FiberFix Update Repair Tape | Shark Tank Season 5
Duct tape can help with temporary repairs, but it’s not a perfect solution for quick fixes. That’s why Eric Child and Spencer Quinn have developed a repair tape that they say is strong enough to permanently fix anything from plumbing, broken tools to broken furniture. Will these claims hold up, earning them a deal on
Shark Tank FiberFix Update
- Entrepreneurs: Eric Child and Spencer Quinn
- Business: Repair tape
- Ask: $90,000 in exchange for 10%
- Result: $120,000 in exchange for 12% equity
- Sharks: Lori Greiner
Eric and Spencer brought their FiberFix tape to the tank. In a demonstration, they showed how their product proves to be a hundred times stronger than duct tape. A super-industrial strength tape made of resin and industrial grade fibers, this helpful product can repair almost anything and save customers money.
FiberFix 10X Tape is the solution to all your breaks, tears, and cracks. Use your pocket knife to cut this heavy-duty tape that won't tear, won't break, and won't give.
When asked about sales, the guys shared that in the few months prior to filming, they had $100,000 in sales. Kevin O’Leary was interested, offering $90,000 with no equity, and a fee of $0.70 per unit until $90,000 was repaid. After being repaid, he wanted $0.20 per unit sold, in perpetuity.
Robert Herjavec offered $90,000 in exchange for 10% equity. Before they continued taking offers, Eric and Spencer revealed they had received a test order from QVC. This caused Daymond John to go out, because he has a contract with HSN. Lori Greiner offered $250,000 in exchange for 18% equity. She told the pair that she knew how to get FiberFix to sell on QVC, as that was her domain.
Robert chimed in to share that men, who he speculated would probably make the majority of their sales, wouldn’t be watching QVC. Lori defended her offer, saying the women viewers ordered things for the men in their lives, too. Robert doubled down, offering an additional $250,000 line of credit.
Needing a moment to decide what to do, Spencer and Eric stepped away to discuss the offers. When they returned, Spencer made a counteroffer to Lori and Robert of $120,000 for a 12% stake in the company, plus a whopping $2 million line of credit! Mark Cuban let them know they were blowing it, and he went out. The counteroffer didn’t sit well with Robert, and he went out.
Lori said she would do the deal at $120,000 for 12%, but nothing more. If they needed additional money to fund purchase orders, she would make it happen as long as the business was going well. Ultimately, they accepted Lori’s offer. What happened next for their company? Keep reading our FiberFix update to find out!
Research for our FiberFix update revealed great news! After appearing on
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!