The Woobles Update | Shark Tank Season 14

Justine Tiu struggled to crochet a small animal for a friend, which led her and Adrian Zhang to develop The Woobles. These kits are designed for beginners, making crochet easy by including step-by-step instructions, tools, and online tutorials. The Woobles not only simplify learning but also bring joy to users as they create their own crochet animals. Will Adrian and Justine win over the sharks? Let’s dive into The Woobles update and pitch recap to find out.

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

Adrian and Justine entered Shark Tank Season 14, seeking $250,000 for 5% equity in their crochet kits business. After their pitch, they made a deal with Lori Greiner and Mark Cuban for $450,000 for 6% equity.

In terms of The Woobles update, the company secured retail partnerships with major outlets like Walmart. As of now, The Woobles generates $3 million in annual revenue with an estimated net worth of $7.5 million.

Shark	Result
Lori Greiner & Mark Cuban	Accepted offer of $450,000 for 6% equity
Lori Greiner & Robert Herjavec	$450,000 for 6% equity (Declined in favor of Lori & Mark)
Barbara Corcoran	$350,000 for 5% equity
Kevin O’Leary	$250,000 for 10% equity

Shark Tank The Woobles Pitch

• Entrepreneurs: Adrian Zhang and Justine Tiu
• Business: Crochet kits for kids
• Ask: $250,000 for 5% equity
• Result: $450,000 for 6% equity
• Sharks: Lori Greiner and Mark Cuban

Adrian and Justine kicked off their pitch by explaining how their crochet kit business is designed to make learning crochet easy and fun for beginners.

They sought an investment to scale their operations and expand their product line to meet surging demand.

With their sights set on growth, they need a partner to help take their business to the next level.

They introduced several Woobles characters and demonstrated how the kits work, including their easy-to-follow tutorial videos.

Woobles is a crotchet education company that simplifies the process of learning to crochet.

It offers beginner-friendly kits to teach amigurumi, the Japanese art of crocheting small stuffed animals.

Each kit includes yarn, stuffing, a crochet hook, and video tutorials. Step-by-step guides help users complete their projects with ease.

The company also provides resources for left-handed crafters and users at different skill levels, ensuring anyone can participate regardless of experience.

The Woobles sells its kits on its website and platforms like Amazon.

Each kit costs $3 to produce, wholesales for $15, and retails for $30. Interestingly, 90% of their sales come directly from consumers.

Justine shares how her background at Google and her journey learning to crochet not only built her confidence but also inspired the business.

Adrian, on the other hand, talks about leaving a successful Wall Street career to redefine success for himself.

For him, the crochet kits symbolize joy and the realization that it’s never too late to learn something new.

They started their business in 2020 with just $200 to buy yarn and build a website.

Since then, their efforts have resulted in $5.3 million in sales, an accomplishment that impresses the sharks.

At the time of their pitch, they had made $3.1 million in sales and projected $7 million by year-end(2022).

Notably, they allocate 20% of their revenue to advertising, with a customer acquisition cost of $16 and an average sale of $57.

Their financials are strong, boasting an 86% gross margin and a 32% net margin, further demonstrating their profitability.

Adrian and Justine want help with licensing, wholesale expansion, and mentorship to scale their business.

Kevin O’Leary is impressed by their cash flow and offers $250,000 for 10% equity, promising to reduce customer acquisition costs by 8-10% and leverage his licensing experience.

However, Adrian decides to hear other offers.

Barbara Corcoran offers $300,000 for 10% equity.

Lori Greiner immediately matched Barabra’s offer and said she could help them with licensing and wholesale.

The competition intensifies as Barbara raises her offer to $350,000 for 10% equity, prompting Lori to counter with $300,000 for 8%.

In a surprising move, Barbara reduces her equity ask to 5% and then teams up with Mark Cuban to propose $350,000 for 6% equity.

Meanwhile, Lori and Robert Herjavec join forces, offering $450,000 for 6% equity.

However, the entrepreneurs expressed a preference to partner with Lori and Mark. Responding to this, Lori and Mark agreed to invest $450,000 for 6% equity, 

Ultimately, Adrian and Justine accepted their offer.

Now that we’ve covered the important outcome of the negotiations let’s take a closer look at our The Woobles update.

Shark Tank The Woobles Update

Our The Woobles Update found that the deal with Lori Greiner and Mark Cuban was not finalized for undisclosed reasons.

However, despite the deal falling through, Adrian and Justine expanded their product line and entered retail partnerships, notably with Walmart.

Further, they’ve collaborated with tons of brands to make limited edition crochet kits for IPs like Squid Game, Harry Potter, Batman, Peanuts, Minecraft, and more.

At the time of this writing, our research into The Woobles update found that the company generates approximately $3 million in annual revenue.

Kits can be purchased from The Woobles website and online retailers like Amazon.

The future looks bright for Adrian and Justine and we can’t wait to see what the future holds for our next The Woobles update.

For updates from Shark Tank Season 14 Episode 2, be sure to check out the links below:

• Banana Phone Update
• Turbo Trusser Update
• Stealth Bros and Co. Update

Be sure to check out our Season 14 products page too!