What Happened to DigiWrap After the Shark Tank Pitch?
What is DigiWrap?
DigiWrap, a start-up that offers customised digital printing services, includes bespoke tissue wrapping paper manufactured with HP Indigo technology.
They may print photographs, logos, and artwork with no minimum order size, making it great for one-of-a-kind gifts, promotional events, and corporate marketing campaigns.
A consumer may use DigiWrap to submit a photo and then choose the gift bag or tissue paper texture. The business would then print these items.
Who is the Founder of DigiWrap?
Charlie Williams and Brad Boskovic designed DigiWrap. Before joining the organization, Brad was the President of his family’s printing enterprise.
Charlie, his business partner, is an experienced marketer who has joined the family business as a Marketing Manager. The pair still runs DigiWrap Company.
Lingraph’s existence would have made it impossible for the DigiWrap Company to function.
Lingraph spawned DigiWrap, which originated when Brad was requested to replicate an artist’s painting on present wrapping.
The entire job was supposed to be finished in 48 hours.
When the purchase was completed, the client was so pleased that she was willing to pay “whatever amount” was required to complete the transaction.
However, when this client stopped placing orders with Lingraph, the company was on the edge of bankruptcy.
As a result, the company was forced to undergo significant reorganization, including the termination of certain employees.
William, who had previously worked as a web specialist at Lingraph, persuaded the company’s founders to establish DigiWrap.
The company grew into a stand-alone organization dedicated solely to the creation of personalized gift bags and tissue.
Creating DigiWrap proved to be a wonderful idea.
They were able to persuade Zazzle to sell their one-of-a-kind items, and they made some sales through their website.
What Happened to DigiWrap at the Shark Tank Pitch?
Charlie and Brad appeared on Shark Tank season 8 episode 11 in quest of $150,000 in exchange for a 10% ownership in their business. This equates to a $1.5 million valuation.
They introduce themselves and offer the Sharks bespoke gift bags with their faces on them.
Brad believes the bag will cost roughly $10.
Although Robert claims to have seen customised bags before, Brad believes that no one can create tiny batches as effectively as they can.
Charlie states that they sell their products wholesale through Zazzle. They are also the only company that manufactures customised tissue paper since the technology has been copyrighted.
The previous year’s sales were $350,000, and they are on track to hit $500,000 this year.
The average cost of creating a sheet of tissue is 50 cents, whereas the customer pays $1.00.
Robert thinks the things are appealing, but he believes it will be tough to build the company, therefore he is departing.
Mark reasoned that it would take too many deals to reach a size that would allow him to invest, so he departed as well.
Barbara advised the entrepreneurs that she did not feel there was sufficient demand for individualized tissue paper to justify a participation in their firm. She stepped outdoors.
Lori observed that many did not want to waste money on packing since they tossed things away. She had walked away.
Kevin O’Leary finds the “unique niche” and offers $150,000 for 50%, to which they answer with 20%.
He reduces his offer to 40%, which he refers to as a “discount.”
He then decreases his ownership to 35%, which they match with a $150,000 15% stake, but with a royalty imposed on until his money is repaid.
He compensates for 20% equity with in perpetuity.
Finally, his final offer is $150,000 in exchange for 20% shares in trade for a 5% per tissue and 10% per bag fee until the $450,000 is returned. They both agree.
What Happened to DigiWrap After the Shark Tank Pitch?
Kevin’s transaction never went through. The company is still in business as of May 2021, with an estimated $3 million in annual revenue.
What is the Net Worth of DigiWrap?
Charlie and Brad appear on Shark Tank season 8 episode 11 in quest of $150,000 in exchange for a 10% ownership in their business. This equates to a $1.5 million valuation.
They accepted Kevin’s offer of $150,000 for a 20% ownership plus a 5% per tissue and 10% per bag royalty until the $450,000 is returned, which is valued at $750,000.
Who are the Competitors of DigiWrap?
Noissue, Pluspackaging, Wrapturetissue, and Lingraph are some of the DigiWrap competitors.
What Happened to Rapid Ramen Cooker After Shark Tank?
What Happened to Atlas Monroe Chicken After the Shark Tank?
DigiWrap FAQS
What is DigiWrap?
DigiWrap is a customized gift bag and tissue paper that is manufactured with HP Indigo technology.
The business was initially created so a customer could provide copies of her painting to be used as wrapping paper.
Because the business can print images, photographs, and text on sheets ahead of time, they can provide their customers with products that are unlike anything on the market.
Where is DigiWrap based?
DigiWrap is based in Elmhurst, Illinois.
How does DigiWrap work?
A consumer can upload a picture to the company’s website. The photo is then converted into digital information, printed on tissue paper, and cut.
The tissue paper is then wrapped around a gift bag, which has been completed with wrapping paper and ribbons.
How much does it cost to use DigiWrap?
DigiWrap charges $1.00 per sheet of tissue paper that is customized with a photograph or image.
What is Digital Tissue paper?
Tissue paper that has been digitally printed allows users to entirely personalize it to their specifications.
Their digital printing technology may be used on a variety of tissue substrates (18lb white, 10lb white and 10lb colour).
Each variety has distinct advantages and disadvantages, as well as variable price points.
Who founded DigiWrap?
Charlie Williams and Brad Boskovic designed DigiWrap.
How much was Charlie Williams and Brad Boskovic seeking in the Tank?
Charlie and Brad appeared on Shark Tank season 8 episode 11 in quest of $150,000 in exchange for a 10% ownership in their business. This equates to a $1.5 million valuation.
How much did they receive from the Sharks?
Kevin’s offer of $150,000 for a 20% ownership plus a 5% per tissue and 10% per bag royalty until the $450,000 is returned, valued the business at $750,000.
What happened to DigiWrap after the Shark Tank?
Kevin and DigiWrap’s deal never went through.
Is DigiWrap still in business?
DigiWrap is in business as of May 2021. The company generates an estimated $3 million in annual revenue.
