to be primarily a solo venture, led by founder Kayla Lupean. Play Maysie’s business model is based on e-commerce, and its primary sales channel is its official website.
While Play Maysie has faced some challenges, such as ordering excess inventory to meet uncertain purchase orders, the investment from an angel investor helped address this issue. With over 9,000 units on hand, worth approximately half a million in revenue, the company is well-positioned for growth.
The Negotiations:
The negotiations on Shark Tank revolved around Kayla Lupean’s pitch for Play Maysie. She initially sought $150,000 for a 10% equity stake in her company. Daymond John, Kevin O’Leary, and Mark Cuban all decided not to invest in Play Maysie. Barbara Corcoran made an offer of $150,000 for a 30% stake, with an additional condition that she would receive $5 per portable dollhouse sold until her investment was recouped.
This offer surprised the other sharks. In the end, Kayla Lupean chose to accept Barbara Corcoran’s offer of $150,000 for 20% equity, with the condition of receiving $7 per portable dollhouse sold until the investment was recouped. The deal was sealed with a handshake, making Barbara Corcoran the newest partner in Play Maysie. The negotiation highlighted Kayla’s admirable journey, her determination, and the emotional connection between the entrepreneur and Barbara Corcoran.
