The LugBug Handle founder, Nathan Day, came out to make his pitch to the sharks during Season 10, ultimately requesting $300,000 for 10% of his company. This is a significant ask from the sharks for this type of product, but Nathan approached the
Shark Tank LugBug Update
- Entrepreneurs: Nathan Day
- Business: Baby seat carrier handles
- Ask: $300,000 for 10% equity
- Result: No deal
- Shark: None
Nathan quickly revealed that all of his sales came online in the previous year, an amount that would be nearly $200,000 over the course of that most recent year. He can produce a single unit for just under $6, which was fairly well-received by each of the sharks. Nathan told them that he can sell the product for $40 online, which leaves him with reasonable margins.
One of the concerns that the sharks had about Nathan is that he had to invest $750,000 of his own personal money to get the company off the ground initially. Most of the money was apparently spent on manufacturing and patents, which seemed to confuse the sharks. Mark Cuban and Barbara Corcoran dropped out immediately from negotiations. Kevin O’Leary and Robert Herjacec decided to drop out as well, but Lori Greiner seemed hesitant to go out immediately. Unfortunately for Nathan, he wasn’t able to strike a deal with Lori before she dropped out as well.
In terms of a LugBug update, its online presence has seemingly disappeared and there’s no sign of whether it will pick up again. The website for LugBug is still online but hasn’t been updated in quite some time. Their product has also been out of stock for many months and there’s no sign of whether their page will be updated with anything new in the near future. However, at the time of writing it is available on Amazon. So it’s a bit unclear what’s going on with Nathan’s baby seat carrier handle.
Unfortunately, it seems as if many of the sharks were right in their initial assumptions that there isn’t enough demand for this type of product in the public market. Nathan never seemed to gain enough traction for his company and appears to have wasted $750,000 of his own personal money in trying to fund his business. Unless something miraculous happens in the future, it looks like this will be our final LugBug update.
You can find the other company updates from Season 10 Episode 2 here:
Don’t forget to take a look at our Season 11 products page! We’ve got more company updates from