Pluie – Diaper Changing Table
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 10, 2023
Asking For:
$500,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Pluie offers the world’s first self-sanitizing diaper changing table for public restrooms, providing a clean and safe environment for diaper changes.
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Background Story
Pluie is the brainchild of founders Addie and Brittany, two mothers who were frustrated by the unsanitary conditions of public diaper-changing tables. Addie, with a background in product development, had a diverse career, including being the first female president of an $80 million fishing boat business. She dropped out of college to attend culinary school and worked in prestigious restaurants before transitioning to product development.
Brittany, on the other hand, had a culinary background, working under famous chefs like Daniel Boulud, Thomas Keller, and Martha Stewart. After becoming a mother, she became interested in improving the public diaper-changing experience. Together, they came up with the idea for Pluie, filing a utility patent in 2019. They raised their initial funding through friends and family while on maternity leave and continued to secure more capital, ultimately reaching an $8 million valuation in 2020 and a $20 million valuation in 2021.
The Product
Pluie is a self-sanitizing diaper-changing table designed for public restrooms. It features a patented UV-C light system that automatically sanitizes the changing surface every time the table is closed, eliminating 99.9% of harmful bacteria and viruses within just 60 seconds.
The product’s benefits are clear: it provides a hygienic changing space for babies, reduces the risk of exposure to harmful germs, and offers convenience to parents. Pluie’s presence in public restrooms can significantly improve the overall experience for families and caregivers when changing diapers outside their homes.
Pluie is currently available for purchase by businesses and organizations. The price of the product is $2,699, and it requires installation with access to an electrical outlet.
How It Went
The company’s position before Shark Tank
Pluie has made strides in securing partnerships with various national accounts and has a presence in 115 locations. The company’s partnerships extend to airport authorities, with their first installation at Dallas/Fort Worth International Airport. Pluie has sold approximately 300 units of their self-sanitizing changing tables to date. The cost to manufacture the UV version of their product is approximately $1,312. With a selling price of $2,699, the company has room for profit.
The founders have raised substantial capital through various rounds of funding. In 2019-2020, they raised $650,000 at a $4 million valuation through a convertible note. In 2021, they secured an additional $1 million at an $8 million valuation through another convertible note. The most recent funding round in May 2023 raised $2 million at a $20 million valuation. This funding has been primarily sourced from their personal and professional networks.
Pluie’s business model is primarily business-to-business, targeting commercial establishments that prioritize cleanliness and customer satisfaction in public restrooms. The company is in search of a strategic partner among the Sharks to accelerate its growth and expand its presence in public restrooms across the United States.
The Negotiations:
The founders were seeking $500,000 for 5% equity in their company, valuing it at $10 million. Several Sharks expressed doubts about this valuation given the company’s current revenue and the challenges it may face in scaling the product. Mark Cuban was the first to voice his concerns, stating that the valuation was too high for a company that was essentially pre-revenue and faced significant challenges in the rollout, particularly regarding electrical infrastructure.
John agreed with Mark’s assessment, emphasizing that Pluie’s solution might not be a game-changer for retailers and that they were not at a stage to warrant such a high valuation. Robert Herjavec and Lori Greiner admired the founders and their product but expressed reservations about the high price point, which might limit widespread adoption. They believed the product was more suited for high-end establishments.
In the end, none of the Sharks made an offer, citing concerns about the company’s valuation and scalability. The founders left the Tank without a deal, with hopes of proving that Pluie could succeed and expand in the market. The negotiation highlighted the challenges of introducing an innovative, premium-priced product to the market, particularly in the face of competition from existing, lower-cost solutions. The Sharks’ skepticism about the valuation raised questions about Pluie’s potential for growth and market acceptance.
