The Woobles specializes in crochet kits for beginners. These kits are designed to teach different types of handmade gifts using crochet. They also provide video tutorials, making the learning process easier.
Founders Adrian Zhang and Justine Tiu pitched their brand in episode 2 of Shark Tank season 2. They came on the show to seek $250,000 in exchange for a 5% equity stake in their company.
The goal of the company is to sell crochet kits for beginners. These kits are useful for people who are willing to learn how to crochet. Let’s find out how the product does on Shark Tank, and whether it secured a deal from the sharks.
Shark Tank The Woobles Update
- Entrepreneurs: Justine Tiu and Adrian Zhang
- Business: Crochet kits for children
- Ask: $250,000 for 5% equity
- Result: $450,000 for 6% equity
- Sharks: Mark Cuban and Lori Greiner
After Justine and Adrian pitched their product to the sharks, they explained each of the items contained in their kits. Apart from a range of accessories like yarn needles, stuffing, and crochet hooks, their kits also featured video tutorials. These videos proved beneficial for beginners as they helped them get familiar with the craft.
The Woobles offers kits tailored to various skill levels. These kits are suitable for both beginners and intermediate users.
According to the founders, the manufacturing cost of the kits slightly varies for each kit. What amazed the sharks, even more, was that the business began with just a couple of hundred dollars and became a multi-dollar company in a short time. At the time of the pitch, the company’s net worth was around $5 million.
Considering the performance of the business, all the sharks showed interest by making various offers. However, the final deal was sealed with Mark Cuban and Lori Greiner. They jointly offered $450,000 for 6% equity.
Adrian and Justine gladly accepted their offer, which was a major achievement for them. Both entrepreneurs seemed to be very optimistic about their association with the two sharks.
According to sources, The Woobles has recently expanded its business by launching new products. The brand continues to expand, with crochet kits and guides. The products are available at various locations, both online and offline, across the United States.
After the Shark Tank episode, the company experienced a huge demand for the beginner kit to the extent that there was a delay in the delivery of the products.
In today’s time, there are very few people who know how to use crochet. The crochet kit from The Woobles proved to be beneficial to all such people who are interested to learn the craft. What sets The Woobles apart are the detailed video tutorials. It helps learners to understand the craft better.
The Woobles kit can be used to make a variety of handmade gifts. The company offers three different kits: Limited Edition, Beginner, and Intermediate. As stated above, the Beginner Kit happens to be the most popular of them all.