Richualist Curly Hair Tool Update | Shark Tank Season 15
Entrepreneur Dawn Myers pitched her hair styling tool during
If you’re short on time, here’s a quick overview of what happened to Richualist after
Dawn Myers appeared on
| Shark: | Result: |
| Mark Cuban and Emma Grede | Accepted deal for $150,000 for 15% equity plus 5% advisory shares |
| Lori Greiner | No offer |
| Kevin O’Leary | No offer |
| Robert Herjavec | No offer |
Shark Tank Richualist Update
- Entrepreneurs: Dawn Myers
- Business: Hair styling tool
- Ask: $150,000 for 10% equity
- Result: $150,000 for 15% equity, plus 5% advisory shares
- Shark: Emma Grede, Mark Cuban
Dawn Myers has beautiful, curly hair, but as she explains, women with highly texturized hair have to spend hours to get it to look good. However, her company, Richualist wants to change that.
She created a hair styling tool called The Mint. While The Mint was invented with 4C hair in mind, it will actually work for any hair texture.
Furthermore, the 3-in-1 styling system is patented. According to Dawn, her invention makes styling curly hair easier and healthier than ever.
The Mint looks similar to a hair straightener, but do not be fooled. It actually has a compartment inside that holds pods that can be filled with your favorite styling product.
After you fill a pod, you basically comb your hair with The Mint, as it detangles and distributes the product evenly throughout your hair.
This ultimately creates lush, beautiful curls without the time and hassle that curly-haired women are used to. Additionally, you can purchase additional pods from Richualist to fill with various products.
The Mint retails for $400, and Dawn shares that she is actually in the process of licensing the pods to hair care companies.
The sharks are concerned about the high price tag, but Dawn explains that at first, she could only produce 100 units of the product, which cost her over $100 per unit to manufacture. However, she did sell out of her first run, which is ultimately proof that customers like the product.
That said, she has been able to lower the price to $60 landed pet unit.
In addition to The Mint, she sells packs of 6 pods on a subscription basis, which cost $6 a piece or $36 per month.
While the sharks remain critical about the price point, Dawn explains that it took over $1 million to turn her invention into the product that it is today.
Actually, she is all in after selling her home and cashing in her 401K. Further, she raised $1 million in venture funding.
With the funding, she sold convertible notes. Once those notes convert, she will still hold 72% equity in the company.
At this point in the pitch, Kevin O’Leary speaks up. He says that Dawn really ought to have a shark with hair and drops out.
Robert Herjavec also drops out because he knows little about hair products or curly hair.
Lori Greiner says that she is in the process of creating a hair product that may become a conflict of interest were she to invest. She goes out next.
Guest shark Emma Grede wants more clarification on the potential partnerships with bigger brands. Dawn shares that she’s currently in talks with Procter and Gamble and Loreal.
Basically, the companies would license pods from her with their products and branding. Customers would then go to the Richualist website, purchase The Mint, and purchase the pods with the products that they want.
Ultimately, Emma feels that the pods are a distraction. She wants to see Dawn pushing The Mint as the ultimate product for curly hair, and worry about the pod licensing down the road.
Emma partners up with Mark Cuban to offer Dawn $150,000, but they want 20% equity. Dawn counters the sharks with 15% equity.
However, Mark and Emma counter back with 15% equity plus 5% in advisory shares, which Dawn accepts!
Keep reading our Richualist update to find out what happens next!
We had an opportunity to talk to Dawn for an exclusive Richualist update. Dawn told us, “Revenues have increased [since airing], but our company is in a tough position.”
“We have tricky logistics, a nice product, long wait times, and product on back order. That makes for a tough sell, but the sales have come despite all the complexity of our product.”
Despite a couple of bumps along the way, Dawn confirmed that the deal with Mark and Emma ended up going through and shared a little bit about what it’s been like working with them. “Just like any relationship, things take time to build and grow, but we are off to a fantastic start!”
Looking forward to a future Richualist update, Dawn told us that she is taking Mark and Emma’s advice to focus on perfecting the product and supply chain before she continues chasing new partnerships.
At the time of writing, the next batch of products will ship in September 2024. If you’d like to pre-order The Mint, head over to the Richualist website.
We cannot wait to see what the future has in store for Dawn. With a great product and two sharks on her team, there’s no doubt that our next Richualist update will be a good one!
In the meantime, you can check out our other company updates from Season 15, Episode 19, by following the links below!
For even more on companies and products, be sure to stop by our Season 15 Products Page before you go!
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!
