Baby Quip is a baby gear-providing company. It sounds like any other similar company selling baby equipment, but Baby Quip is way different. Baby Quip provides baby gear like strollers, diapers, car seats, cribs, etc. to traveling parents, who cannot carry such heavy loads with them, especially on flights.
Baby Quip has partnered up with Quality Providers and they provide the required baby gear to the parents at the destination. Quality Providers buy extra baby gear from gears for the parents who do not need those gears anymore and provide them with a one-time set-up fee of $100 and an 18.5% fee on each rental. Baby Quip now has around 500 providers all around the country.
Baby Quip at a Glance:-
|Idea||Online rental service for baby equipment, house cleaning, and shopping.|
|Founders||Joe Maier and Fran Maier|
|Asked For||$500,000 for 5% equity|
|Accepted Deal||No deal|
|Business status||In Business|
|Episode No.||Season 11, Episode 14|
Who are the founders of Baby Quip?
A pair of enthusiastic Mom and Son, Joe Maier and Fran Maier are the founders of Baby Quip. They started this business in 2016 and it’s gradually grown throughout the years. Babyierge was the initial branding name of Baby Quip, which got changed to make it easier for the users to remember it and search for it. Carrying a baby is not easy and managing their other equipment like car seats, cribs, and strollers doubles the headache.
Baby Quip solves the exact problem which is faced by parents or guardians who can rent all the mentioned equipment for a very affordable rate and can enjoy their trips. Baby Quip has its tie-ups with locals who are labeled as Quality Providers. The service delivering the equipment is done by Quality Providers, which makes it agile.
Did Baby Quip get a deal on Shark Tank?
Fran and Joe came on the Shark Tank seeking an investment of $500,000 for 5% equity in their business. Frank explained the whole concept of business, explained the role of Quality Providers and their costs. Quality Providers earn up to $600 per month. They demonstrated the whole process from renting to delivering the Baby Quip.
Sharks were impressed with the model but shared their concern about the huge investment required in the future. Sharks said that there is a very high risk involved in it, and more and more investment will be needed in the future run. Sharks appreciated the role of Quality Providers as they are generating employment through that step. Robert Herjavec said it was too risky to put in and go out. Lori Greiner didn’t get a clear picture of what role she’d be portraying, so she went out.
Mark Cuban raised the problem of future funding and marketing that would be required and left the pitch. Kevin O’Leary gave it thought from some other angle and gave an offer of $500,000 for 20% equity in return. Fran gave a counteroffer of $500,000 for 10% equity. Kevin O’Leary declined the counter and the founders of Baby Quip rejected Kevin’s offer as they were not ready to give such a high percentage of equity. No deal was made and the pitch was closed.
What happened to Baby Quip after the Shark Tank Show?
On the show, Baby Quip didn’t get any deal and once the show aired featuring them, the pandemic period was at a peak, which affected the whole business of Baby Quip. Founders shared that the sales dropped down to 60% of sales. Baby Quip started a home cleaning and shopping service after the show with the help of Quality Providers to earn revenue. Baby Quip’s whole business changed when they acquired Tot squad, which is a car sanitizer company. Baby Quip along with Tot Squad will spread to over 600 cities in 2020.
During the show, they asked for a valuation of $10,000,000, which was not approved by any sharks on the show. The valuation fell for a while, but when they started new services, they came back on track.
After the show, In December 2021, Baby Quip came into partnership with Hyatt, Vrbo, Avantstay, Xplorie, Guesty, dack, and many more. Baby Quip didn’t stop here, they raised funds of $1.3 million in 2022, to expand their business at a global level, add new services and create their platform. For purchase, you can click here. The estimated annual revenue of Baby Quip is $23 million and they are leading to a $100million company.
Competitors of Baby Quip are:-
- Babies Gateway
- Baby’s Away in
- Big Rentz
- Borrow Lenses
What is the net worth of Baby Quip?
The valuation asked during the show was $10,000,000, which was rejected by the sharks. The estimated annual revenue of Baby Quip is $23 million and they are leading to a $100million company.
Is Baby Quip still in business?
As of 2022, Baby Quip have many bigger plans as they raised funding of $1.3 million a few months back to expand their business internationally, add new services and create their platforms. Baby Quip started home cleaning and shopping services when the pandemic came. Baby Quip is doing spectacular in sales. Bizz Bucket wishes them great numbers ahead.
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What is Baby Quip?
Baby Quip is a baby gear-providing company. It sounds like any other similar company selling baby equipment, but Baby Quip is way different. Baby Quip provides baby gear like strollers, diapers, car seats,
Who founded Baby Quip?
A pair of enthusiastic Mom and Son, Joe Maier and Fran Maier are the founders of Baby Quip. They started this business in 2016 and it’s gradually grown throughout the years. Babyierge was the initial branding name of Baby Quip, which got changed to make it easier for the users to remember it and search for it.