Zuvaa is a company that connects customers with amazing designers that produce various types of clothing items. The company was represented by Kelechi Anyadiegwu, who was seeking an investment of $460,000 in exchange for 10% equity in the company. The sharks seemed intrigued, so let’s see if any of them were willing to invest before we get a Zuvaa update.
Shark Tank Zuvaa Update
- Entrepreneurs: Kelechi Anyadiegwu
- Business: Designer Curation Platform
- Ask: $460,000 for 10% equity
- Result: No deal
- Sharks: None
Kelechi told the sharks that designers can partner up with Zuvaa and sell their designs on the platform after submitting a list of sample products. Once the samples are approved, Zuvaa can either approve or reject the designer’s access to Zuvaa and that is how a partnership is generally formed.
After discussing the impressive quality of the designs on Zuvaa, Kelechi informed the sharks that she turned an initial investment of $500 into more than $2 million in sales for her platform in about two years.
Zuvaa’s revenue is generated through monthly fees and commissions. The monthly fee for a partnership with an accepted designer is $50. There is also a 17% commission fee on any items that are sold, which Zuvaa collects after the transaction is completed.
Some of the sharks had concerns about the valuation that Kelechi had placed on her company. Mark Cuban decided to drop out and guest shark, Sara Blakely, also dropped out for similar reasons. All of the remaining sharks also dropped out with one important exception. Kevin O’Leary decided to offer $460,000 as a loan in exchange for 10% equity, but Kelechi quickly rejected the offer.
Now that we know that the sharks weren’t interested in striking a deal with Kelechi and her company Zuvaa, let’s jump ahead to the present day and get a Zuvaa update to see whether the company has grown since appearing on Season 9 of
Sadly, the company appears to have gone out of business during the 2019 calendar year and is no longer in operation.
You can find the other company updates from Season 9 Episode 19 here:
Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from