Like many, Lola Ogden had a struggling time when putting on duvet covers. She came up with Beddley, a duvet cover with 3 sides open with zippers, that made the job easier and hassle-free. Though her pitch of this product at the Shark Tank got no deal, her business currently holds a net worth of $4 million as of 2023.
In this article, we will bring you the most accurate details sourced from reliable sites like Sleep Foundation and the Beddley official website.
Read on to find out the latest news about the beddley and what will happen to it in 2023.
- 1. Beddley’s net worth in 2023
- 2. How is Beddley doing now? [Latest update]
- 3. What is Beddley?
- 4. Founder of Beddley
- 5. What happened at the Shark Tank
- 6. Beddley Shark tank update – What happened to Beddley After the Shark Tank
- 7. Beddley review
- 8. Competitors of the company
- 9. Final thoughts
- 10. FAQ
Beddley’s net worth in 2023
As of 2023, Beddley has a net worth of $4 million, with its lifetime sales. However, the net worth updates for 2023 are not yet available.
Read Beddley ’s worth and networth update in brief here.
Let us check out how is the business doing now.
How is Beddley doing now? [Latest update]
Being a 3-zipper duvet cover with a Patent, Beddley is doing well now.
You can purchase these easy duvet covers through their website. They operate in the USA and ship products around the world. Currently, they have 3 product categories:
They claim on their all social media the product to be ‘the world’s easiest duvet cover’, with features like comfort, innovation, and effortlessness. Check their social media profiles to see how they do:
As seen in many comments and reviews on these profiles, people have learned about Beddley after the Shark Tank episode.
Beddley was also able to get into a life featuring on CNBC. They posted a thank note to CNBC on September 13, 2022, and November 05, 2022. Cathy B., an artist, reviewed Beddley as one of the best inventions since sliced bread CNBC.
What is Beddley?
Beddley is an easy-to-use duvet cover with 3-zipper technology. It also has corner ties that make the duvet perfectly fit on the cover.
The duvet covers are made of 100% soft Egyptian cotton, free of harmful chemicals.
Cosmopolitan ranked Beddley as the 13th best duvet cover and as the helpful pick. Also, Elle Décor ranked Beddley in the 12th place and highlighted its practical and innovative zip system.
Founder of Beddley
Lola Ogden has her origins in Nigeria. She is a serial entrepreneur and an inventor based in the Los Angeles Metropolitan Area. After completing her degree in chemistry and physics, Lola completed her MBA from Columbia Business School.
The frustration while making her bed and duvet in the morning gave her the first thought of creating Beddley. Lola started the business in September 2017.
Lola is also the founder and CEO of GapEnder, a women’s shirt that made sure there are no gaps between the buttons. However, GapEnder stepped away from operations since the Covid19 pandemic.
What happened at the Shark Tank
Beddley appeared in the Shark Tank season 11 episode 18. Lola made a lively demonstration, comparing the difference between traditional duvets and Beddley. She went with the line ‘No more Wrestling with your duvet cover’.
She asked for $150,000 for 10% equity. And requested the sharks not to judge her by her sales. But just after hearing that her sales were $28,000 the previous year, the sharks gave laughs. Robert said, “your sales suck!”.
The production cost for a Beddley cover is $57.50 and she sells them for $130 – $140 on average. The sharks were not happy with the prices though she promised she could bring the costs down. Beddley was available in two pop-up stores too, according to Lola. But the sharks were not impressed by that.
Lori Greiner said it was not the product she would invest in and was out. Daymond John was also out since he thought she needs to figure out marketing the product. Similarly, Robert Herjavec was unsure of where his money would go. Mark Cuban was not satisfied with her sales numbers.
At last, Kevin O’Leary said a big “no, never” that made Lola leave the tank without a deal.
Did this shatter Lola’s hopes? Read below to know!
Here’s how the negotiations played out:
Beddley Shark tank update – What happened to Beddley After the Shark Tank
Despite not receiving a deal on Shark Tank, Lola Ogden continued to grow her business. It seemed like she had all the motivation, entrepreneurship, knowledge, and experience for that.
“I know that all I need is just one breakthrough, and I can push this into the millions”Lola just after her Shark Tank episode
In 2020, Beddley shared a video of Oprah Winfrey struggling hard to put a duvet inside a cover saying “anyone else finds it challenging getting a duvet inside a cover? There must be a method I’m missing.”
Lola used that video to highlight the pinpoint everyone faced and remarked “Dear Oprah! The method is called BEDDLEY. You’ll never wrestle with your duvet cover again!”.
Since then, to now, the brand has won many hearts and Shark Tank was surely a catalyst for their success.
In 2020, with the COVID-19 pandemic, Beddley started producing protective face masks. By that time their duvets barely existed in the stocks. But in November 2021, she started back selling products on a pre-order basis for the orders that occurred around Christmas. The business came back to its usual sales process by February 2022. It summed them up to $4 million in lifetime sales.
Though QVC was interested in Beddley, they were not able to feature it there yet.
Let us now explore the reviews this product has got.
Overall, the product reviews have been quite positive. A review made in 2023 said they were able to put the cover in just 5 minutes. Many other reviews have mentioned that they discovered this product after their Shark Tank episode. Being ‘super easy’ is what most buyers highlighted.
Sleep Foundation reviewed the quality of the product with factors like durability, temperature regulation, comfort, and duvet fit – all on or above 4 stars. Further, they said it’s a great choice for budget-conscious shoppers.
A product like this could be open to many other competitors as well. Let us find out who they are.
Competitors of the company
Some of the competitors of Beddley are Brooklinen, Boll & Branch, Parachute, and Casper. However, Beddley has its own biggest unique selling point of having a 3-sided zipper opening. Therefore, it has been able to stand out from the competitor brands.
Beddley has undoubtedly been a big help for many users as a time-saving duvet cover. Despite the rejections from the sharks, this motivated lady was able to raise the business on her own.
Beddley is an innovative duvet cover with 3 sides open with zippers. It also has corner ties that keep the duvet in the right fit to the cover. Lola Ogden from the USA (origins from Nigeria) innovated Beddley.
Beddley did not get any deal on Shark Tank. However, all the sharks appreciated the product. They were just not happy with the sales figures and marketing efforts of the product.
Despite not getting a deal, Beddley grew as a successful business.
Beddley is still in business with its online store that ships worldwide.
The business valuation of Beddley before the Shark Tank episode was $1.5 million. Their net worth as of 2023 is $4 million.