Although play yards can get very messy, they are a great convenience for parents and babysitters.
For this reason, Amy Feldman and Allison Costa developed Coverplay, an international playyard cover. Play yard slipcovers that are simple to clean are produced by Coverplay.
The sharks were shown how unclean play yards may get by Amy and Allison. They expose the play yard to germs and stains when they eat, sleep, and have accidents in them.
When Alison saw how difficult it was to keep the play yard clean, she had this business idea. To protect the play yard, their company, Coverplay, has created a unique protective cover that fits over it with ease.
This business was co-founded in 2007 by Alison and her buddy Amy. Having spent a significant amount of time in the design industry, these two women have a wealth of knowledge in the sector.
The women had already launched at Target and placed purchase orders with big hotel chains. Coverplay had gross revenue sales of $200,000 at the time of filming.
The average cost of a crib is $535, a play yard is $99.99, and slipsovers are $64.99. These products are available for purchase on Amazon or the company’s website.
Coverplay at a Glance:-
| Idea | Protective covers for baby play yards |
| Founders | Amy Feldman and Allison Costa |
| Asked For | $350,000 for 15% equity |
| Accepted Deal | $350,000 for 40% equity |
| Sharks | Barbara Corcoran |
| Business status | In Business |
| Episode No. | Season 1 |
| Buy on Amazon | Buy Now! |
Index:
Founder Story:
The company was founded in 2007 by Amy Feldman and Allison Costa with the goal of developing a product that would make the play yard of your kids a safer and cleaner place.
As a new mother, Allison loved to spend time with her twins in their play yard, where they could play, nap, and socialize in a secure setting.
But she was annoyed at how hard it was to maintain the play yard in order. It was also the focal point of her specially created living area, like a sore thumb.
Then it dawned on her to combine traditional and whimsical motifs into a timeless selection of cosy, kid-friendly sheets and slipcovers that go well in practically any play yard.
Allison was aware that she urgently needed assistance. She went to her closest friend Amy Feldman and gave her the job of creating a company, honing the product range, and solidifying COVERPLAY as a standard in the market.
Amy is a designer who has dedicated her life to setting trends by seeking out the most gorgeous ensembles and cutting-edge styles.
After being spotted by the renowned Henri Bendel store in New York, she developed her business acumen and launched a popular diaper bag line that was carried by Babies R Us, Bloomingdales, and Neiman Marcus.
Her collections were also displayed in the star-studded retailers Fred Segal and Kitson, and Hollywood is infatuated with her works.
Gwyneth Paltrow, Halle Berry, Kate Hudson, and Brooke Shields are just a few of the famous people who follow Amy. Trend tracking is Amy’s area of expertise, and she always has the right intuition.
She had a significant role in starting the fashion trend of personalization and is looking for intriguing new fashion discoveries to keep COVERPLAY designs current and new.
Did Coverplay get a deal on Shark Tank?
In order to establish their company and boost brand awareness, Amy and Alison went to the sharks and requested $350,000 in exchange for 15% equity.
Kevin Harrington left Coverplay because he thought the genre was too specialized for him. Barbara Corcoran consented to provide $350,000 in return for a 40% stake.
Daymond John further made a $350,000 for 65% offer. Daymond’s bid was joined by Robert Herjavec, who raised the price to $500,000 for 65%.
Kevin O’Leary then made the decision to join forces with Daymond and Robert, although at a new cost of $350,000 for 51%.
After giving Barbara’s suggestion some deliberation, Amy and Allison agreed.
What happened to Coverplay after Shark Tank?
Following a $350,000 investment from Barbara Corcoran on Shark Tank in exchange for 40% stock, sales of these slipcovers skyrocketed, and they are still slowly increasing.
They asserted that entering into the agreement with Barbara gave them access to a number of new financial opportunities.
They created a wood foldable crib that you can buy at Target stores. This company’s lifetime sales from 2009 to 2021 came to $10 million. The company anticipates $1.2 million in revenue in 2022 and $1.1 million in 2023.
What’s the net worth of Coverplay?
The estimated net worth of Coverplay is $2.33 million as per the founder at the time of Shark Tank, but Shark revalued it at $875,000.
A select few businesses get funding from Shark Tank, and some of them grow into billion-dollar businesses. These days, a lot of businesses are being established every day, and employment is increasing.
Is Coverplay still in business?
Indeed, Coverplay will still be operating in 2024. All of the products created and imported by this corporation are made in China, and its current headquarters are located in Los Angeles, California, USA.
There are reviews from numerous physicians and parents on the Coverplay website.
The majority of the reviews are positive and mention how much they enjoy having a slipcover because it is simple to clean and keeps the playground smelling fresh.
The doctors are also very optimistic, particularly in light of the fact that slipcovers are crucial for protecting kids from infectious diseases.
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FAQs:
What is Coverplay?
Although play yards can get very messy, they are a great convenience for parents and babysitters. For this reason, Amy Feldman and Allison Costa developed Coverplay, an international playyard cover. Play yard slipcovers that are simple to clean are produced by Coverplay.
What's the net worth of Coverplay?
The estimated net worth of Coverplay is $2.33 million. A select few businesses get funding from Shark Tank, and some of them grow to into billion-dollar businesses. These days, a lot of businesses are being established every day, and employment is increasing.
