Highlights
- Long Wharf Supply Company creates sweaters using recycled plastic and oyster shells, helping reduce ocean pollution and landfill waste.
- Each sweater sold seeds 30 oysters, contributing to coastal restoration in New England.
- The company has recycled over 60,000 pounds of oyster shells and reached $10 million in lifetime sales by November 2023.
Overview
| Category | Details |
|---|---|
| Name | Long Wharf Supply Company |
| Founders | Lauren and Mike Lamanga |
| Industry | Sustainable Fashion |
| Product | Sweaters made from recycled plastics and oyster shells |
| Funding | $375,000 |
| Investment Ask | $375,000 |
| Equity Offered | 15% |
| Valuation | $2.5 million (pre-deal) |
Sibling entrepreneurs Lauren and Mike Lamanga hope to find a fit for Long Wharf Supply Company, their sweaters that use recycled plastic and oyster shells, in Shark Tank episode 1302. They were inspired to make the sweaters after admiring their dad’s old fisherman’s sweaters. They liked the thick ribbed cuffs and collars and the look and feel of the sweaters. The inspiration for the company name came from their great grandfather who worked as a wool sorter on Long Wharf in Boston.
The “secret sauce” is their use of a patented nanotechnology to create “rPET yarn.” It fuses the oyster shell with the plastic and it’s then blended with top quality yarn to make the material for the sweaters. Everyone knows plastics are a problem in the ocean. The company mission is to help lessen the impact of plastic waste. What a lot of people don’t know is tons of oyster shells simply end up in landfills and go to waste. Using the shell material lessens the amount of shells that would just get buried in the ground. Since oysters are good, natural water filters, they help reduce pollution. A portion of company profits goes to organizations that “seed” coastal oyster beds in New England.
They got their start with a successful Kickstarter campaign that raised $75,009 in August, 2020. They managed to ship everything in time for Christmas too! Now they have dozens of different styles in dozens of colors and patterns. A men’s sweater will set you back $128-$158. A woman’s sweater is $128-$138. They also make bags, hats and other “small goods.” Manufacturing is done in a shop in South Portland, Maine. They likely want a Shark’s help expanding production and distribution. Will a Shark think Long Wharf Supply Company is a good fit?
Company Information
Video
Posts about Long Wharf Supply Company on Shark Tank Blog
Long Wharf Supply Co – Recycled Sweaters
Long Wharf Supply Company Shark Tank Recap
Lauren and Mike enter the Shark Tank seeking $375,000 for 15% of their business. They tell their stories and explain the problem of plastic pollution in our oceans. They also talk about how oyster shells can become toxic when buried in landfills. Each sweater they sell seeds 30 oysters and they’ve seeded over 70,000 to date.
The Sharks like the sweaters. Mike explains they are made of 10% wool, 50% recycled plastic and oysters, 20% nylon and 20% plant based viscose. They show the Sharks a two hour time lapse of oysters cleaning a tank of dirty sea water and the Sharks are impressed.
Did Long Wharf Supply Company Get A Deal?
Lauren then explains that each sweater costs $23.50 – $33.50 to make and they sell them for $120 – $150. Customer acquisition cost is $1 and they sold $495,000 in the last 12 months. When asked, Mike explains he owns 100% of the company. The Sharks want to know why that is. At this point, Kevin says they are asking too much and he goes out. Daymond tells a story about how his daughter wants to rid the world of trash. He says he believes in what they’re doing, but he’s out. Peter chimes in and says he likes their mission too.
Mark wants to know if they could do less pricey products like a tee shirt and sell 5 million of them. When Mike says he’s going to sell 5 million sweaters, Mark goes out. Lori says that if they said they’d do tee shirts too, she would have gone in with Mark. She’s out.
Peter asks if Mike will give a piece of the company to Lauren and they settle on 15% for her. He says no matter what, you did a deal in the Shark Tank. Peter says he can take the sweaters global in 30 days. He offers $375,000 for 40% and the Lamangas cringe. After a commercial break, the Lamangas counter with 25% but Peter won’t budge. Lauren says they don’t want to give up that much equity and they end up leaving with no deal.
Long Wharf Supply Company Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. In December, 2021, they had a seasonal pop up store at 119 Newbury Street in Boston. As of January, 2023, the company has recycled over 60,000 pounds of oyster shells and seeded over 350,000 oysters. In November, 2023, the company reached $10 million in lidetimes sales.
This page will be updated as new information on Lauren and Mike Lamanga & Long Wharf Supply Company becomes available.
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