Credit: E!News
Highlights
- Lori Greiner, a judge on Shark Tank since season 4, has made successful deals.
- Over the years, she built her niche presence in securing deals with retail businesses.
- From PhoneSoap to Biaggi, find out the top deals secured by Lori on Shark Tank.
From starting her entrepreneurial career by making earring organizers to funding budding companies on Shark Tank, Lori Greiner’s journey has been an inspiration to many. Her sharp instincts and eye for retail businesses have solidified her dominant presence as an investor on the show.
In her decade-plus experience on Shark Tank, Lori Greiner has exhibited strong negotiation skills in striking deals with entrepreneurs from diverse industries. But what makes her stand apart from other panelists is her inclination towards novel businesses.
All of these collectively present her fearless and passionate approach to Shark Tank and have made her one of the fans’ favorites. Below is a curated list of the top 3 Lori Greiner Shark Tank investments that you should know about:
1. PhoneSoap
The entrepreneur duo of Wesley Laporte and Dan Barnes approached the investors seeking an investment worth $300K for a 7.5% equity stake. Claiming that cellphones are 18 times dirtier than a public toilet surface, they presented the solution through PhoneSoap.
Available as a small tanning bed, PhoneSoap, used to disinfect and sanitize any bacteria-laden smartphone to the highest degree. Further, it contains a charger and UV lights that eradicate any other germs. The duo also shed light on their other offerings, including cleaning cloths, polish, and ionic silver antimicrobial cases.
Mark raised the first question, asking how the product was any better than alcohol. To this, they replied saying the latter could severely damage smartphones. Highlighting the business figures, Wesley and Dan stated to have made over $500K in a year. Additionally, they had 2 utility patents to their credit.
Robert wasn’t convinced with the pitch and felt consumers would not go for it. Barbara, too, didn’t like the idea and opted herself out of the deal. Mark felt marketing could be a costly affair. The entrepreneurs interrupted him, saying that their target areas were schools and hospitals. Mark liked the concept of hospitals.
Kevin made the first offer at $300K on the condition of being paid a $6 royalty till he got back his money. This would involve $3 per unit till the time he recouped the first $1.2 million. The entrepreneurs weren’t happy with the offer, so Kevin stepped out of the deal.
Mark was next in line and proposed $300K for 30% only the phones were sanitized within 60 seconds.
How did Lori grab the deal?
Viewers got to witness the classic Lori Greiner Shark Tank’s convincing skills when she stated that she had already sold countless phone cases in the past. Her offer was $300K for a 15% equity stake. Plus, she wanted to take PhoneSoap to QVC.
Ultimately, the entrepreneurs felt Lori was the better pick and requested a revised valuation. The final deal was locked at $300K for 10% equity of the company.
The latest update about the PhoneSoap is that by 2022, it earned an annual revenue of $13.5 million. Moreover, it grew up to become the 13th largest Shark Tank business with massive sales by 2023. Its lifetime sales stood at $187 million.
2. Urbio
Jared Aller and Beau Oyler approached the investors seeking $300K for 12% equity in their urban vertical garden Urbio. This environmentally-conscious idea emerged from their inspiration to find a solution to confined gardening spaces in urban locations.
The product includes varied sized containers composed of recyclable materials, which can be attached to walls using magnets. These containers could then meet gardening needs by offering enough storage space for plants in an indoor setup.
The entrepreneur duo then highlighted the sales figures, which were $125K in 2012, and the product was then available across 50 countries.
Everything seemed fine till now; the Sharks were impressed with the numbers. But Mark stepped out of the deal as he revealed that the entrepreneurs had contacted him before coming on the show. He felt this would be unfair to the other investors.
Kevin then proposed the first offer at $300K for 20% equity. But he raised a condition that the duo would be taking their salary out of the profits made. Robert then offered $400K for 20% equity.
Daymond stepped out because he felt his offer would require Jared and Beau to give him a higher percentage of equity than the other investors.
How did Lori convince the entrepreneurs?
Citing her niche expertise in marketing, Lori proposed $300K for 20% equity. Right after this, she engaged in a heated discussion with Kevin who mocked her QVC niche area.
Seeing it get competitive, Lori Greiner told the entrepreneurs that she was ready to revise her offer to 15% equity. But the condition was that they would have to agree instantly. Hearing this, Robert, too, brought down his equity stake to 17.5%.
The entrepreneurs felt that Lori would be the perfect pick owing to her years of experience in the marketing vertical. So, they went ahead with her offer at $300K for 15%.
Lori’s guidance helped their business grow in leaps and bounds. They even widened their reach and explored new markets. In 2015, Urbio acquired Sabi Space from Sabi Inc.
But, in 2016, Honey-Can-Do International acquired it and Urbio now sells its offerings as Perch. Their presence can be seen on Walmart, Amazon, Camping World, and the Home Depot.
3. Biaggi
Biaggi was a luggage-based company that was brought to the show by Stephen Harsh. Seeking a $500K investment for 30% equity, he focused on his solid foundation in the luggage industry.
Presenting it as a storage solution, Stephen then elaborated on the product details, such as durability, sturdiness, and hinge lock technology. He then highlighted Biaggi’s achievements, such as the ‘best business traveler luggage’ mentioned by The Huffington Post and USA Today.
From 2012 to 2014, the sales figures rose to $2.5 million. Additionally, the cost of making the product was $62 per unit, which was then sold for $169 and $124 in retail and wholesale respectively.
Even though the business was flourishing, Stephen stopped the sales to ‘educate’ both the customers and retailers about the company in a better way.
Mark was happy with the honest approach but still chose to opt out of the deal. Robert didn’t like the idea of educating customers, so he was out as well. Kevin was out for the same reason.
Daymond made the first offer of $500K for 33% equity. Lori was next in line to offer $500K for 33% equity and also wanted to rename the product. Following this, both the Sharks had a contentious debate.
What made Stephen choose Lori?
Stephen knew the experience Lori holds in the television and QVC realm. As he was eyeing the same, he decided to go ahead with her offer at $500K for 33%.
After the deal, the company did wonders, with sales rising to $2.5 million on QVC due to the much-needed help from Lori. The latest update is that the business earned $5 million in annual revenue by May 2024.
Conclusion
The massive Lori Greiner Shark Tank success can be attributed to her passionate and competitive approach. Her investments in companies like ‘Biaggi’ and ‘Urbio’ are the perfect example of the same.
Moreover, she doesn’t fear taking risks when the other Sharks feel a product/company is novel and may not reap the rewards for them. PhoneSoap demonstrated her strategic thinking and long-term vision when it came to capitalizing on innovative ideas.
References
1. How ‘Shark Tank’ Saved This Entrepreneur From Going Under, Forbes, Susan Adams
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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