What Happened to Coverplay After Shark Tank?
What is Coverplay?
Coverplay is a machine-washable liner made exclusively for children’s play yards. It’s simply a sheet on a blanket that acts as a barrier between the play yard or playpen and the kid, keeping germs and dirt away from the newborn. It uses around 15 yards of cloth to keep it clean and germ-free.
Alison Costa and Amy Feldmen founded the company. Coverplay, a soft, machine-washable playpen cover that can be simply removed for cleaning, comes to the rescue.
Mothers appreciate this one-of-a-kind weapon in the war on infections. When it becomes filthy, simply toss it in the washing machine and your playpen will be clean and germ-free in no time.
While Coverplay prevents and simplifies playpen maintenance, it also protects your child from unclean situations. Have you ever rented a play area from a hotel or visited one at a daycare center? Slip your Coverplay across the surface, and your worries will fade away.
Who is the man behind Coverplay?
Alison Costa and Amy Feldmen created the business. Alison graduated from Drexel University with a bachelor’s degree in hotel management and business administration, while Amy graduated from Temple University with a master’s degree in counseling and psychology.
Amy is the CEO of Coverplay, while Alison is the president of All Global Interiors. She liked the convenience of putting her infants in a play yard, but she found it difficult to keep clean and germ-free.
In 2007, she had the idea for Coverplay and asked the support of a friend, Amy Feldman, to help her launch the company.
Amy had previously made diaper bags that were sold in high-end retailers around New York City, and both females had prior design experience.
The pair worked together to create a product that would appeal to both young moms and high-volume consumers like as hotels and day care centers.
What Happened to Coverplay During the Shark Tank Pitch?
As the company took off, Costa and Feldman suddenly ran across a major stumbling block: they had a $500,000 order but lacked the finances to complete it. They appeared on Shark Tank in quest of an investment that would propel their company to success.
Costa and Feldman make their Shark Tank seeking a $350,000 investment in return for a 15% stake in their business worth $2.3 million.
The ladies approach the Shark Tank armed with solid proof to back up their allegations.
They have two patents on their products, a successful track record, and have already obtained contracts with several high-volume clients and distributors, including Target, as well as large hotel chains and cruise lines.
Despite the fact that Kevin Harrington launched his company on infomercials, he went out of business quite soon due to the short amount of time when parents will desire the product, which is between 0 and 2 years.
Barbara Corcoran was enthralled and contributes $350,000, but only in exchange for a 40% share in the company with the money being used solely for product development.
Daymond John steps in with a $350,000 offer in return for 65% stock shares, allowing the cash to be used for production. He also promises to fund all future production.
The women take a brief pause to consider their alternatives. They return and offer Barbara 40% plus a stake in the Coverplay patents.
When the Sharks learn that the patent is not included in the deal, they quickly withdraw their bids.
The women agree to bundle the patent as part of the deal. Robert Herjavec, Daymond John, and Kevin O’Leary pay $350,000 for a 51% stake in the company, as well as Daymond’s warehouse and distribution network.
Barbara’s offer of $350,000 for a 40% stake was still conditional. With two competing offers, the women must make a difficult decision.
After a brief deliberation, they accept Barbara’s offer, allowing them to keep control of the business, and they leave the field with a deal.
What Became of Coverplay After Shark Tank?
Barbara’s deal was finalized when she clinched it during the pitch. The products are available at a number of physical and online outlets, including Amazon.
The company mostly distributes its items through a wholesaler distributor who resells to large hotels and cruise companies.
The firm is still in operation today, and clients may purchase its products through the company’s website. The company is still thriving in November 2021, with yearly revenues of $1 million.
Coverplay’s main rivals in the market are Versa-Sheet, Playard Liners, and Tidy Sheets.
Coverplay’s Net Worth
During the pitch, the firm was valued at $2.3 million; however, following Barbara’s investment, the company was valued at $875,000. Since then, the firm has done well in sales, with annual revenue of $1 million expected in 2021. The company’s net worth might have been more than that of the pitch.
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How does Coverplay work?
Coverplay is a soft, machine-washable playpen cover that can be simply removed for cleaning.
Why did Coverplay appear on the show?
The company had a $500,000 order but lacked the finances to complete it. They were looking for a financial backer who would provide their product and customer service with high levels of efficiency.
How much money did Coverplay earn from Shark Tank?
With Shark Tank, Coverplay received a $350,000 investment for 40% stake from Barbara.
What is Coverplay made of?
The cover is made out of a breathable, easy-care material.
What is the difference between Coverplay and other covers?
The cover, as well as its sibling products, have a unique design and come in different colors. Versa-Sheet offers blue covers in addition to brown and greys ones, while Tidy Sheets offer pink covers and pink playshelves. Both products work for toddlers of all ages since they can be used for all seasons.
What is the function of Coverplay?
The Coverplay is a multi-purpose, versatile product that can be used as a playpen cover, playtime organizer and a changing station.
What are the benefits of purchasing Coverplay?
The Coverplay is durable, easy to clean and machine-washable. The product comes in different sizes so it can fit most playpens and changing stations.
What is the cost of Coverplay?
The covers are sold at $19.99 for one cover, $29.99 for three, and $39.99 for five covers.
Does Coverplay have any return policy?
The product has a 30-day time frame to return the item, with no restocking fees or physical damages charges. The buyer can also request a full refund within 60 days of purchase if they purchased the item from CB2 Inc., its distributor.
What is Coverplay shipping cost?
Shipping cost is $5.99 for the first item and $0.99 for every additional item ordered.
How much should I pay to cover my playpen?
The covers come in different sizes, ranging from 12″ up to 24″. Therefore, the buyer can choose the size that suits their needs. In case the buyer requires additional sizes, they can opt for a bulk order at a lower cost.
Does Coverplay have any discounts?
A bulk order is available at discounted prices.
What are the advantages of Coverplay?
The cover comes in different sizes, so different sizes can be used for all seasons to protect your infant or toddler against any changes in weather. The cover can also be easily washed and bleached. Unlike other products that are difficult to clean, the cover can be washed and bleached with no problem.
What are the disadvantages of Coverplay?
While the cover has been designed to be easy to clean, it might not be as easy as it looks. The cover requires gentle washing and bleaching. The quality of the material might not be as good and it might not last for long.
What are the payment terms of Coverplay?
Transaction and shipping cost can be paid through cash on delivery, check at delivery, or by credit/debit card.
How and where will my Coverplay product be shipped?
The product is shipped the same day the order is placed, whereas some other products are available for shipping only after a given time period. There are no additional shipping costs or taxes because of their location.