The Woobles, a crochet kit business, appeared on Shark Tank. They asked for $250,000 for just 5% of their company. But, things took a surprising turn. Sharks Mark Cuban and Lori Greiner offered $450,000 for 6% equity, valuing the company at $7.5 million.
This deal put The Woobles in the spotlight. The company’s worth is growing fast. They’ve made $5.3 million in sales and expect to hit $7 million by 2022. No wonder the Sharks were interested.
Key Takeaways
- The Woobles, a crochet kit business, appeared on Shark Tank seeking $250,000 for 5% equity.
- The founders, Justine Tiu and Adrian Zhang, impressed the Sharks with their financial success, reporting $5.3 million in total sales and projecting $7 million by the end of 2022.
- After a bidding war, Tiu and Zhang accepted a deal with Sharks Mark Cuban and Lori Greiner for $450,000 in exchange for 6% equity, valuing the company at $7.5 million.
- The Woobles has since expanded its product line and retail presence, with its crochet kits and guides now available in major stores like Michaels, Joann Fabrics, Walmart, and Amazon.
- The company’s founders have also pursued licensing deals with popular brands like Pac-Man, Miffy, and BT21’s Universtar characters, further diversifying their offerings.
The Woobles: A Crochet Kit Business Sensation
Justine Tiu and Adrian Zhang started The Woobles with a unique background. Tiu was a UX designer at Google Classroom, but she found her job tough. She started crocheting as a hobby and was inspired to create The Woobles. Zhang, on the other hand, was a Wall Street director but wanted more from life.
In 2020, they used $200 to start The Woobles. It was a small investment in yarn and a website. But it quickly grew into a big crochet kit business, loved by many crafters.
Founders Justine Tiu and Adrian Zhang
Justine Tiu and Adrian Zhang are the team behind The Woobles. Tiu’s experience in UX design and management helped a lot. Zhang’s Wall Street background added to their business plan.
From Corporate Careers to Crochet Entrepreneurs
Starting a business was tough, but Tiu and Zhang were up for the challenge. They used their crochet passion to create engaging kits. The Woobles quickly became popular among crafters.
“Crocheting really helped me unwind and destress from the challenges I faced in my corporate role. It was the perfect creative outlet, and I knew I wanted to share that experience with others.”
– Justine Tiu, Co-founder of The Woobles
Shark Tank Appearance and Deal
In September 2022, The Woobles, a crochet kit sensation, appeared on Shark Tank. They sought a $250,000 investment for a 5% stake in their business. Founders Justine Tiu and Adrian Zhang aimed to impress the Sharks with their success.
The Woobles had made $5.3 million in sales and expected $7 million by year-end. Their business model caught the Sharks’ attention.
The Woobles’ kits cost $3 to make and sold for $30. This made their margins high and customer costs low. The Sharks saw the potential and were ready to make an offer.
The Woobles Shark Tank Offer
Sharks Lori Greiner and Mark Cuban made a joint offer. They offered $450,000 for a 6% stake in The Woobles. This valued the company at $7.5 million, showing its growth and potential.
The deal marked a big step for The Woobles. The $450,000 investment will help improve their online learning and licensing programs. This will strengthen their position in the crochet kit market.
To celebrate their Shark Tank success, The Woobles made a special “Tank the Shark” kit. It sold out quickly after the episode aired. The Woobles’ Shark Tank appearance and deal boosted their popularity in the crochet community.
The Woobles Net Worth After Shark Tank
After their Shark Tank success, The Woobles’ net worth soared. The company’s value was estimated to be around $10.08 million with a 10% yearly growth rate. Justine Tiu and Adrian Zhang, the founders, made a deal with Sharks Mark Cuban and Lori Greiner. They got a $450,000 investment for a 6% equity stake, valuing the company at $7.5 million.
Rapid Growth and Expansion
The Woobles has seen fast growth and expansion since Shark Tank. Their crochet kits are now in big stores like Michaels, Joann Fabrics, Walmart, and Amazon. This has helped them reach more customers.
They also made deals with famous brands like Pac-Man, Miffy, and Hello Kitty. These deals have helped them grow their product line and increase their revenue.
Before Shark Tank, The Woobles had already done well financially. They made $3.1 million in revenue and a $5.3 million lifetime revenue in just two years. This success caught the Sharks’ attention, leading to a bidding war and the $450,000 investment from Mark Cuban and Lori Greiner.
“The Woobles has become a true crochet sensation, and their Shark Tank success is a testament to the founders’ hard work and innovative approach to teaching new skills.”
The Woobles is expected to keep growing as they expand their products and reach more customers. This will make their net worth even bigger, making them a top name in the crochet and crafting world.
Product Line Expansion and Licensing Deals
The Woobles became very popular after Shark Tank. They expanded their products and made strategic deals. To celebrate, they released a “Tank the Shark” crochet kit. It sold out the night the episode aired.
They didn’t stop there. The Woobles teamed up with famous brands. They made crochet kits with Powerpuff Girls, Harry Potter, Peanuts, Miffy, Pac-Man, and Hello Kitty. These deals helped them reach more people and connect with fans of these brands.
Celebratory “Tank the Shark” Crochet Kit
The “Tank the Shark” crochet kit was a big hit. It had a crochet shark plush and sold out quickly. This showed how much people wanted The Woobles’ products.
Collaborations with Popular Brands
- Powerpuff Girls
- Harry Potter
- Peanuts
- Miffy
- Pac-Man
- Hello Kitty
These deals helped The Woobles grow. They could offer more products and reach new fans. Now, people can crochet their favorite characters with The Woobles’ kits.
The Woobles’ growth was fast after Shark Tank. Their new products and deals played a big role in this.
Retail and Online Presence
The Woobles, a popular crochet kit business, has grown a lot in the last few years. Their products are now in big stores like Michaels, Joann Fabrics, Walmart, and Blick Art Materials. This makes it easier for more people to find and buy their crochet kits.
The Woobles have also done well online. Their website is easy to use and shows off their wide range of products. They also offer detailed crochet tutorials. On social media, they connect with their fans on Instagram, Facebook, TikTok, YouTube, and Pinterest. This online strategy has helped them grow a lot, with more people following them and buying from their website.
Availability at Major Retailers
Partnering with big stores has helped The Woobles a lot. Now, their crochet kits are in stores that lots of people visit. You can find them at:
- Michaels
- Joann Fabrics
- Walmart
- Blick Art Materials
E-Commerce Success and Social Media Growth
The Woobles’ online shop has been a big part of their success. It lets them sell to people all over the country and even the world. Almost half of their sales come from online.
They also use social media well. This has helped them reach more people and connect with their fans. Their Facebook page has over 25,000 followers.
“The Woobles’ successful expansion into major retail channels and their thriving e-commerce operations have been instrumental in solidifying their position as a leading crochet kit provider in the market.”
The Woobles’ Mission: Teaching New Skills
The Woobles’ mission is to teach new skills and boost confidence. Founders Justine Tiu and Adrian Zhang saw how learning a new hobby like crocheting can change lives. They want to help others find joy and confidence in mastering a new craft.
The Woobles’ educational focus is mainly on crochet kits. But they might add more skill-building experiences in the future. They provide detailed crochet kits with video tutorials and a supportive community for beginners.
The Woobles makes learning fun and easy for everyone. They offer beginner-friendly crochet kits and a friendly community. This way, they aim to make crafting, especially crochet, enjoyable for all, from beginners to experts.
| Key Highlights | Details |
|---|---|
| The Woobles’ Mission | To teach people new skills and boost their confidence |
| Educational Focus | Primarily on crochet kits, with potential expansion to other skill-building experiences |
| Commitment to Accessibility | Offering beginner-friendly crochet kits and fostering a welcoming community |
The Woobles wants to empower people to learn new crafts and skills. They aim to make creative expression and personal growth accessible to all. Their focus on education and skill development makes them a purpose-driven business, committed to making a difference in people’s lives.
Turning Down the Shark Tank Deal
The founders of The Woobles, Justine Tiu and Adrian Zhang, made a surprising choice. They turned down a $450,000 investment from Sharks Mark Cuban and Lori Greiner. This was despite the Sharks’ eagerness to invest.
They had first asked for $250,000 for a 5% stake in their crochet kit business. This move caught many off guard.
Mark Cuban expressed his disappointment. He said Tiu and Zhang were happy with the show’s exposure. But, the founders were set on their own path without the investment.
“We really appreciate the opportunity to be on Shark Tank and the interest from Mark and Lori, but ultimately, we felt that accepting their offer would not be the best path for our business and our long-term goals,” said Justine Tiu, co-founder of The Woobles.
Their decision to decline the The Woobles Shark Tank deal was bold. It shows their dedication to staying in control and following their own growth plan. The company’s value soared to $7.5 million by 2024.
Without the The Woobles Shark Tank partnership, the brand still thrived. Their appearance on the show boosted their success and growth.
The Future of The Woobles
The Woobles is doing well without Shark Tank’s help. The founders want to teach more than just crochet. Justine Tiu aims to help people learn new skills and feel more confident. They might teach other crafts and hobbies soon.
The co-founders are also expecting a baby. This means they’ll have to balance their business growth with their personal lives in the next few months.
Expanding Educational Offerings
The Woobles is famous for its crochet kits. The Penguin, Fox, and Dinosaur kits are huge hits. But, the founders want to teach more skills to their customers.
- Explore offering kits and tutorials for other crafts and hobbies
- Develop engaging content to help people learn new skills and build confidence
- Leverage the brand’s success in crochet to expand into adjacent creative pursuits
Balancing Business and Personal Life
Justine Tiu and Adrian Zhang’s pregnancy shows they can balance work and life. As The Woobles grows, they’ll need to keep their personal lives in check while pushing the business forward.
“We’re excited to welcome a new addition to our family and can’t wait to share this journey with our Woobles community,” said Justine Tiu, co-founder of The Woobles.
The Woobles’ future is bright. They’re ready to explore new educational areas and handle the challenges of work and family.
Conclusion
The Woobles’ time on Shark Tank was a huge hit. The company’s financial success and creative crochet kits caught the Sharks’ attention. Even though they turned down a deal with Mark Cuban and Lori Greiner, they’ve kept growing.
The Woobles now offers more products, has deals with big brands, and is bigger online and in stores. They aim to teach new skills and boost confidence. This has set them up for more success in the future.
The Woobles’ journey on Shark Tank and their growth since then are amazing. They went from $10 million in 2016 to $100 million in 2019. This shows their smart use of partnerships, investments, and cost control.
Their innovative products and marketing have helped them reach many people. This has made them a big player in the crafting world.
Looking ahead, The Woobles are excited for what’s next. They plan to grow their educational offerings and keep a good work-life balance. This will help them keep moving up and stay a top name in crafting.
The Woobles’ story is a great example of how hard work, creativity, and taking chances can lead to success. It shows the power of staying focused and seizing opportunities.