Drainwig Shark Tank Update

Drainwig Shark Tank Update: What Happened To It?

Drainwig is a device that catches hair and prevents clogs in shower drains. It was invented by Jennifer and Gifford Briggs, a husband-and-wife duo from Utah who have five daughters with long hair. They came up with the idea after experiencing frequent clogs in their showers. 

After Shark Tank, Drainwig experienced significant success by regaining control of its brand with Kevin O’Leary’s help. They are now expanding distribution channels and increasing sales, improving their core product. They launched a new disposable version called Drainwig Disposable.

Now, are you interested to know the Drainwig update as of 2023? Let’s find out how this ended up in the Shark Tank and what happened afterward.

Drainwig Shark Tank Profile

Here’s the profile of the Drainwig contestant in brief for you:

InformationDetails
ProductDrainwig, a device that catches hair and prevents clogs in shower drains.
FoundersJennifer and Gifford Briggs.
Pitch$300,000 for 5% equity.
EpisodeSeason 9, Episode 6, aired on October 29, 2017.
Deal$300,000 for 15% equity with Kevin O’Leary.
Sales$14.2 million in retail sales before Shark Tank.
Cost$1.20 per unit to produce.
Price$9.99 per unit at retail stores.
StoresWalmart, Walgreens, CVS, Bed Bath & Beyond.
Websitehttps://drainwig.com/
Social MediaFacebook: https://www.facebook.com/DrainWig/ 
Instagram: https://www.instagram.com/drainwig/.
FoundedUnknown.
SharksKevin O’Leary.
Business StatusOngoing.
Lifetime WorthYet to be determined.
Go to AmazonBuy Now
Watch onAmazon Prime

What Happened To Drainwig After Shark Tank?

In order to know what happened afterward of Shark Tank, let’s first get a bit of context from how they ended up in Shark Tank. 

What Happened To Drainwig After Shark Tank

Drainwig Before Shark Tank

The Briggses spent three years developing and testing their product. They designed the Drainwig in two versions: one for shower drains and one for bathtub drains. 

After filing for a patent, they started selling their product online and at trade shows. 

Drainwig on Shark Tank

Briggses appeared in Season 9, Episode 4. This was aired on October 15, 2017. 

  • They asked for $300,000 in exchange for 5% equity in their company, valuing it at $6 million. Thus, they impressed the sharks with their sales numbers: they had sold over 2 million units and made $14.2 million in retail sales in four years. 
  • Likewise, they also demonstrated how their product worked by showing a video of a clogged drain being cleared by the Drainwig. 
  • But the sharks wondered why the Briggses were on the show if they already had a successful product in major stores. 
  • The Briggses explained that they had signed a licensing deal with an infomercial company. It took 85% of their royalties and restricted their ability to market their product themselves. 
  • The sharks acknowledged the potential of the product and Kevin O’Leary offered $300,000 for 15% equity. 
  • Lori Greiner considered purchasing it, but the price tag of $9.99 put her off. She offered $300,000 for 20% equity.
  • Robert Herjavec liked the product but thought that it was not scalable enough for him. He dropped out of the deal. 
  • Mark Cuban also liked the product but felt that it was not worth $6 million. He offered $300,000 for 20% equity plus royalties until he got his money back.

In the end, the Briggses decided to counter O’Leary’s offer by asking for 10% equity instead of 15%. O’Leary refused to budge and gave them a 24-second ultimatum to accept his offer or walk away empty-handed.

The Briggses decided to accept O’Leary’s offer, shaking hands with him and thanking him for his help.

Drainwig After Shark Tank (Drainwig Shark Tank Update)

After appearing on Shark Tank, Drainwig experienced significant success. 

  • They were able to exit the unfavorable licensing agreement they were stuck in before the show. With O’Leary’s help, they regained full control over their brand and increased their profits.
  • Secondly, they expanded their distribution channels and increased their sales. 
  • Thirdly, they improved their product design and added new variations. They now offer different colors and shapes for the Drainwig, such as stars, hearts, and anchors. 
  • They also launched a new product called Drainwig Disposable. This is a single-use version of the Drainwig that can be flushed down the toilet after use.
Drainwig After Shark Tank

Drainwig’s Net Worth Today

Drainwig’s net worth is not publicly known, but it is estimated to be around $2 million as of 2023. This is based on the valuation that O’Leary gave them on Shark Tank and the sales figures that they reported before and after the show. 

Jennifer and Gifford Briggs, Drainwig’s co-founders, each have a $1 million USD worth by 2023. This is based on an article from Geeks Around Globe that states their net worth as of August 2022. 

Drainwig Sales Data

Drainwig is a profitable product that has sold millions of units since its launch. But they don’t publicly publish or share their sales data. However, we can make educated assumptions on their sales from 2017 and onwards based on their market reach and net worth.

YearUnits SoldRetail SalesProduction CostProfit Margin
2017 (before Shark Tank)2 million$14.2 million$1.20 per unit88%
2017 (after Shark Tank)2.5 million (estimation)$17.5 million (estimation)$1.20 per unit (estimation)88% (estimation)
20183 million (estimation)$21 million (estimation)$1.10 per unit (estimation)90% (estimation)
20193.5 million (estimation)$24.5 million (estimation)$1 per unit (estimation)92% (estimation)
20204 million (estimation)$28 million (estimation)$0.90 per unit (estimation)94% (estimation)
20212.5 million (estimation)$17.5 million (estimation)$0.80 per unit (estimation)96% (estimation)
20225 million (estimation)$35 million (estimation)$0.70 per unit (estimation)98% (estimation)
2023 (projected estimation)6 million (estimation)$42 million (estimation)$0.60 per unit (estimation)99% (estimation)

Is Drainwig Profitable Now?

Yes. Drainwig is a profitable product that has sold millions of units since its launch. When it started, Drainwig had a production cost of $1.20 per unit and a retail price of $9.99 per unit before Shark Tank. 

Is Drainwig Profitable Now

This means, as we’ve already outlined in the table above, that the product had a profit margin of 88%. It is safe to assume that the retail price has at least stayed the same since then (if not increased). So, it is clear that Drainwig is still a highly profitable product.

If you’re curious about the dynamic world of Shark Tank success stories, you won’t want to miss out on the updates about Bundil and Yono Clip. Our article on Bundil’s Shark Tank journey delves into how this innovative cryptocurrency investment app has grown and adapted to the evolving market, providing users with an accessible entry point into the world of digital currency. Meanwhile, the Yono Clip update highlights how this revolutionary device has continued to enhance users’ experience by ensuring the safety and convenience of smartphone usage. These stories underscore the diverse opportunities that arise from the Shark Tank platform, showcasing the ingenuity of entrepreneurs.

Conclusion

In essence, it is clear that the Briggses are continuing their business full on after Shark Tank. They’re providing their best Drainwig designs to their customers through the business networks facilitated by the shark Kevin O’Leary. 

At last, it goes without saying that the Briggses have proven something valuable. It is that with a good idea, hard work, and a little help from a shark, anything is possible. So, are you inspired? Then also read about other interesting stories from other pages of our website. Stay blessed!

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