Moonies Founders Talk About Their Swimwear Range On Shark Tank Season 16
Highlights
- Moonies offers a unique yet fun swimwear range, especially for men on Shark Tank.
- The Sharks could not control their laughter throughout the pitch.
- The negotiations saw some arguments between two prominent investors.
Overview
| Category | Details |
| Name | Moonies |
| Founder | McKay and Karisa Winkel |
| Industry | Garment |
| Product | Men’s Swimwear |
| Funding | Self-funded |
| Investment Ask | $150K |
| Equity Offered | 35% |
| Valuation | $428K |
The husband-wife duo of McKay and Karisa Winkel appear in the fourth episode of Shark Tank Season 16 with ‘Moonies.’ The company offers a line of swimwear for men. The duo started their pitch by stressing that for years, only girls have gotten to have fun in different types of swimwear.
According to the entrepreneurs, there are many styles and cuts available for girls like one-piece, tankini, and bikini to show off their curves and be as playful as they want. But men’s swimwear has been stuck with the same basic designs for decades.
Calling baggy board shorts boring and unflattering, the entrepreneurs introduce ‘Moonie,’ which is worn by two models appearing mid-pitch. The company offers comfortable men’s swim briefs that bring something brand new and unique to the men’s swimwear range.
Moonies: What Happened On Shark Tank Season 16
The Winkels appear on Shark Tank Season 16 Episode 4, seeking $150K for 35% equity in their company. The models turn their backs to the Sharks to show Moonies’ ‘cleavage for guys.’ All the Shark investors burst into laughter seeing the hilarious view of their butts.
The entrepreneurs claim that Moonies are the funniest swimsuit you will ever wear. Moonies offer cutouts in the back to allow men’s ‘beautiful cheeks’ to make their ‘long-awaited public debut.’ You can play volleyball, do yoga, or operate the grill at barbeques while wearing the product.
Using a pointer, McKay explains other features, including a soft waistband, a supportive pouch in the front, and their patented cutout in the back.
Kevin O’Leary wants to know if the hole on their swimwear is patented. The founders say they received a design patent about a month before their Shark Tank appearance.
Robert Herjavec is blown away by this weird yet unique product. Daniel Lubetzky wants to know how the idea came to them. McKay says it happened during a Speedo competition many years ago.
Lori Greiner wants to know about the sales. Karisa says that this is their ‘big launch.’ McKay replies that they have sold about $1000.
Mark Cuban wants to know about its costs. They sell it for $40 on the Moonies website and are priced at $12.50 each. With a bulk order, they can approach $9.
Kevin inquires about their social media reach. The duo have tried to keep it quiet till their patent was granted.
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Did Shark Tank Invest In Moonies?
Mark feels the ask is reasonable and the valuation is justified, but he exits the deal, saying it is not a ‘good fit’ for him. Lori wants to know if they have done any research to know about user preferences. The entrepreneurs have followed a real-life approach. Lori is not convinced with the answers.
Daniel is the second Shark to opt out of the deal as he is not convinced of their ‘grit.’ Robert, too, does not make an offer, saying that ‘Nothing sells itself’ and that he ‘can’t get behind it.’
Kevin feels it is a great product and should be attached to Rounderbum, which has become successful by using social media for distribution. He wants the founders to sell their 100% patent for $150K. They disagree and feel that Moonies’ worth is more than the proposed amount.
Kevin says no one else thinks so, which is why they do not have any other offer. Karisa feels Lori is with them and wants her to discuss the licensing. Lori, on the other hand, says that men will like the product, but her ‘friend’ Kevin should offer more money to the couple. Both Sharks argue over this statement.
After this, Lori, too, declines to make an offer. Kevin then states that he is not open to negotiations. But the couple is not ready to give away that much money. McKay asks if he is open to offering them a $5 royalty for 100% patent ownership at $150K. Kevin replies with a ‘no.’
Lori again tells Kevin to give them the royalty. Robert responds, ‘It’s his money.’
The entrepreneurs make a counteroffer of 100% patent ownership for $500K. They are also open to a royalty deal. Kevin rejects both; the couple walks out without a deal.
More products from this episode! Check out other businesses that participated alongside Moonies.
