Entrepreneur Chris Hindley and
Shark Tank Hoodie Pillow Update
- Entrepreneurs: Chris Hindley and Rebecca Rescate
- Business: Pillow with a hood
- Ask: $90,000 for 15% equity
- Result: $90,000 for 20% equity
- Shark: Robert Herjavec
The sharks were surprised when Rebecca, an entrepreneur that appeared on Season 2 of
HoodiePillow, great for use while traveling, during long trips or simply at home. Includes two drawstrings to adjust head size and level of hooded comfort. Inflatable inner pillow - deflate and fold for storage between use.
Rebecca and Chris said they had already sold 3,000 units in the past three weeks. In eight weeks of sales, Chris said that Hoodie Pillow had earned $600,000 revenue, all stemming from a single Facebook link that went viral.
Robert Herjavec referred to CitiKitty’s success, stating the product solved a problem. He was not quite sure what problem a hooded pillow would solve. Rebecca shut it down, and said it didn’t matter. The fact of the matter was that 30 million college students in America were an easy market for the product, in her opinion.
Kevin O’Leary asked what the plan for the $90,000 would be, and learned that Chris intended to launch low-cost, high-yield marketing on social media platforms before creating a commercial. Daymond asked why none of the invested capital would contribute to production, but Chris said they had production working smoothly already.
At this juncture, Chris also revealed another product in the line– the Hoodie Travel Pillow. Instead of a regular pillow, the Travel Pillow was a neck pillow with a hood which, in Robert’s opinion, solved a real problem.
Kevin needed no further explanation, and offered $90,000 in exchange for 33%. He added one more proviso to his deal– Chris and Rebecca were not permitted to take money from the business unless it was an equal disbursement to all partners, which included him. Rebecca was skeptical of his offer, but Kevin on the other hand, saw no issue, and said that equal partnership protected his investment, especially when he went to “cash out” down the line.
Rebecca honed in on Mr. Wonderful’s usage of the terms “cash out”, and accused him of not adding value beyond money. Kevin didn’t deny that he was not interested in growing Hoodie Pillow. He only sought to finance it. Chris countered Kevin, asking if he would do $100,000 for 25% equity. Kevin declined, stating that he liked his offer, and he thought it was fair.
Daymond jumped in here with the same offer. He said he would offer the $90,000 for 33%, or one-third equity, and, unlike Kevin, he didn’t care about disbursements or Chris and Rebecca taking money from the business as they saw fit. However, Daymond didn’t want to waste time and asked them to make the decision within ten seconds. Rebecca said she felt it would be unfair to take the deal without allowing the other sharks to speak. For that reason, Daymond went out.
Barbara Corcoran made an offer next, stating she trusted Rebecca, but not the Hoodie Pillow. To mitigate her perceived risk, Barbara offered $90,000 in exchange for 40% equity, asked that Daymond come back in and join her, and added a $0.10 royalty on every unit sold. Daymond agreed to come back in, but again asked for Rebecca and Chris to give an immediate answer.
Rebecca felt 40% equity was way too high, and that Barbara’s perception of the risk was incorrect. Kevin tried to weasel in by asking Daymond to throw Barbara under the bus, but Daymond said he would stay with Barbara.
Chris countered Daymond and Barbara, asking if they’d come down to 30%. Barbara said she would meet them in the middle at 35%, which Rebecca thought about, then declined. Robert noticed Rebecca thinking things over, and said it was clear she had a number in mind. Rebecca confirmed Robert’s observation, and revealed that she was hoping to clinch a deal for $90,000 in exchange for 20% equity. Upon hearing this, Barbara went out.
Finally, Robert made an offer for exactly what Rebecca asked for– $90,000 in exchange for 20% equity. He said he missed out the first time she was on the tank, and he didn’t want to miss out on it again. After a brief hesitation, Chris accepted the deal.
Did lightning strike twice for Rebecca? Did Robert help Hoodie Pillow grow to massive proportions? Keep reading our Hoodie Pillow update to find out!
Research for our Hoodie Pillow update revealed fantastic news! While the deal with Robert never did close, the episode drove a big spike in sales for the company. The product that appeared on the show was eventually discontinued, but they expanded their line with a new focus on travel items. You can shop their products on the Hoodie Pillow website, and as well as on Amazon. As of 2023, annual revenue is estimated to be around $5 million!
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!