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FiberFix Shark Tank Update

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FiberFix is “super tape”. FiberFix is a lot stronger than duct tape. It claims to be around 100 times stronger than the latter. Fiber Fix is a combination of duct tape and epoxy and does not create any mess. People can simply fix almost anything, including broken bikes and pipes that are leaking.

FiberFix saves people money and time. Fiber Fix is cold-resistant, heat-resistant, and non-toxic. The most beneficial feature of Fiber Fix is it dries very quickly. Due to its unique features, Fiber Fix has great potential to do quite well in the market.

Fiber Fix at a Glance:-

IdeaStrong Fiber duct tape.
FoundersSpencer Quinn and  Eric Child
Asked For$90,000 for 10% equity
Accepted Deal$120,000 for 12% equity
SharksLori Greiner
Business statusIn Business
Episode No.Season 5, Episode 6
WebsiteFiberFix
Buy on AmazonBuy Now!

Index:

Who are the founders of FiberFix?

FiberFix was founded by Eric Child and Spencer Quinn. They decided to find a strong, water-resistant alternative to duct tape that can be used to repair anything. Duct tape is used by almost everyone to repair broken or weak items but it loses its effect when it gets wet and has to be reapplied numerous times.

But if a person uses Fiber Fix to repair something, they would never have to face this problem and hence, it is a more viable design created by the founders. The founders collaborated to find this special item and help many fight their repair issues.

Did FiberFix get a deal on the Shark Tank?

Eric and Quinn, founders of FiberFix, came on the show seeking an investment of $90,000 for a 10% equity in their business. They started their presentation by introducing themselves. Eric and Quinn used a hammer to show a demonstration by breaking a cinder block and fixing it with the help of Fiber Fix. Eric used an attractive line, Fiber Fix, which can fix things that could be fixed earlier.

They gave samples to the sharks to get a better understanding. When shark asked about their sales count, Quinn replied that they had sold products worth $100,000 in the last few months. The sharks were very impressed. They asked about its making and benefits. Eric shared the same. Kevin O’Leary was the first to share his opinion. His words indicated that he was super impressed by the Fiber Fix and gave an offer of $90,000 for an exchange of 70 cent royalty per unit and 20 cents in perpetuity until the investment amount is paid back.

Robert Scoffs was also impressed by these two entrepreneurs and shared his opinion about an offer of $90,000 for a 10% equity in exchange and justified his offer by sharing that he has good relations in hardware lines. Later, Eric and Quinn shared that they were already under a signed agreement with QVC. Daymond John shared that he’s out as he had already invested in a similar business named HSN. Lori Greiner is a queen of QVC. Lori offered $250,000 for an exchange of 18% equity in return and her bonding with QVC is remarkable.

A positive exchange of words seemed between sharks against each other. Robert gave another offer of $250,000 on a line of credit for 0% equity in return. Mark shared his view that it was underpriced, to which Lori replied that women would buy this on QVC. The duo leaves the pitch and comes back with a counteroffer of $120,000 for 12% equity in exchange, along with $ 2 million on a line of credit.

When Lori asked why they needed $2 million, they shared they were asking for it to fulfill the purchase order. Robert Scoffs went out by suggesting going with Lori. Lori Greiner is ready to go with the counteroffer of $120,000 for an exchange of 12% equity along with future funding for purchase orders.

What happened to FiberFix after the Shark Tank Show?

After the show, the deal made on the show between Lori Greiner and FiberFixe finally got closed. Fiber Fix and Lori Greiner bond was tapped tightly by Fiber fix. After the show, they started their call centers and started calling each warehouse to get orders. This initiative was outlined in favor of fiber fixing and drastic changes were noted in their sales figures. 

During the pitch, they came up with a valuation of $900,000, which was later updated to $1,000,000 with their counteroffer and Lori’s investment. 

After the show, they got an updated segment for episode 523. In the new segment, the warehouse and its relationship with Ace Hardware are portrayed. After a few years, Lori Greiner’s engagement came to an end in 2018, when Fiber Fix got acquired by J-B weld for an undisclosed amount. The business was going great but maybe it wasn’t great for Eric and Quinn. After the show, as per current updates, Fiber Fix has captured its position in over all the hardware stores.

FiberFix costs $2 to make and is sold for $4 on the wholesale market and for  $7.99 in the retail market.  Fiber Fix is now in some stores, like Walmart, Home Depot, Auto Parts, Lowe’s, AutoZone, ACE, Advance auto parts, True Values, Amazon, and over 50,000 stores.

Fiber Fix’s market growth improved its net worth and valuation completely. As of 2022, Fiber Fix has been acquired and still, there are no plans to stop it.  Currently, the founder, Eric Child, coaches football and baseball for kids in Highland, Utah.

Competitors of FiberFix are:-

  • Gorilla Glue
  • UHU
  • Liquid Nails
  • Orange Maker
  • Simplex Grinnell

What is the net worth of FiberFix?

The valuation at the time of the show was $900,000 as per the founder, which was later valued at $1 million by the Sharks. Since the company was acquired in 2018 by J-B weld estimated net worth is unknown.

Is FiberFix still in business?

FiberFix is still in business and going great in the market. After the show, they made their position in more than 50,000 stores. As of 2022, they are doing well. In 2018, Fiber Fix was acquired by J-B Weld.

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FAQs:

What is FiberFix?

FiberFix is a lot stronger than duct tape. It claims to be around 100 times stronger than the latter. Fiber Fix is a combination of duct tape and epoxy and does not create any mess. People can simply fix almost anything, including broken bikes and pipes that are leaking.

Who founded FiberFix?

FiberFix was founded by Eric Child and Spencer Quinn. They decided to find a strong, water-resistant alternative to duct tape that can be used to repair anything. Duct tape is used by almost everyone to repair broken or weak items but it loses its effect when it gets wet and has to be reapplied numerous times.

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