What Happened to FiberFix Tape After Shark Tank?
What is FiberFix Tape?
FiberFix is a repair tape made of a unique resin and industrial fiber mix. According to the maker, it’s 100 times stronger than duct tape. Simply soak a strip in water to activate the adhesive before wrapping it around a leaking pipe, a broken shovel or rake, a cracked water hose, or even damaged furniture.
It takes around five minutes to harden. Customers can also sand and paint it if they choose. “Now you can fix anything,” goes the tagline, but there’s a catch: don’t touch it. You should use gloves since it is sticky and difficult to remove.
The concept for a tape that “hardens like steel” came to FiberFix creator, Brigham Young University student Spencer Quinn, following a regular doctor’s session, when the doctor told him how, instead of duct tape, he once used medical casting tape to temporarily mend his ATV.
Who is the founder of FiberFix Tape?
Eric Child and Spencer Quinn founded FiberFix. Quinn and Childs created FiberFix to be a simple repair product that was as easy to use as duct tape and as strong as the hardest epoxy without the mess.
Fiber Fix is water resistant, cold and heat resistant, non-toxic, and dries rapidly. It’s a product that will fundamentally alter how people repair things.
“Once the FiberFix is applied, it sets fast and rigid in seconds, making repairs quick and easy,” according to the marketing literature. The package indicates that it takes “approximately five minutes” to cure. Quinn calculated that a single strip of tape may cover an area of at least two square meters.
You can make very strong repairs with a single strip in locations where standard duct tape would not be able to reach. With this tape, you can repair anything.
FiberFix has seen on TV” film, which is currently accessible on Amazon. If it can do what it claims, this seems to be a market-ready gadget.
What Happened to FiberFix Tape at Shark Tank pitch?
On Shark Tank episode 509 on October 25, 2013, Spencer Quinn and Eric Child pitch FiberFix. Quinn and Childs were looking for a Shark to help them with wide distribution and maybe infomercial development.
Spencer and Eric entered the Shark Tank pitch seeking $90,000 in return for a 10% stake in their company worth $900,000.
They immediately exhibited the strength of Fiber Fix by smashing a cinder block with a hammer made of two by fours.
They then went over all of the applications for FiberFix, claiming that the “super tape” allows people to repair things that were previously unfixable. They provided the Sharks samples and told them they’d sold over $100,000 in the past several months.
It’s a brand-new product that’s been reinforced with fiber tape. It costs $2 each roll, $4 to wholesale, and $7.99 to retail. They’ve also recently joined the Home Depot selling network. The Sharks have been completely outclassed.
Mr. Wonderful offers a $90,000 offer with a royalty of $0.70 per unit until the $90,000 is returned and $0.20 in perpetuity.
Robert declines the offer, claiming that he will accept $90,000 in return for 10% ownership of a hardware distribution company run by his closest friend.
Spencer and Eric then declare that they’ve signed with QVC. Daymond goes out since he has an HSN deal. Lori then offers $250,000 for 18% equity shares, arguing that QVC with her is more valuable.
She also wants to do an infomercial. Lori and Kevin fight, with Robert claiming that most guys buy at hardware stores and Kevin claiming that any Shark can produce an infomercial.
FiberFix, according to Kevin, is not phony jewelry or a sponge. Robert wants to know what’s lacking from his offer, so he alters it to add a $250,000 line of credit.
The men then entered the hall. While they’re gone, Mark informs the other Sharks that the firm is underpriced. Lori reports that ladies would buy it for their husbands on QVC.
The boys react by offering Lori $120,000 in exchange for a 12% ownership and a $2 million line of credit. Lori shrugs, and Daymond rolls his eyes. Mark informs them they’re wasting their time and chastises them for underpricing their company.
He believes that they made a strategic miscalculation, which is why he is leaving. They explain that they did not investigate Kevin’s offer and advice Robert that they would like a larger line of credit. Lori says she’d do $120,000 for 12% equity shares but no specific line of credit.
FiberFix need the credit line to finance purchase orders. Robert goes out because he feels they should be in retail before doing infomercials and QVC.
Lori agrees to $120,000 in return for 12% equity shares as long as she funds all purchase orders. They made a deal with Lori and departed the pitch with a deal.
What Happened to FiberFix Tape After Shark Tank?
Lori’s deal was finalized, and the FiberFix staff has been hard at work. They developed a call center to reach tiny hardware merchants, and they are selling like hotcakes.
The facility and its relationship with Ace Hardware are highlighted in the update article. Lori’s engagement with this enterprise came to an end in October 2018 when it was purchased for an undisclosed price by J-B Weld, the market leader in consumer DIY adhesives.
By 2021, it was rare to find a retailer that didn’t carry Fiber Fix. Home Depot, Walmart, O’Reilly’s Auto Parts, Lowe’s, AutoZone, ACE, Advance Auto Parts, True Value, and Amazon are among the stores that sell them.
Competitors of FiberFix Tape
They have three comparable firms that provide the same products: Gorilla Glue, UHU, and Liquid Nails.
Net Worth of FiberFix Tape
During the pitch, the firm was valued at $900,000; nevertheless, Lori Greiner invested $1 million, making the company worth $1 million. Since then, the firm has been bought by J-B Weld for an undisclosed value; hence the financial worth of the company is unknown.
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FiberFix Tape FAQs
What is FiberFix Tape?
FiberFix Tape is a brand of super-strong, waterproof duct tape that can be applied in under 5 minutes.
Who is the inventor?
FiberFix was invented by Spencer Quinn and Eric Child; Spencer is the creator.
How much were they seeking on Shark Tank?
They were looking for $90,000 for a 10% investment in their company, which would boost their worth to $900,000 million.
Were they able to close the deal?
Yes, the purchase was completed, and Lori Greiner spent $120,000 for a 12 percent stake in the firm, with a total net worth of $1 million.
Is FiberFix Tape still in business?
No, J-B Weld bought the firm in October 2018, thus FiberFix Tape is no longer in operation.
How does FiberFix Tape work?
FiberFix Tape works by utilizing a material known as polypropylene. When applied to a surface, it causes the material to bond together, making it waterproof and indestructible.
What is the best way to use FiberFix Tape?
FiberFix tape can fix practically anything, from cracked walls to damaged vehicle glass, in only a few steps: Step 1: Thoroughly clean the surface and allow it to dry fully. Step 2: Remove the backing paper and put splicing tape over the fracture or break.
How does the firm earn revenue?
FiberFix is $4.95 for a two-pack on their website, and $2.99 on Amazon. They are also available at Walmart, Lowe’s, True Value, Ace Hardware, and Home Depot for an extra 25%-30% more each unit.
Who is the current owner?
J-B Weld bought FiberFix for an unknown price in 2018 and now owns the firm based on its yearly revenues.
How do you use FiberFix Tape?
Simply apply it on broken, bent, or dented things, and it will harden in minutes.
How much does FiberFix Tape cost?
On Amazon or Walmart, it might be as little as $2 per roll.
How durable is FiberFix Tape?
FiberFix Tape is up to four times stronger than regular duct tape. This enables users to repair items that were previously inaccessible with ordinary duct tape. It may also be used as an adhesive for other repairs and as a cable wrap.
Is FiberFix a success?
In only three months, the company went from $300,000 in pre-Tank sales to $6 million in revenue. FiberFix is available through the company’s website, Bed Bath & Beyond, and other retailers nationwide.
Is FiberFix a long-term solution?
It is simple to apply and sticks to most surfaces. FiberFix offers a quick, cost-effective, and long-lasting solution, allowing customers to return to work faster than ever before.