Highlights
- Marvin Philip seeks $85,000 for 12% equity in Lifter Hamper, his innovative solution for reducing back strain while handling laundry.
- Despite initial interest, none of the Sharks make an offer due to concerns about product readiness and functionality.
- After the show, Marvin sells out of inventory and eventually licenses the product to Household Essentials in 2015.
Overview
| Category | Details |
|---|---|
| Name | Lifter Hamper |
| Founder | Marvin Philip |
| Industry | Household Products |
| Product | Laundry hamper with lifting mechanism |
| Funding | Seeking $85,000 |
| Investment Ask | $85,000 |
| Equity Offered | 12% |
| Valuation | $708,333 |
Lifter Hamper inventor and entrepreneur Marvin Philip suffers from low back pain as a result of injuries sustained while playing football for the Pittsburgh Steelers, Cleveland Browns, and Buffalo Bills. His pain and limited mobility caused him to seek out a solution for hampers that make you bend over to take out dirty laundry. His patented Lifter Hamper has a bungee-like material that raises the clothes up from the bottom of the hamper as you remove the clothes at the top – eliminating the need to bend over. As of taping, Marvin hadn’t put the product on the market.
Lifter Hamper Shark Tank Recap
Marvin came into the Shark Tank seeking an $85k investment for 12% of his business.
Did Shark Tank Invest In Lifter Hamper?
Lori appears interested and asks to see it a bit closer. Mr. Wonderful doesn’t like the valuation, so he goes out. Mark likes the product and claims he does all his own laundry, but he’s not the right partner for Marvin; he’s out too. Robert thinks it’s too early to invest, so he’s out too. Daymond is also out. Lori likes the product, but finds some flaws. She thinks the wheels aren’t big or functional enough. She thinks Marvin is only halfway there, so she goes out, but she tells Marvin to give her a call when he has the business moving further along.
Lifter Hamper Shark Tank Update
Marvin promptly sold out of product on the night the episode first aired. Marvin ran two crowd funding campaigns on Indie GoGo, raising a little over $16K. Since that time, availability has been spotty. Their website got a make-over and they are listed on Amazon again. Product begins shipping in March, 2013, so all those eager fans will be able to get their hands on one!
In 2015, Marvin licensed the product to Household Essentials in 2015. They are an online seller of household goods. Reliable sources for Lifter Hamper’s sales are unavailable.
Posts About Lifter Hamper on Shark Tank Blog
Lifter Hamper by Marvin Philip
Company Information
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More products from this episode! Check out other businesses that participated alongside Lifter Hamper.
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