What Happened to Ice Beanie After the Shark Tank?
What is Ice Beanie?
The Ice Beanie is a cold compression cap that uses cold compression therapy to alleviate migraines, headaches, fevers, and stress without the need of medicine.
It is also reported to help in rehabilitation after concussions, chemotherapy, traumatic brain injury (TBI), inflammation, and sports-related ailments.
Who is the Founder of Ice Beanie?
Ice Beanie was founded by Nic Lamb.
Nic Lamb, the Ice Beanie’s creator, is a competitive big wave surfer from Santa Cruz, California.
He competes in surfing competitions all around the world.
He started surfing at the age of five and became the world’s youngest surfer at the age of 14 when he rode Northern California’s deadly “Mavericks” wave.
In 2016, Lamb realized his goal of becoming a Mavericks Champion.
In 2017, he had a severe concussion while surfing a massive wave in Nazare, Portugal.
Following the incident, Lamb continued to suffer from migraines and headaches.
He found cryotherapy, or cold compression therapy, as a non-drug cure for his post-concussion migraines.
He immediately became tired of placing cold packs on his head on a frequent basis.
He reasoned that there had to be a better way. He ultimately developed the concept for the Ice Beanie.
The chilly compression beanie is made of silky microfiber polyester and covers the entire head.
It features carefully positioned gel packs on the head to stimulate acupressure points while simultaneously keeping the wearer’s head cool.
It includes a built-in velcro belt for adjustable compression to fit a wide range of head sizes.
Simply store it in the freezer for an hour before wearing it for some refreshing relaxation.
It will mould to the wearer’s head as it heats up from the wearer’s body heat. The beanie is machine washable, reusable, and extremely light.
What Happened to Ice Beanie at the Shark tank Pitch?
Nic Lamb, Ice Beanie’s designer, rode a skateboard barefoot in the Shark Tank. Seeking a $50,000 investment in exchange for 20% equity, resulting in a $250,000 valuation.
He talked about his past and showed video of himself falling off a strong wave, where he suffered a concussion.
Lamb gave the Shark panel with Ice Beanies, which they excitedly tried. He said that the Ice Beanie design is the subject of a pending patent.
“Does this result in hair growth?” O’Leary cracked a joke. He then questioned about the size of the cold compression pain treatment hat market. “How many people are willing to put their heads in ice?”
Recognizing the product’s potential, Cuban stated, “Anyone who felt it would succeed would do it.”
According to Lamb, nearly 40 million people in the United States alone suffer from severe headaches and migraines.
Each Ice Beanie costs $7 to produce and sells for $39.95 on the company’s official website as well as on the online marketplaces Etsy and Amazon.
When Herjavec questioned about lifetime sales, Lamb said that Ice Beanie has sold $100,000 or 2,500 copies since its release in the fourth quarter of 2020.
Lamb claimed that he advertised the Ice Beanie through his network of CrossFit worldwide competitors, elite UFC fighters, and Olympic athletes.
Athletes have utilized the Ice Beanie to help them recover from strenuous activities, decrease inflammation, and relieve tension headaches.
Kevin O’Leary was the first to opt out, stating that the customer niche market is too small.
Lori Greiner respected Lamb as an entrepreneur but chose not to participate owing to worries about the brand’s competition.
Cuban then offered $50,000 in exchange for a 30% Share, explaining, “Because you’re a wonderful partner at $50,000.”
Cuban tried to sweeten the deal by claiming that the Ice Beanie cooling compression caps will be exhibited in the locker room of his NBA team, the Dallas Mavericks.
Lamb enquired about Cuban’s willingness to drop his share proposal from 30% to 25%. Cuban quickly agreed. Nic Lamb, the Ice Beanie founder, opted to consummate the deal with billionaire Shark Mark Cuban.
Shark Daymond John broke his silence as the elite surfer was celebrating his acceptance of Cuban’s offer.
“Are you sure you didn’t want to hear my offer?” said FUBU’s inventor.
“I had an amazing offer,” Shark Robert Herjavec, who had kept mute after Lamb’s presentation, remarked.
The Sharks’ O’Leary and Herjavec sought to persuade Lamb that he had made a mistake by accepting the original offer.
Lori Greiner, who was acting as a mediator, suggested that Lamb rethink and listen to what the other two Sharks had to say.
John revealed his $100,000 offer in exchange for a 25% stake. Lamb remained unaffected, clutching the Shark with whom he had already made a bargain. This puts the total worth to $200,000.
What Happened to Ice Beanie After the Shark Tank?
The Ice Beanie was in high demand and quickly sold out on Amazon following the February 2021 Shark Tank episode.
It has positive reviews on Amazon from customers who have found relief by using Ice Beanie.
The brand has restocked on their official website, where it can be purchased separately for $39.95 or in a variety of packs ranging from $71.91 for two to $127.84 for a four-pack.
It’s also available on Etsy as the “Natural Migraine and Headache Relief Hat.”
The company has a limited following on Facebook and Instagram, where it frequently pushes holistic well-being tips.
There is no sign that this transaction was finalized as of March 2021.
The agreement with Mark was completed in October 2021.
The company makes $550,000 in sales.
What is the Net Worth of Ice Beanie?
Nic Lamb appeared on Shark Tank in search of a $50,000 investment in return for 20% equity, equating to a $250,000 valuation.
Mark made him a $50,000 offer for a 25% stake in his company, valuing it at $200,000.
Who are the Competitors of Ice Beanie?
There is no known competition for Ice Beanie.
Ice Beanie FAQS
Is it true that Ice Beanie landed a contract on Shark Tank?
Nic Lamb, a surfer/entrepreneur from California, presented his migraine treatment beanie start-up, IceBeanie, on Season 12 of Shark Tank.
Nic left with a contract with Cuban: $50,000 in return for a 25% share.
Who invested in Ice Beanie?
After Daymond and Robert tried to persuade Nic to accept their proposals, Nic decided to take a $50,000 investment in exchange for 25% ownership in Mark Cuban’s company.
What currency is the site’s pricing shown in?
All prices are in USD (U.S. Dollars).
They’ve made an order; when will it be delivered?
They send out things as soon as possible, generally within 24 hours. Please allow for manufacturing time before shipping; delivery times are normally between 3-5 days.
The tracking number will be updated after their order has been sent.
If they are dissatisfied with their purchase, can it be returned? What happens if there is a problem?
If the product is broken or damaged, they will issue a complete refund.
They have 30 days to return it for a complete refund.
They must return it at their own expense; once received, they will get a refund for the full price of their initial purchase.
On returned shipments, please include a return label with their name and order number.
Please bear in mind that if their package is on its way to them, they will need to wait for it to arrive before returning it to obtain a refund.
Is it possible for them to cancel their order?
They have the option to cancel their order without incurring any penalty. They must cancel their order before it may be processed.
If the item has already been dispatched, please follow their straightforward return procedure to obtain a full refund.
How long does it take to ship?
Because we ship globally from a number of fulfilment hubs, shipping times vary. Shipping takes about 3-5 business days on average.
Does the ice pack extend from the base of the head to the neck?
The IceBeanies are intended to cover the head alone, not the neck.
However, numerous customers have realized that wearing the IceBeanie backwards hides those extra spots.
Is the ice pack malleable?
Yes! They advise leaving the product to rest for a few moments after removing it from the freezer, depending on how long it has been frozen.
This will soften the IceBeanie and allow it to reach the proper temperature.
How many ice packs are contained in the Icebeanie?
IceBeanie includes three acupressure gel packs.
How long does it remain cool?
45 minutes to 1 hour and 15 minutes or more! They remain frozen for varying amounts of time.
How does the large top gel pack insert into the beanie?
For ease of use, all of their gel packs are precisely pre-installed within IceBeanie. Simply freeze before putting on.
What is the net worth of Nic Lamb?
Nic Lamb has an estimated net worth of $1.5 million.