What Happened to Cool Wraps after the Shark Tank Pitch?
What is Cool Wraps?
Cool Wraps is a brand of shrink wrap gift bags. They put the gift in the bag, seal it, and then shrink it using a hairdryer.
Cool wraps offers an easier and, to be honest, considerably cooler way to swiftly and professionally wrap your gifts.
Your gift is placed in one of these easy shrink wrap bags, which are then shrink-sealed with a hair dryer at home.
There are three patterns to choose from: Celebration, Balloons, and Hearts.
Each Cool wraps set comes with nine shrink wrap gift bags in three different sizes: small, medium, and large.
Cool wraps may be used on any sort of gift, but they are especially effective for unusually shaped gifts, such as plush animals or household products.
Who is the Creator of Cool Wraps?
Jeffrey Miller is the Inventor of Cool Wraps.
Miller designed Cool Wraps for people who don’t have a knack for gift-wrapping.
Instead of fussing with scissors and tape, just slide a present – even if it’s unusually shaped – into a Cool Wraps bag and blast it with a blow dryer.
The gift bag will “magically” shrink to a wrinkle-free, snugly wrapped gift, giving the appearance that you stopped at the wrapping booth to have it professionally wrapped.
Miller has promoted the product on QVC and has a promotional video for it that states “as seen on TV.”
What happened to Cool Wraps During the Shark Tank?
Jeffrey Miller makes his appearance on Shark Tank season 4 episode 20 in quest of $100,000 in return for a 40% ownership in Cool Wraps. This translates to a $250,000 valuation.
He distributes the bag while showing how to shrink-wrap gift bags.
When Robert Herjavec asks about the pre-wrapped gifts on display, he slips, losing his place and acting upset.
He admits that the product has been on the market for ten years, but his former partner was unable to provide the requisite security for funding.
Robert then inquires as to how much the group was demanding from the bank, to which Jeffrey says that they needed $300 to $500,000 to fulfil their purchase.
Miller now runs the company, but his lack of sales skills has been a barrier.
Robert Herjavec is sceptical. “Obviously, you’re not the salesperson,” he observes. “I don’t see a market, therefore I’m leaving.”
Lori Greiner feels the idea has promise, but she wants to buy Miller out for $150,000 in exchange for the product.
Because the product concept had been idle for ten years, Jeffrey would receive $100,000 and Lori would face the whole risk.
Mark enters the scene and offers Jeffrey $250,000 for the entire business as well as a 3% royalty. Mark, on the other hand, need immediate confirmation that Jeffrey will accept the offer. Miller agrees to accept the plan.
What Happened to Cool Wraps Following Their Shark Tank Pitch?
Mark’s contract was never finished. As of early 2015, the company has a substantial digital presence.
The social media is a touch slow to update, with the most current postings showing in February and May of 2015, but the product is clearly for sale.
Cuban took a throwaway product and turned it into a thriving business, providing wrapping-challenged customers all across the world a new way to wrap their oddly shaped gifts.
By August 2021, Cool Wraps is no longer accessible for buy online.
The firm is still in business, although they now sell through distributors.
They claim to have a sizable fan base in Europe and the Middle East. The company’s annual revenue is $5 million.
What is the Net Worth of Cool Wraps?
Jeffrey Miller makes his appearance on Shark Tank season 4 episode 20 in quest of $100,000 in return for a 40% ownership in Cool Wraps. This translates to a $250,000 valuation. He valued the firm at $250,000 after accepting Mark’s offer of $250,000 for 100 percent Plus 3 percent royalty.
Who are the Competitors of Cool Wraps?
Cool Wraps does not have any competitors.
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Cool Wraps FAQS
1. Is Cool Wrap safe?
Cool Wraps are made of FDA compliant materials. They are made in the USA and tested to ensure they meet quality standards.
2. Will Cool wraps shrink past the package shape?
No, Cool Wraps wrap the item being wrapped and then seal it to fit like a glove with no pressure. This prevents damage to the product and keeps their hands free of messy residue while wrapping.
3. How many times can the product be reused?
Cool Wraps are easy to clean and reuse. There are no re-usability restrictions. They can use them over and over again.
4. Do Cool wraps work on awkwardly shaped items?
Yes, Cool Wraps work on any odd shaped item that they want to give as a gift. There are no limitations with their use whatsoever.
5. Do they create a tight seal?
Yes, Cool Wraps are made of FDA compliant materials and are made in the USA and tested to ensure they meet quality standards.
6. Is there an expiration date for the product?
No, there is no expiration date for their product packaging. The product will not expire once it is purchased. They can use their package over and over again until the product from inside is all gone. They have no re-usability restrictions whatsoever.
7. Is the bag waterproof?
When correctly packaged, the gift bag is water resistant.
8. Is it safe to microwave the bag?
No, the gift bags should not be microwaved.
9. How to Get Rid of Wrinkles
Wrinkles can be removed by focusing a hairdryer on the afflicted area.
10. Who founded Cool Wraps?
Cool wraps was founded by Jeffrey Miller.
11. How much was Jeffrey Miller seeking in the Tank?
He was seeking $100,000 for a 40% stake in return in his Company.
12. Did he get the deal?
He got the deal from Mark Cuban for $250,000 for 100% of his business plus 3% royalties.
13. Are Cool Wraps dishwasher safe?
The packaging of the Cool Wraps is not dishwasher safe, but the contents inside can be put into the dishwasher safely without damaging them otherwise.
14. What happened to Cool Wraps after the Shark Tank?
Mark’s contract was never finished. As of early 2015, the company has a substantial digital presence.
15. Is Cool Wraps still in business?
By August 2021, Cool Wraps is no longer accessible for buy online. The firm is still in business, although they now sell through distributors.
They claim to have a sizable fan base in Europe and the Middle East. The company’s annual revenue is $5 million.
