What Happened to Fur Oil After the Shark Tank?
What is Fur Oil?
Fur Oil is a hair moisturizer formulated of tea tree, jojoba, grapeseed, and clary sage seed oil. As a consequence, Fur Oil will help you retain the natural state of this area of your body.
Fur describes itself as a self-care firm that treats your nether regions in order to break down barriers and taboos around body hair norms.
The main product, fur oil, is made with facial-grade oils and vegan, cruelty-free, and non-toxic ingredients. It’s gentle enough to use on hair from the crown of your head all the way down.
The purpose of Fur Oil is to soften hair and prevent ingrown hairs. It also keeps the skin smooth and nourished.
The self-care brand provides goods that appeal to a diverse variety of consumers with various grooming and hairstyle preferences. Customers may purchase fur oils and serums, stubble cream, salt scrubs, and other goods.
Who is the Founder of Fur Oil?
The Fur LLC’s inventors and proprietors are Laura Schubert and Lillian Tung, with Laura acting as Chief Executive Officer (CEO) and Lillian serving as Chief Marketing Officer (CMO).
The two females had been friends since middle school and went to Columbia University together for undergraduate and graduate studies.
After discussing the difficulties and tribulations of grooming pubic hair with her sister in 2014, Laura noticed a business opportunity and began exploring options for nourishing and relaxing hair in the genital area. She started making phone calls and was treated as though she were a fake caller.
When she decided on a recipe for her “intimate hair care” business, she knew who to call. Lillian worked at L’Oréal at the time, while Laura was a consultant at Bain Capital.
Fur was made by two friends who collaborated.
Fur Oil was the first product, a combination of grape seed oil, jojoba oil, clary sage oil, and tea tree oil that prevents ingrown pubic hairs and conditions hair for those who prefer a more “natural look.”
The product range has expanded in tandem with the popularity of the concept of “intimate grooming.”
In addition to the original oil, they now provide stubble cream (to prevent ingrown hairs), bath beads, shaving cream, scrubs, wipes, and other products.
Fur’s original oil costs $26 for a 14 ml bottle. They sell on both Amazon and their own website.
What Happened to Fur Oil at the Shark Tank Pitch?
Laura and Lillian go on Shark Tank season 11 episode 13 with the hopes of obtaining $500,000 in return for a 2.5 percent ownership in their company. This equates to a $20 million valuation.
They discuss their business and hand out samples. The Sharks are delighted with their sales ($5 million in the previous year), but not with their valuation.
They went on to talk about how their product became successful when actress Emma Watson endorsed it.
Schubert and Tung revealed that the production of their main product, Fur Oil, costs $5.34 and sells for $46 each bottle.
Some Sharks are intrigued regardless of the price.
Fur accepted Daymond’s offer of $500,000, but the stock part is far too small to spark his interest. In exchange for his investment, he seeks a 15% equity ownership. His goal for Fur is to look into licensing options.
Kevin O’Leary promised $500,000 in return for a $1-per-bottle fee until he reached $1 million, at which point he will withdraw the royalty but keep a 2.5 percent equity share in the firm.
Lori Greiner offered $500,000 in return for a 12% stake in the company, but she also wants to donate $50,000 to a non-profit that helps people feel better about their bodies, regardless of shape or size.
Guests who are sharks Maria Sharapova, who previously invested in the cosmetics company Supergoop, showed her appreciation for the entrepreneurs.
She rejected, saying, “I feel like I need so much more skin in the game just to feel enthusiastic about what I’m doing.”
“There is a lot of work to be done, and 2.5 percent is simply insufficient,” Sharapova said of her decision.
With three ideas in hand, Schubert asked the Sharks whether any of them would be interested in a 5% share instead. The counteroffer was rejected by all three Sharks who made original approaches, stating that 5% was too low.
John responded by claiming that he was prepared to cut his equity interest from 15% to 10%. With Schubert and Tung continuing to reject his offer, he felt obligated to act on instinct.
“I’m beginning to wonder that we’d be terrific partners,” John said before withdrawing from the arrangement.
Greiner made her final bid, this time for $500,000 in return for 8% stock and $50,000 to be donated to charity.
Despite receiving approaches from three Sharks, Schubert and Tung looked to be hesitant to give up further interests in their firm.
After John backed out, leaving just O’Leary and Greiner as prospective Sharks, the co-founders accepted Greiner’s offer of $500,000 for 8% equity and $50,000 to a body positivity charity, which they appreciated.
What Happened to Fur Oil After the Shark Tank?
Fur sales increased after the Shark Tank episode aired, which is typical of the “Shark Tank effect” noticed by the majority of items featured on the show.
Lori’s contract never got finished. The firm is still in business, and its items may be found on Amazon.
By March 2020, the ladies had earned product placements at Goop, Revolve, Neiman Marcus, Credo, Free People, and Urban Outfitters.
As of June 2021, they earned $1 million per year.
What is the Net Worth of Fur Oil?
Before participating on Shark Tank, the co-founders solicited investors for $500,000 in exchange for 2.5 % of Fur, valuing the brand at $20 million.
The owners effectively cut its worth to $6.25 million by accepting Lori Greiner’s $500,000 offer for a 8% ownership investment in Fur.
Who are the Competitors of Fur Oil?
Fur Oil does not have any competitors.
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Fur Oil FAQS
How Does Fur Oil Work?
Fur Oil is used on female genital regions to prevent hair follicles from growing and keep them looking smooth.
How Much Does Fur Oil Cost?
Fur Oil originally cost $26 for a 14 ml bottle.
Does Fur Oil Work?
Fur Oil helps eliminate ingrown hairs, which occurs when hair becomes trapped or grows into the skin. Fur Oil also conditions hair to keep it soft and healthy looking.
Who is the founder of Fur Oil?
Laura Schubert and Lillian Tung are the founders of Fur Oil.
Where can they purchase Fur Oil?
Fur Oil is available for purchase on Amazon and the official website.
How much was Laura Schubert and Lillian Tung seeking in the Tank?
Fur Oil were asking for $500,000 for 2.5% of the business. This equates to a valuation of $20 million of the Company.
Did Fur Oil get a deal from the Shark Tank?
They did. Lori invested $500,000 in exchange for 8% of the company’s equity and $50,000 to a foundation that supports body positivity.
Is Fur Oil still in business?
Fur Oil is still in business, and the products are available on Amazon and their website.
When was Fur Oil aired on Shark Tank?
Fur Oil was featured on season 11 episode 13 of Shark Tank which was aired on February 28, 2019.
Is fur oil free of cruelty?
They are not tested on animals! … No phthalates, parabens, sulphates, silicones, cortisones, artificial dyes, or fragrances are used in fur products.