Ever accidentally shrunk your favorite wool sweater? Have no fear, Unshrinkit is here. This chemical solution devised by Nate Barbera and Desiree Stolar helps stretch your favorite wool garments back to their original size. Nate and Desiree are hoping to get a $150,000 investment for 10% equity in the company. Let’s see how it played out when they brought their product to
Shark Tank Unshrinkit Update
- Entrepreneur: Nate Barbera and Desiree Stolar
- Business: A solution that helps unshrink wool clothing
- Ask: $150,000 for 10% equity
- Result: $150,000 for 15% equity
- Shark: Mark Cuban
Nate and Desiree’s pitch included demonstrating the product, which allows you to unshrink your favorite wool garments. Reshaping wool sweaters was simple, allowing you to return the wool used in the products to their original, intended length. The chemicals in the Unshinkit compound were safe on your hands, and Desiree claimed she wanted it to be like aspirin – on hand when you needed it.
At the time of filming, Unshrinkit had 5,000 units sold. Each bottle retailed for between $12 and $15, and only cost about a dollar to make. Those large margins were intriguing for the sharks. Desiree explained that they charge so much because they were undervalued at $9.99 previously.
Lori Greiner went out first, as she thinks the market is limited. Customers would have to own a wool garment and then shrink it for the product to be useful. Kevin O’Leary, however, made an offer of $150,000 for 33.3% equity. Nate and Desiree wanted to haggle, but Kevin asked why he would haggle when there were no other offers on the table.
Daymond John offered $150,000 for 25% contingent on licensing, likely to go with his company FUBU. Before they could respond, Mark offered $150,000 for 15% equity. Nate and Desiree agreed to the deal! Let’s keep reading our Unshrinkit update to find out where the company is today.
There’s a mix of good news and bad news for our Unshrinkit update. While the deal with Mark never came about, the company is still going strong today.
Annual revenue hovers around $2 million with Desiree as the sole CEO. Nate left the company in 2016, but that hasn’t slowed its progress! You can purchase Unshrinkit on their website!
Before you go, don’t forget to check out our company updates for the other companies featured in Season 7 Episode 8.
For coverage of the other companies featured in
Shop the Shark Tank Recap Store
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!