Cool Wraps is as cool as it is named. Cool Wraps is a gift wrap that is very easy to use without creating any mess. Cool Wraps and pack any size, shape, or irregular structure which is to be gifted to someone on their occasions. An individual just needs to slide the gift into the cool wraps and blow it and it’s packed. Eradicating the use of scissors, gum, and tape.
Cool Wraps are really cool as they save time and give opportunities to everyone, as you need experience packing the gift with Cool Wraps just slide and blow. Once you blow, it will automatically get wrinkles and it will look like you have paid to the store for packaging it so nicely. Cool Wraps are packaged for gift stores at retail displays and can be branded for specific stores. They can generate huge revenue to run further. Miller also sells on the fundraising circuit for the expansion of Cool Wraps.
Cool Wraps at a Glance:-
|Idea||Shrinking gift wrap technology|
|Asked For||$100,000 for 40%|
|Accepted Deal||$250,000 for 100% equity +3% royalty|
|Business status||In Business|
|Episode No.||Season 4, Episode 20|
Who are the founders of Cool Wraps?
Jeffrey Miller is the founder of Cool Wraps. He created the product for people who cannot wrap a present and have a problem with the process because it involves the chaos of scissors and paper. Miller sympathizes with those people and hence, he solved his problem with Cool Wraps. Miller has also created an advertisement for the product and also appeared with Cool Wraps on QVC.
Did Cool Wraps get a deal on the Shark Tank?
Jeffrey Miller came on the show looking for an investment of $100,000 in exchange for 40% equity in the company, which means giving more than 1/ 3/ 3rd directly of the company. He presented bags and showed demonstrations of his gift wrap and other unique products. Robert Herjavec asked him about the pre-wrapped gifts which made Miller flutter.
Jeffrey explained that the product has been on the market for the last 10 years but his former partner is not willing to mortgage his property because of unnecessary loans because of him. Now, Jeffrey is the only owner, but his own skills have created a hindrance to his success. Robert Herjavec said you’re not the sales guy” and said there is no market for this business” and went out. Lori Greiner saw potential in the product and business and gave an offer of $150,000 in exchange for 100% equity in the company. Mark Cuban jumped into the discussion and gave an offer of $250,000 in exchange for 3% royalty per unit and wanted an immediate answer. Miller took Mark’s offer and made a deal.
What happened to Cool Wraps after the Shark Tank?
After the show, Cool Wraps was successful in pulling over customers on its website. Still, people were very disappointed in the beginning due to the unavailability of products online. Cool Wraps was not found anywhere on the website or any social selling platform. Mark Cuban investors had his work cut out for him. Mark purchased a product with a proven track record and rebuilt the potential market segment.
After the show, the deal made with Mark Cuban was never closed. In 2015, it became strong on the web, which means it is ready for sale. Cool Wraps is a business concept that took a product that had been tossed aside and turned it into a successful business market.
During the pitch, they asked for a valuation of $250,000. At the end of the pitch, the deal was finalized at $250,000 for a 3% royalty per unit. There is no more addition of any other concept in the Cool Wraps. As of February 2022, it again seems that Cool Wraps is not serving online. Cool Wraps is still in business but approaching directly to the distributors to sell.
Competitors of Cool Wraps
There are many alternatives and modes of doing the wrapping but there is no identical competitor found for Cool Wraps.
What is the net worth of Cool Wraps?
The estimated net worth of Cool Wraps is approximately $185.2 k. Currently, it is operating on a different scale of business where the net worth seems to be growing very soon.
Is Cool Wraps still in business?
Yes, Cool Wraps is still in business but there is no availability of products on its official website anymore. Cool Wraps is now going directly through distributors to sell. Cool Wraps is still in operation and has an estimated revenue of $5million per annum.
Cool Wraps social links:
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What is Cool Wraps?
Cool Wraps is as cool as it is named. Cool Wraps is a gift wrap that is very easy to use without creating any mess. Cool Wraps and pack any size, shape, or irregular structure which is to be gifted to someone on their occasions.
Who founded Cool Wraps?
Jeffrey Miller is the founder of Cool Wraps. He created the product for people who cannot wrap a present and have a problem with the process because it involves the chaos of scissors and paper.