Even if we are using a washing machine to washing clothes is hard to prevent them from wad up inside the dryer. When it comes to washing sheets this causes unwashed half-dried sheets. If you are waiting for a solution Wad Free Shark tank had brought you the best solution.
Read what happened to Wad-free worth and net worth update in brief here.
What is Wad-Free?
Wad-Free is a simple intriguing device made for all kinds of sheets to avoid wadding up in the dryer. It is made of plastic and simply fitted into the sheet. This speeds up the washing procedure and prevents cloths from entangled with the sheet.
Who is the founder of the Wad-Free?
Cyndi Bray is the founder of the Wad-Free. She holds an MBA had learned Physics, CAD, and Prototypes herself before developing the product.
What happened at the Shark Tank?
Cyndi appeared in the Shark Tank seeking $200,000 for 5% of equity. In the beginning, she demonstrated how the sheets get wadded up in the dryer and explained how the product works using pre-fitted sheets with Wad-Frees. After she explained to the sharks how This can turn into an extremely profitable business.
She said the sharks that she had earned $ 513,000 after launching Wad-Free in June 2020. Not only that she said she is getting 38% of net profit after the production cost is $3.50 each and $3.50 for shipping.
Sharks were impressed after hearing the profit. But Mark Cuban is decided not to invest first because he’s not washing his sheets often. Robert Herjavec was also out of the deal even he wanted to help.
Then Kevin O’Leary spoke with the Mr. Wonderful royalty offer. He offered $200,000 for 10% equity with a $1.50 per unit. But the royalty was only until he makes $1 million back. Daymond John also decided not to invest as he’s not familiar with the business.
But Lori Greiner was impressed with the product and she was willing to work with Wad-Free happily. But her investment was $200,000 for 25% equity. This made a bidding war between Kevin and Lori. Finally, Kevin drops his offer to 5% of equity but kept the royalty. Then Lori drops hers to 20% without royalty.
Finally, in the end, Cyndi agreed with Kevin’s offer of $200,000 for 5% equity with royalty.
Wad-free shark Tank UPDATE
The company’s business skyrocketed after appearing on the Shark Tank episode 1306. Even the product had gained popularity before appearing on the show the Wad-Free shark tank helped the company to improve sales.
The official sites have yet not updated whether the deal with Kevin is closed or not. But the official Wad-Free site and the company’s social media are filled with positive comments and five stars continuingly. This indicates how the company is continuing the business.
The company marked $513,000 on lifetime sales at the time they appeared on the show. Not only that it marked $ 4 million worth during 2021 and labeled to increase the net worth up to $ 5 million in 2022.
Now the company is providing offers and customers can find a set of two Wad-Free sheet detanglers in Amazon for $19 a pair.
Also read: What happened to Sleeping Duck after the shark tank
What happened to the Wad-Free after the Shark Tank?
Company sales flooded immediately after the show aired. The official site has yet not confirmed how the deal with Kevin is going on. But according to the Wad-Free official site the company is still in business in 2022. Although the covid 19 pandemic causes various difficulties companies used social media for marketing.
Not only the social media Wad-Free uses Walmart, Amazon, and The Grommet for their business. Also, it took part in shows like BuzzFeed, Today website, The Spruce, Bustle, Southern Living, and Apartment Therapy before appearing on Shark Tank. This had boosted customer trust and risen the company’s net worth day by day.
The Wad-Free net worth in 2022
According to the official sites, it is worth around $ 5 million in the year 2022. The company was worth around $ 4 million when it appeared on the show. Wad-Free is still in business and business started to grow after the show aired. After Kevin O, Leary’s investment Wad-Free marked the highest business rate in a year.
Competitors of Wad-Free
There are several brands in the market manufacturing products with a similar purpose. Some of them are whirlpools Dryer Sheets Features, Dryer Bags, and Dryer Balls.
It is a device helping to prevent the sheets, Wadding, up in the dryer and speeding up the process
It’s a 4-inch plastic square and contains a hole with a snap closure at each rounded corner. Stick a few inches from each corner through the hole and secure it with the snap. Then you can wash and dry your sheet quickly without wading.
Cyndi Bray is the founder of the Wad-Free
Its made of using a non-toxic recyclable polypropylene as a base.
You can find it on Walmart, Amazon, The Grommet, and Wad-Free’s official site.
The Company is worth around $ 5 million in 2022.