What Happened to Felt App Following the Shark Tank Pitch?
What is the Felt App?
In a digital-heavy environment, Felt is an app that produces and mails handwritten cards. They may create handwritten cards with Felt, which is exclusively available on Apple devices, by using their finger or a stylus.
They may also personalize the envelope by scribbling to and from addresses on it with the app, which stores your addresses as well. They can use their own photos or one of the styles offered.
A Dallas-based boutique print shop creates their bespoke card on high-quality Mohawk paper, stuffs it into a craft-paper envelope, hand-applies a first-class stamp, and mails it by USPS.
It costs $3 per card, or $6 to mail up to four cards to one recipient in a single envelope. Customers may also join Felt’s membership program, which allows them to send three cards each month for $5.
Who is the Felt App’s Inventor?
Tomer Alpert of Telluride, Colorado invented the Felt App. Felt creator Tomer Alpert developed the idea for Felt after he couldn’t find an emergency thank you card after a party.
Alpert created the app in 2013 to provide more flexibility to our increasingly computerized and unconnected lives. According to their website, “it’s snail mail reinvented for the modern world.”
What Happened to the Felt App on Shark Tank?
Tomer appeared on Shark Tank Season 7 Episode 29 looking for a $200,000 investment in exchange for a 6% ownership in Felt. This works out to a $3.3 million valuation.
He gave the Sharks several of the Felt cards, explaining that each card represents a feature of the program.
On the Apple iTunes store, the Felt app has 60,000 downloads and a 4.5 star rating.
Tomer stated that if he can break into the wedding industry, he will have access to a large market.
Felt hopes to widen his appeal to include professionals—anyone who has to send a large number of cards to a variety of recipients is a potential customer.
He believes that the ability to save recipient addresses in a user’s account would entice brides and professionals.
Robert Herjavec is out because he believes the technology and concept are not proprietary.
Currently, the cost of obtaining a new client is $8. Kevin O’Leary’s wedding planning service, HoneyFund, is already in his portfolio.
He adores the app and believes it has the potential to be successful if used in conjunction with his knowledge to reduce user acquisition expenses to near zero.
He makes Tomer an offer of $225,000 in exchange for a 10% stake in the firm.
Given Mr. Wonderful’s exploitative past, this offer is almost a no-brainer.
The first to depart are Mark Cuban, Barbara Corcoran, and Lori Greiner, with all of the Sharks advising Tomer to take the offer.
He heeds their advice and accepts O’Leary’s offer.
What Happened to Felt App Following the Shark Tank Pitch?
Although the contract with Kevin never materialized, Felt has taken off. The program is currently available in the iTunes Store and on the internet.
The firm’s social media pages on Facebook and Twitter are still active, showing that it is healthy and growing.
Tomer’s shark-swimming adventure was a heartfelt success.
In November 2021, the company is still in operation, with annual sales of $1.5-$2 million.
What is the Felt App’s Net Worth?
Tomer appeared on Shark Tank Season 7 Episode 29 looking for a $200,000 investment in exchange for a 6% ownership in Felt. This works out to a $3.3 million valuation.
Accepting Kevin’s offer of $225,000 for a 10% interest raises the valuation to $2.25 million.
Who are Felt App Competitors?
The primary competitors in Felt’s competitive set include Greetabl, GiftRocket, Giftly, and TouchNote.
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Felt App FAQS
1. Who is the Felt App for?
Felt App is designed to solve a niche problem in the digital age—the dilemma of what to do with those cards that are sent to them over the internet but haven’t been consumed or used.
The app allows users to send handwritten cards by digitally inserting their finger or stylus into the app.
2. What is Felt App’s revenue model?
Felt App costs $3 per card or $6 to mail up to four cards to one recipient in a single envelope. Customers may also join Felt’s membership program, which allows them to send three cards each month for $5.
3. Who founded Felt App?
Tomer Alpert of Telluride, Colorado invented the Felt App.
The Felt App gives the user the ability to make cards by “scribbling” on them, or by uploading their own photos.
They may also personalize the envelope by writing to and from addresses onto it with the app, which stores your addresses as well. They can use their own photos or one of the styles offered.
5. What is Felt App’s revenue?
Felt App generates $1.5-$2 million in sales annually.
6. How much was Felt App seeking in the Shark Tank?
Felt App was seeking $200,000 for 6% equity on Season 7 Episode 29.
7. What is Felt App’s website?
Felt’s website is located at www.feltapp.com
8. Who invested in Felt App?
Kevin O’Leary invested $225,000 for a 10% interest raises the valuation to $2.25 million.
9. How many users does Felt App have?
As of Shark Tank, Felt App has 60,000 downloads and 4.5 star rating from users worldwide on the Apple iTunes Store.
10. What is Felt App’s competition?
Felt App’s primary competitors include Greetabl, GiftRocket, Giftly, and TouchNote.
11. What happened to Felt App after the Shark Tank?
The contract with Kevin never came to fruition, but Felt has taken off. The software is presently accessible in the iTunes Store and on the web.
The social media profiles on Facebook and Twitter are still active, indicating that the firm is healthy and expanding.
12. Is felt a good app?
Yes, they may send handwritten notes directly from their phone or PC. They enjoy being able to make personalized photo cards to give to others.
13. Is felt a free app?
Yes, Felt is available for free on iTunes.
