What Happened to CordaRoys after the Shark Tank Pitch?

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What is CordaRoys?

CordaRoys is a one-of-a-kind bean bag chair that unzips to expose a bed made of the same material as a traditional mattress but ripped for further flexibility.

Within its clever design is an actual bed that transforms in around 20 seconds. The sleepers will compete with any air mattress and will always come out on top.

The CordaRoys Sleepers are filled with Polyurethane Foam, which is also used in couch cushions. The interior lining is cotton/poly, and the cover is machine washable double stitched corduroy. Additionally, CordaRoys offers a lifetime warranty, ensuring that you cannot go wrong.

Who Founded CordaRoys?

CordaRoys was founded by Byron Young. He has no prior experience in designing or manufacturing furniture.

Young was employed for a liquidation business at the time he created the convertible beanbag that served as the catalyst for the CordaRoys tale.

After more than two decades, Young is still the owner/operator of CordaRoys.

Young had unexpected guests and realized that there were insufficient beds – he saw the potential for his bean bag to function as a more comfortable bed alternative to the sofa, and so the convertible beanbag was born!

Although the bean bag performed admirably as a mattress, Byron was surprised to discover that no bean bag/mattress combination was available.

Byron craved independence for a long time and profited on his notion by producing and distributing convertible beanbags through the company he founded, CordaRoys.

What Happen to CordaRoys After the Shark Tank Pitch?

In March 2013, Byron appeared on Shark Tank season 4 episode 19, seeking a $200,000 investment in return for a 20% stake in the CordaRoys Company. This translates to a 1% million valuation.

The enthusiastic and happy entrepreneur began his sleek and well-presented presentation by telling the sharks that the CordaRoys beanbag was the most comfortable on the market, adding, ‘It’s like sitting on a cloud.’

He continued by stating that the exceedingly soft foam filling was intended to offer consistent support to the body due to the absence of pressure points, but that was not all.

Byron opened the beanbag container, extracted the contents, and said to the assembled, ‘And there is a bed inner.’

Kevin O’Leary did not look convinced by Byron’s valuation of $1 million. He inquired, rather menacingly, whether Byron was implying that the business’s sales were so exceptional that it was worth a million dollars.

Kevin stated that he believed that annual sales of at least $200,000 would be necessary to sustain the pricing.

He informed the sharks that he had applied for and secured a utility patent for the CordaRoys beanbag and that the firm had successfully defended the idea in court against much larger corporations on two occasions.

Byron confirmed that the previous year’s sales were $1.4 million, with profits of almost $100,000 million, which delighted the sharks.

Byron continued by informing the sharks that he believed the CordaRoys operation was worth at least $5 million each year.

CordaRoys had previously been on QVC, and while sales were not particularly strong, Byron said that this was due to his slot being five days before Christmas, one of the most difficult days to pitch on any retail channel.

Daymond John enquired as to what Byron intended to do with the $200,000 investment if he was successful in securing a transaction.

Byron informed him that the funds would be used mostly for marketing and enhancing the CordaRoys brand, since all other areas of the business were already in place and prepared to handle increased sales.

Daymond agreed that he could contribute significantly to the firm’s production and distribution, but Daymond was already developed.

Mark Cuban argued that, while the bean-bag was an excellent and unusual product, it should be regarded as an ‘impulse purchase,’ and that Byron’s plan to increase marketing spending was unlikely to bear fruit. As a result of this, Mark left.

Kevin, who despises value, has been excluded as well.

Robert Herjavec claimed that he would pay the required $200,000 in exchange for 40% equity, but only if Lori consented to participate in the deal as well, which Lori declined.

Lori made the required $200,000 offer in exchange for 60% ownership of the business.

Byron stated that he was unable to relinquish control of the firm and countered with a counteroffer of $200,000 for 40% equity, pleading with Lori to accept his offer.

Lori pondered, but ultimately realized that the labour involved was simply too great, telling Byron that she would accept 58% equity.

When Byron realized he was going to miss his one and only chance at a deal, he asked Lori whether he could trust her, and of course, the Shark smirked and said yes.

Lori counselled him to ‘Take it or leave it,’ and Byron concurred, saying, ‘Let’s do it.’

What Happened to CordaRoys After the Shark Tank Pitch?

For two days following the performance, the company’s website remained down. The product was so well-liked that the servers became overburdened with traffic.

Following the program, The Shark Tank Blog interviewed Byron, and CordaRoys got an update segment in Season 5 episode 519.

Byron has since expanded its warehouse, and the firm generated more than $3 million in revenue in 2014.

The things are widely available on Amazon and will soon be available in brick-and-mortar stores. Byron has been added to Lori’s All-Star Team!

Beyond the Tank episode 206 demonstrates the company’s continued growth.

Since his appearance on Beyond the Tank, Byron has secured a deal that will see his products sold at Costco stores throughout the country.

The company shifted to a 20,000-square-foot production facility in Alachua, Florida, in October.

That year, the corporation made $10 million in lifetime sales. As of November 2021, the company’s annual revenue is $5 million.

What is the Net Worth of CordaRoys?

In March 2013, Byron appeared on Shark Tank season 4 episode 19, seeking a $200,000 investment in return for a 20% stake in the CordaRoys Company. This translates to a 1$ million valuation.

He accepted Lori’s offer of $200,000 for a 58% ownership in the company, bringing the valuation to $344,827.59.

Current valuation is evidently higher since the Company has grown.

Who are the Competitors of CordaRoys?

Ultimate Sack, Craftmatic, Savoir Beds, Amish Furniture Factory, Sumo Lounge, Jennifer Convertibles, Bedpost Furniture, and Taylor Furniture are the company’s primary competitors.

What Happened to Nuts n More After Shark Tank?

What Happened to Moki Doorstep After the Shark Tank Pitch?

CordaRoys FAQS

1. What is CordaRoys?

CordaRoys is a beanbag that functions as a beanbag and a bed inside. CordaRoys is the most comfortable product of its kind on the market.

2. What does the company/product do?

The company’s products are 100% foam, with built-in contour for optimal comfort and support. Its beds have been described as ‘heavenly,’ ‘excellent,’ and ‘surprisingly comfortable.

3. Who founded CordaRoys?

CordaRoys was founded by Byron Karon.

4. Is the foam safe to use?

This is not the “small white beads” that children could inhale and choke on. This is polyurethane foam, the same foam that a pole vaulter lands on, except their has been chopped into random shapes.

On their inner liners, they also employ high-quality, child-safe zippers that lock in the closed position for kid protection.

5. How much Byron Karon looking in the Tank?

CordaRoys is looking for $200,000 in exchange for 20% equity.

6. How much did Byron Karon received in the Tank?

Lori’s offer of $200,000 for a 58% ownership in the company, bringing the valuation to $344,827.59.

7. What Happened to CordaRoys after the Tank?