Alec and Aric Avedissian of Rareform entered
Shark Tank Rareform Update
- Entrepreneur: Alex and Aric Avedissian
- Business: Bags and backpacks made out of recycled billboard vinyl
- Ask: $300,000 for 10% equity
- Result: $300,000 loan at 8% and 10% equity
- Shark: Kevin O’Leary
Using billboard vinyl, Rareform creates unique bags and backpacks. Because they reuse discarded billboard vinyl, the company’s products are already pretty durable, waterproof, and lightweight. Most importantly, their products are eco-friendly.
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At the time of their presentation, Alec and Aric claimed that Rareform had already sold $1.1 million worth of products in three years. Unfortunately, the business took a loss the year before their
Mark Cuban, for example, commented on how difficult it was for Rareform to tell its story to consumers and was concerned about scale, so he dropped out. Barbara Corcoran went out soon after. Lori Greiner thought duplicating products would be difficult, so she went out. Robert Herjavec followed.
With four sharks out in quick succession, it was up to Kevin O’Leary to save Rareform. Sensing blood in the water, Kevin O’Leary offered $300,000 as a 36-month loan at 8% interest for 10% equity. Alex and Aric tried to counter for a straight equity deal, but Kevin explained that the only way this would happen is if he got 40% equity of Rareform. In the end, Alec and Aric accepted Kevin’s debt deal.
As for our Rareform update, we’ve got good news. Rareform only continued to grow after appearing on
While Rareform isn’t one of Kevin’s most lucrative endeavors, it’s right up there among his most impactful investments. The company is still going strong today and is reportedly earning millions more in annual revenue than when it first appeared on
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