Little Elf Shark Tank Update 2023 | How Are They Doing?
Everyone loves to get gifts. But wrapping gifts for others, especially during the holiday season, is hectic. Using scissors or box cutters doesn’t always give the best result. This drove Bryan Perla, a young entrepreneur and Stanford junior, to make an ingenious gift wrap cutter.
He pitched Little Elf gift wrap cutter in the 9th Episode of Shark Tank Season 11. So, what is the Little Elf Shark Tank update right now? Well, Little Elf has been a huge success after the show and is still in business. Let’s know more about the company’s history, products, Shark Tank updates, and more.
Little Elf Shark Tank Profile
How was Little Elf on Shark Tank? Before going into that, take a look at this quick chart for a faster overview.
| Company Name | Little Elf |
| Founder | Bryan Perla |
| Founded | 2016 |
| Product | A cutting tool to evenly cut paper and gift wraps |
| Asked for | $150,000 for 15% equity |
| Final Deal | $150,000 for 20% equity |
| Shark | Lori Greiner |
| Episode | S11 E9 |
| Air Date | December 1, 2019 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | 333 Lancaster St, West Boylston, MA |
| Lifetime Worth (Sales) | 4.25 million (estimated) |
| Go to Amazon | Buy Now |
| Watch On | Amazon Prime |
Little Elf Company History
Bryan Perla, the founder of Little Elf, was a dyslexic child from the second grade. He had problems with reading, writing, and comprehension. But he always had the knack for coming up with ideas or solutions. This led him to design a unique gift wrap cutter.
He launched the company Little Elf in 2016 when he was in high school. After two years, Bryan raised about $130,000 from a Kickstarter campaign. Then, he focused on the production process and started to sell the cutter on Amazon and his own website.
At that time, the product wasn’t available on any physical store, and 100% of the revenue was coming from online sales. Before the Little Elf Shark Tank episode, Bryan had made about $250,000 in sales. He used to sell the 2-pack for $13.99 and the single cutter for anywhere between $5.99 and $7.49.
Little Elf on Shark Tank
Bryan came to the 9th episode of Season 11 to pitch Little Elf. This episode aired on December 1, 2019. Shortly after starting the pitch, Bryan demonstrated his product, which impressed almost all sharks. He demanded $150,000 and wanted to trade 15% equity of his company.
Two sharks, Lori and Barbara, even came forward to test the product themselves. Both of them seemed satisfied with the performance of the Little Elf cutter. Other sharks asked them for a review, and they replied positively. Sharks asked Bryan about the sales figures and were impressed with that as well.
Lori Greiner was the first shark on the show to make an offer. She was willing to give the $150,000 that Bryan demanded but wanted 30% equity in return.
Kevin O’Leary offered a different deal that involved a $1 royalty per unit sold. He wanted to give $150,000 for 10% equity if Bryan agreed to the royalty deal.
Kevin and Lori quickly got into a bidding war where Lori was ready to do the same deal, but she dropped the royalty to 75 cents. This drove Kevin to drop his offer to a 50-cent royalty per unit. Lori got to 45 cents royalty, and Kevin outbid her with a 40-cent royalty offer.
But Bryan was willing to go for a deal with simple equity. So, Lori again wanted to give $150,000 for 30%. Kevin offered $150,000 for 25%, but Lori won the deal with her final offer of $150,000 for 20%.
What Happened to Little Elf After Shark Tank?
Even though Bryan secured a deal on Shark Tank, it went south after the show. But Bryan got the exposure on the show, and the Little Elf after Shark Tank quickly became a huge hit. It became one of the best-selling products on Amazon. Bryan was also selling the product on his website.
After the show, Bryan was able to spread his product on physical stores. The Little Elf gift wrap cutter is now being sold in over 15,000 stores. Large brands like Walmart, CVS, Target, Hobby Lobby, etc., sell the Little Elf cutter.
The average revenue per year is about $1 million as of 2023.
Little Elf’s Net Worth
The Little Elf update won’t be complete without the net worth data of the company. Little Elf made quite a progress after the show and has an estimated net worth of about 2-3 million dollars.
Little Elf Sales Data
The following chart shows the sales data of Little Elf in different years, before and after Shark Tank.
| Year | Sales |
|---|---|
| 2016-2019 | $250,000 |
| 2020 | $900,000 |
| 2021 | $1 million |
| 2022 | $1 million |
| 2023 | $1.1 million |
Is Little Elf Profitable Now?
You may be curious about the current status of the company and ask, where is Little Elf today? Well, Little Elf is still in business and selling the Little Elf gift wrap cutter through various channels. With an annual revenue of about $1 million, the company is profitable.
Conclusion
Bryan Perla from Little Elf won the hearts of millions of audiences with his unique product and secured a deal on the show. After that, he succeeded in marketing the product and is now successfully selling products online and in physical stores.
