The Baobab tree is an infamous tree that grows in Australia as well as Africa. Legend says that the tree can live for thousands of years. The people who collect fruits and water from the tree are provided with great nourishment as well. This is the inspiration behind the brand name ‘Baobab’.
The polo shirt manufacturing company claims that their polo shirts resemble the quality of the Baobab tree- they last for a long time. The shirts do not shrink, stain or shed color. These can be worn more than 10 times in a row without even washing because they are antimicrobial and the collar never warps or crumples.
The shirts also come with a small cloth made of microfiber, which is sewn into the bottom of the shirts, for cleaning glasses and screens of electronic devices. They come in blue, black, grey, and white colors, and cost $88 for short/ half sleeves and $98 for long sleeves.
Baobab at a Glance:-
|Idea||Baobab:- Shirts and t-shirts manufacturing brand by using the baobab tree as it strengthens the shelf life of clothes.|
|Founders||Brandon Devonport and Marcellus Alexander|
|Asked For||$150,000 for 10% equity|
|Accepted Deal||No deal|
|Business status||In Business|
|Episode No.||Season 11, Episode 3|
Who are the founders of Baobab?
Brandon Davenport and Marcellus Alexander III were the founders of Baobab. They are both tech entrepreneurs. They had already started and sold a venture company successfully. They found a new business opportunity in polo shirts that they both loved to wear but were disappointed because the polo shirts in the market were made up of low-quality cloth or did not last longer or had collars that easily crumpled up.
They launched Baobab and through Kickstarter and IndieGoGo campaigns, they raised $57,645. They shipped all the orders within nine months of the campaign. They just want a shark’s help to take their business to the next level.
Did Baobab get a deal on Shark Tank?
Marcellus and Brandon went to the shark tank seeking an investment of $150,000 for an exchange of 10% equity. Brandon and Marcellus tell us about the brand and demonstrate products and their uses. Sharks took samples and seemed impressed with that. When the sharks asked about the sales, the most disappointing moment was there.
The founder of Baobab shared that they had made only $83,000 in sales to date. Sharks lose their expectations and mood of investment. Robert Herjavec and Kevin O’Leary went out after hearing the sales figures. Daymond John followed Robert and Kevin and went out.
Lori Greiner said she loved the product but it was too early to judge the business and went out. Mark Cuban said they are not interested in other sharks and came out with disappointment. All the sharks went out due to t-shirt equipment. The founders of Baobab moved out with no deal in hand.
What happened to Baobab after the Shark Tank?
On the show, Baobab did not get a deal on Shark Tank. Despite their failure on the show, they became quite successful. With polo shirts for men and women and a good response from the people for them, they started selling face masks in the year 2020, during the pandemic. Forbes claimed that in 2020, Baobab earned revenue of $700,000.
During the pitch, they asked for a valuation of $1,500,000. The valuation asked was not fair enough as per their sales numbers. Baobab shirts don’t shrink or shed color. Baobab comes in various colors, like black, blue, grey, and white, and the price range varies with the sizes. Short sleeves cost $88 per piece and $98 for long sleeves.
In 2021, Forbes also featured the co-founder Marcellus Alexander III as ‘The Next 1000’. Their face masks and polo shirts are available on Baobab’s official website as well as on Amazon. As of 2021, they have also raised crowdfunding of $103,459 for operations. As of 2022, they have annual revenue of $900,000 to $ 1 million.
Competitors of Baobab are:-
- Under Armour
- V Valance
What is the net worth of Baobab?
The valuation for the show was $1,500,000, which was not altered by any sharks. Baobab was worth $700,000 in 2017. The current estimated net worth of Baobab is more than $1 million.
Is Baobab still in business?
Baobab is still in business and they are doing a great job. Baobab is available on Amazon and various other stores to purchase and place orders. Baobab also added face masks and Polo t-shirts. Bizz bucket wishes great success ahead to Baobab.
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What is Baobab?
Baobab shirts and t-shirts manufacturing brand by using the baobab tree as it strengthens the shelf life of clothes.
Who founded Baobab?
Brandon Davenport and Marcellus Alexander III were the founders of Baobab. They are both tech entrepreneurs. They had already started and sold a venture company successfully.