Hugo’s Amazing Tape Update | Shark Tank Season 9

Hugo Maisnik accidentally invented an adhesive-free, reusable tape that proved popular with crafters. Despite initial interest from distributors, Hugo preferred self-marketing. Now, his daughters Katherine Saltzberg and Lauri Fraser are looking for a shark’s help to expand Hugo’s Amazing Tape beyond online sales. In our Hugo’s Amazing Tape update and pitch recap, let’s see whether these two entrepreneurs were successful in securing an investment on the show.

If you’re short on time, here’s a quick overview of what happened to Hugo’s Amazing Tape after Shark Tank.

Katherine and Laurientered the Shark Tank, seeking $50,000 for a 50% stake in Hugo’s Amazing Tape. Their heartfelt pitch swayed Lori Greiner and Mark Cuban, leading to a deal for the sisters to sell the entire company (100% equity) for $100,000.

In terms of Hugo’s Amazing Tape update, the company has thrived under Lori and Mark’s guidance and has grown to over $3 million in annual revenue.

Shark	Result
Lori Greiner and Mark Cuban	Accepted offer of $100,000 for 100% equity
Kevin O’Leary	No offer
Robert Herjavec	No offer
Barbara Corcoran	No offer

Shark Tank Hugo’s Amazing Tape Pitch

• 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

Sisters Katherine Saltzberg and Lauri Fraser presented Hugo’s Amazing Tape, during Shark Tank Season 9. The sisters sought a $50,000 investment in exchange for 50% ownership of their company.

Their pitch combined a touch of theatrics with demonstrations showcasing the tape’s adaptability and impressive strength.  

Hugo’s Amazing Tape simplifies your toolbox by offering a multi-purpose solution. This innovative tape eliminates the need to keep a variety of specialized tapes, such as electrical tape, masking tape, and wood tape, on hand. 

Its versatility allows you to tackle a wide range of tasks, streamlining your workflow and ensuring you have the right tool for the job. 

The product is a versatile, clear tape that sticks to itself without leaving any residue. Unlike traditional tape, it’s reusable and washable, making it ideal for multiple uses. 

Available in three widths (half-inch, one-inch, and two-inch) and 50-foot rolls, it offers a convenient and long-lasting solution for various household and crafting needs. 

After their pitch, the entrepreneurs distribute samples of their product for the sharks to examine. As they handle the product, the sisters share the story of their father, Hugo, who invented the tape. 

They then deliver the unfortunate news that he passed away earlier that year, with the additional detail that the patent on the tape expired upon his passing.  

When explaining their sales figures, the sisters reveal that the tape is manufactured in Taiwan and achieved initial success with online sales exceeding $500,000 over two years.

However, sales have declined significantly in the current year, reaching only $27,500. This decline coincides with concerns about potential counterfeit products arising due to the tape’s Taiwanese origin.

Despite managing other careers, the sisters remain committed to their father’s legacy and are seeking solutions to reignite interest in the product.  

After all was said and done, the sisters received mixed feedback from the sharks. 

While Kevin O’Leary found their presentation entertaining, he ultimately decided it wasn’t a suitable investment opportunity. He’s out. 

Robert Herjavec shared similar reservations about the business’s direction. He declined to invest.

Barbara Corcoran advised the entrepreneurs to consider selling the company altogether. She also exits the deal. 

In a surprising turn of events, Lori and Mark Cuban presented an offer to buy the entire company for $100,000, which the sisters even more shockingly accepted. 

Let’s quickly check on Hugo’s Amazing Tape update to see how the company has been doing in the hands of the sharks.

Shark Tank Hugo’s Amazing Tape Update 

It’s rare to see a company sell 100% of its equity in Shark Tank, but it does happen from time to time. Since selling Hugo’s Amazing Tape to Lori Greiner and Mark Cuban, reports indicate that it continues to generate millions of dollars in annual revenue.

However, rumors suggest the sharks divested the business. 

There appears to be some discrepancy regarding ownership. According to our Hugo’s Amazing Tape update research, the website still lists Katherine and Lauri as owners while identifying Mark and Lori as investors. 

At the time of writing, it’s unclear if the original deal went through or if Katherine and Lauri decided they’d like to retain some ownership. 

Since Shark Tank, Hugo’s Amazing Tape has grown to around $3 million in annual revenue. 

If we get any more news on 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:

• Eggmazing Update
• Coolpeds Update
• CoinOut Update

Before you go, be sure to have a look at our Shark Tank Season 9 page for more updates.