DrainWig, a hair trap for showers, was started by Jennifer and Gifford Briggs in 2012. As of September 2023, DrainWig’s net worth is $2.5 million, and they’re pulling in a whopping $1 million in annual revenue.
In October 2017, they appeared on Season 09 of Shark Tank USA and made a deal with Kevin O’Leary, $300,000 for 15% equity. The final valuation was $2 million, down from the founder’s initial estimate of $6 million.
As of September 2023 DrainWig is still in business. You can purchase DrainWig products online through their ecommerce channels such as their website and Amazon.
DrainWig Net Worth
|Net worth||$2.5 million|
|Annual Sales Revenue||$1 million|
|Lifetime Sales||$14.2 million|
|Shark Tank Investor||Kevin O’Leary|
|Founder||Jennifer and Gifford Briggs|
|Employees||1 to 25 employees|
DrainWig Net Worth Timeline
|Net Worth 2023||$2.5 million|
|Net Worth 2022||$1 million|
|Net Worth 2021||$1 million|
|Net worth valuation 2017 after appearing on Shark Tank||$2 million|
|Net worth valuation 2017 before appearing on Shark Tank||$6 million|
DrainWig Pitch on Shark Tank
|Product||Hair-catching drain plug|
|Episode||Season 09 Episode 06|
|Founders||Jennifer and Gifford Briggs|
|Asked for||$300,000 for 5% equity|
|Final deal||$300,000 for 15% equity|
DrainWig was founded by Jennifer and Gifford Briggs in 2012. Jennifer and Gifford Briggs, a couple from Utah with five daughters, devised the idea for DrainWig. They got inspired from dealing with clogged drains caused by their long hair in the showers and bathroom sinks at home. This led to the creation of DrainWig. DrainWig’s founders, Jennifer and Gifford Briggs, have a net worth of 1 million USD as of 2023.
|2017||The company appeared in Shark Tank Season 09 and got a deal from Kevin O’Leary|
|2023||As of September 2023, the company is still in business with $1 million in revenue|
From their beginnings on Shark Tank to their current status as a thriving business, they have proven that with the right idea and execution, anything is possible. We can’t wait to see the future for DrainWig and its continued success.