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The Cut Buddy Shark Tank Update

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Are you tired of waiting in long lines at barber shops and want freedom from them?

Do you want to amp up your hair game your way but are too scared that you would accidentally spoil them? If the answer to these is yes, then Cut Buddy is here to be your mate.

Cut Buddy is a company that offers templates for all head sizes that aid you in cutting your hair precisely and free you from the hassle of going to the barbers’ all the time.

The Cut Buddy at a Glance:

IdeaHair-cutting tool for domestic usage
FoundersJoshua Esnard
Asked For$300,000 for 10%
Accepted Deal$300,000 for 20%
SharksDaymond John
Business statusIn Business
Episode No.Season 9, Episode 11
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Index:

What is The Cut Buddy?

Cut Buddy is a startup that produces templates that aid in getting a fine cut even at home.

It is a device that helps the user to cut their hair without having to go to a barber’s shop. The template is designed in such a way that it is helpful for cutting or trimming both beard and head hair.

The Cut Buddy was invented to aid everyone with cutting and shaving their hair at home and is therefore adjustable to various head sizes. It is a very useful tool for those who want to speed up the process of cutting hair.

Founder Story:

Joshua loved inventing things from the tender age of 13 itself.

He is an immigrant from St. Lucia, so his parents never let him go to a barber shop to cut his hair. Josh did not like his dad cutting his hair as his style did not resemble the cut other boys his age had.

To solve this problem, Joshua started cutting his hair using a template from old folders to get the desired cut lines. When he used it he looked better than the boys who got their hair cut by a barber.

This product of his was on the first page of his “Inventor Book” and sat on his shelf for 15 years before becoming the base for his business Cut Buddy.

Did The Cut Buddy get a deal on Shark Tank?

Joshua enters the tank seeking an investment of $300,000 for 10% equity, valuing the company at $3 million.

He begins by pitching his idea in front of the sharks and handling the samples. He reveals that he invented the product at the age of 13 and decide to launch it almost after 15 years!

He also tells the sharks that his product got the required hype when he asked a famous YouTuber to review his product and the video went viral, bringing them 4,000 orders in a day.

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He also states that Cut Buddy is already a part of retail chains like Wal-Mart and Target and is also available online.

After the presentation, Kevin instantly offered Josh $300,000 for $1.5 per unit loyalty until he gets back $1 million.

Daymond also offers him $300,000 in exchange for an equity of 20%. Josh tries to counter Daymond at 12.5% but eventually accepts Daymond’s original deal.

What happened to The Cut Buddy after Shark Tank?

Since appearing on the show the company’s sales have grown immensely to touch almost 100,000 units in sales.

The tool is now also recognized by Andis, which is a hair-care company. It is now available in various retail stores with the aim of expanding the retail business even further.

In 2018, the company partnered with Puff Cuff, a hair clamp used for trimming thick, curly hair. Joshua also started another business called Truffletopia, which sources the freshest truffles in Europe.

He was also featured in an update segment of Shark Tank where he says to have sold 300,000 units of Cut Buddy.

In 2020, they launched a new and improvised version of their product. They also sealed a deal with Andis Clipper where their clippers are packaged with Cut Buddies in various retail stores.

The Covid Era was actually a boon to the business as the sales reached over a million units due to the unavailability of barbers.

In January 2022, the company was opened for public investment. In April the company raised $156,400 on Seed at the Table, a crowdfunding for equity.

By July 2022, the product was available in Walmart, Target, Meijer’s, T.J. Maxx, Burlington, and various other famous retail stores with an annual revenue of $3 million.

Product Details:

  • Cut Buddy is a hair-cutting tool used for trimming and cutting hair at home.
  • It is a kind of template that helps give proper shape to your hair or stubble.
  • It has three curves and edges to ensure it works for all head shapes and hair types.
  • The product also works for beards.

What is the Net Worth of The Cut Buddy?

Cut Buddy had a net worth of $3 million before entering Shark Tank and delivering his pitch. After the pitch, he accepted Daymond’s offer which valued his company at $1.5 million.

As of the year 2022, the company has a net worth of around $1.5 million that will keep on growing constantly with the amount of attention coming along the company’s way.

Who are the main competitors of The Cut Buddy?

The major competitors of Cut Buddy are:

  • Hair in India.com (with a valuation of $5 million)
  • Howshine Wig Ltd (with a valuation of $5 million)
  • Bartow Barbers (with a valuation of $5 million)
  • Salon Skanda Inc (with a valuation of $5 million)
  • Gentleman’s Barbershop (with a valuation of $5 million)

Is The Cut Buddy still in business?

Yes, Cut Buddy is still in business and is currently in an era of profit. The company has gained a major customer base since its arrival on Shark Tank and is working its way up to the top of the ladder rapidly.

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FAQs:

What is The Cut Buddy?

Cut Buddy is a startup that produces templates that aid in getting a fine cut even at home.

What's the net worth of The Cut Buddy?

The company had a net worth of $3 million before entering Shark Tank and delivering his pitch. After the pitch, he accepted Daymond’s offer which valued his company at $1.5 million.

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