Hugo’s Amazing Tape was featured on
Shark Tank Hugo’s Amazing Tape Update
- Entrepreneurs: Katherine Saltzberg and Lauri Fraser
- Business: Tape
- Ask: $50,000 for 50%
- Result: $100,000 for 100% equity
- Sharks: Mark Cuban and Lori Greiner
Hugo’s Amazing Tape originally had a patent but it expired when the original creator of the tape passed away. The original inventor was Katherine and Lauri’s father, who the company is named after.
Hugo's Amazing Tape is a reusable adhesive wrap that leaves behind no sticky residue, because it sticks to itself and not to your stuff! This self-clinging tape is gentle enough for crafting and keeping your sewing thread from unraveling, but strong and durable enough for organizing your fishing rods, sporting equipment, and home projects! Hugo's Amazing Tape is loved by those who use it and is a go-to tape for any household. To use, simply cut the length you want, tighten tape around items with a light tension, and press together by flattening all overlapping tape and smoothing it together. To clean rinse with water and reuse when dry.
To produce a single unit of tape, Hugo’s Amazing Tape spends about $1.25 while it is sold at a price point of $13. The company had more than $500,000 in total lifetime revenue but was struggling to keep up the past momentum and had less than $50,000 in gross revenue in the current calendar year.
While the margins were decent and the product was interesting, Kevin O’Leary couldn’t convince himself to invest. Robert Herjavec also decided to drop out without making an offer.
Lori Greiner and Mark Cuban teamed up and offered to buy the entire company in exchange for $100,000. After considering the offer, Katherine and Lauri decided to sell the entire company and allowed Mark and Lori to purchase 100% of the company’s equity.
Let’s quickly check on Hugo’s Amazing Tape update to see how the company has been doing in the hands of the sharks.
It’s rare to see a company sell 100% of its equity in
The product can be found on the company’s website. If we get any more news on a Hugo’s Amazing Tape update, we will be sure to let you know.
You can find the other company updates from Season 9 Episode 23 here:
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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!