Highlights
- Juliet Boydstun and Lucinda Lent pitch The Coop, a trendy play space designed for kids to play and parents to relax.
- The founders seek $150,000 for 15% equity in their company.
- The Coop expanded to seven locations by 2022, with annual revenue reaching $3.4 million.
Overview
| Category | Details |
|---|---|
| Name | The Coop |
| Founders | Juliet Boydstun & Lucinda Lent |
| Industry | Kids’ Play Spaces |
| Product | Modern play spaces for kids with amenities for parents |
| Funding | Seeking $150,000 |
| Investment Ask | $150,000 |
| Equity Offered | 15% |
| Valuation | $1 million |
The Coop is a cool, modern play space for kids that caters to adult needs as well. Entrepreneurs Juliet Boydstun and Lucinda Lent created the modern and leisurely space back in 2008 as they transitioned from LA hipster chicks to moms. The pair created the business as a better alternative to the drab, cutesy, crowded play spaces that they found themselves in all too often. The concept is to create an environment where kids can play, learn and enjoy themselves while their moms can kick back in stylish comfort at the cappuccino bar.
The Coop Shark Tank Recap
Juliet and Lucinda were asking for $150k for a 15% share in the business. To demonstrate their themed parties, they throw a mini birthday party for Mark Cuban, complete with Shark fin party hats. The ladies had $350K in sales in 2011 and netted a $100K profit.
Did Shark Tank Invest In The Coop?
Kevin thinks franchising is their future, but it’s too early; he’s out. Robert thinks the ladies should just open another location on their own, so he’s out too. Daymond claims he can’t bring any value; he’s out. Mark thinks there are less expensive kid’s party options and he goes out. Barbara offers the ladies $150K for 15%, but she wants a warrant, or a personal guarantee. The ladies embrace and a deal is made!
The Coop Shark Tank Update
The Coop filmed an update segment in episode 426. In the segment, they reveal they went forward with Barbara and introduced the “COOP CRATE,” a “party in a box” concept that allows party patrons to bring a themed Coop party home to celebrate. The COOP CRATE is actually a bag, similar to an IKEA bag, that can be re-used and recycled. Countdown to the Red Carpet, the Oscars pre-show, featured the Coop in its broadcast as ‘the hottest kids play space in LA.” The Coop continues to explore expansion, and they certainly have a good partner in Real Estate mogul Barbara Corcoran!
The company appeared in Beyond the Tank episode 110. Read a full recap and update HERE.
In the Beyond the Tank segment (filmed in 2016), they say franchising is the next step. In 2020, they had to shut down due to the Covid-19 pandemic. They began to offer virtual parties where they’d ship the favors and do activities via Zoom. As of February, 2022, they have 7 locations (Studio City, CA, Woodland Hills, CA, Redondo Beach, CA, Yorba Linda, CA, San Francisco, CA, Pleasanton, CA and Austin, TX). As of August, 2022, annual revenue is $3.4 million across all 7 locations.
Posts about The Coop on Shark Tank Blog
Company Information
More products from this episode! Check out other businesses that participated alongside The Coop.
My daughter in law. Lindsey Pinkerton is incredible when it comes to creating theme cakes. She lives in Rhode Island and would be great to handle your growth on the north east. Check out her creations on her Facebook.