The main intent behind Shark Tank is to bring unique products to the foreground. Among all the popular and unique brands that have made their way to Shark Tank, one that deserves a special mention is Plufl.
Plufl is a company that creates and sells portable human beds, bringing inspiration from the concept of dog beds. The company’s owners, Yuki Kinoshita and Noah Silverman introduced their company on Shark Tank Season 14.
If you have been curious to know what the brand is up to and how Plufl is doing after Shark Tank, you have come to the right place.
Shark Tank Plufl Update
- Entrepreneurs – Yuki Kinoshita and Noah Silverman
- Business – Portable human beds
- Ask – $200,000 for 10% equity
- Result – $200,000 for 20% equity
- Sharks – Mark Cuban and Lori Greiner
The concept of Plufl was unique and something that the sharks were interested to uncover more about. When talking about the financial side of things, the founders explained that the company was currently in the pre-order season.
Each Plufl bed cost $399, wherein the cost of manufacturing for them was $150 per bed. With how unique the idea of their company was, Plufl’s founders raised $280,000 from a Kickstarter campaign and around $130,000 from product sales.
The first shark that backed out from making a counter-deal was Robert Herjavec. He didn’t find the prospect too exciting, which is why he decided to take a step back. Following that, Kevin O’Leary proposed the asking price but for 30% equity, which was a lot.
The founders were not quite convinced by the high equity that Kevin was asking for. Later, Mark and Lori decided to team up and offered the same asking price but for 20% equity. Because it was the best deal that Yuki and Noah were getting, it isn’t surprising that they decided to accept the offer, ignoring the counteroffer that Kevin was offering.
Mark and Lori previously made a similar collaboration deal on a company called Hug Sleep, which is why they thought it would be ideal to collaborate on this deal too.
Following the airing of the Shark Tank episode, Plufl witnessed a sudden surge in its sales and popularity, which translated well into the company’s growth. What’s great about Plufl is the unique concept behind their product. It is something that hasn’t been thought out before, which is one of the main reasons that contributed to the growth and fame of the company in general.
There is some confusion regarding the deal made between Mark and Lori with Plufl’s founders. We don’t have a solid confirmation about the state of the deal after Shark Tank.
At present, Plufl’s products are available on their official website, which you can access at your convenience. Also, they do have more variety of products available on their website, which is one of the reasons why the company has gained a lot of traction in recent times. They have not revealed the numbers related to their sales and revenue yet.