Grease Bags is an eco-friendly product that could be used to dispose of and compost the used cooking grease. The non-toxic, absorbent and natural product allows easy and green composting. The cost to make Grease Bags is $2.34 and is sold at $12.99.
In December 2016, an unsuccessful Kickstarter campaign was started to raise $25,000 but it raised only $75. Grease Bags are similar to the products used for oil spills and are similar to bioremediation products.
Grease bags at a Glance:-
|Idea||Grease bags:- Kitchen Grease Disposable Compostable Bags|
|Asked For||$75,000 for 25% equity|
|Accepted Deal||$75,000 for 50% equity|
|Business status||In Business|
|Episode No.||Season 8, Episode 13|
|Buy on Amazon||Boy Now!|
Who is the founder of Grease Bags?
Latangela Newsome is the founder of Grease Bags. She is a single “momtrepreneur” and in 2001-02, acted in a Nickelodeon TV series Taina. She wanted to create something to dispose of grease but did not want to add to pollution by using plastic bags or pouring it down the drain. She said, “Challenge is educating people on the importance of proper grease disposal and how simple the solution really is.”
Did Grease Bags get a deal on Shark Tank?
Newsome came on episode 811 seeking an investment of $75,000 for 25% equity in the business. Robert Herjavec prompted and motivated her to demonstrate the product because she was nervous. The sharks ate some chicken wings so that they could test the product. It was revealed that the product was still in the prototype stage.
Lori Greiner was out because she does not fry food. Barbara revealed that she loves fried bacon for breakfast. Mark Cuban was not convinced with the idea of green products and fried food going hand in hand and was out. Kevin O’Leary was not fine with the packaging and he admitted that he would never use the product hence, he was out too.
Robert Herjavec liked Newsome but was not fine with the uncertainty of the business. So, he was out too. Barbara was the only one left in the tank. She wanted the price to be cut down to $6.99 and offered $75,000 for 50%. Newsome accepted the deal.
What happened to Grease bags after Shark Tank?
After the Shark Tank show, the deal between Barbara and Newsome fell through as the material cost were too high to maintain. Newsome was planning for the increase in sales that Grease bags received after their appearance on the Shark Tank.
She was planning to pay the cost from her account but she ran out of money during the shipping period due to which Grease bags clients were very disappointed with it. However, she managed to re-establish the business and its stability. Newsome shared that if they would have not appeared on the show, they wouldn’t have been out from their tough time which she appreciates, and thank Shark Tank and Shark Barbara Corcoran for her suggestion.
The current price of Grease bags is $8.99. Before that, it cost three bags for $12.99. It cost them $2.34 manufacturing cost per unit. During the pitch, the company got a valuation of $150,000.
Competitions of Grease bags:-
These are not the actual competitors of Grease bags but are kind of similar in terms of features.
- Grease Relief
- Goo Gone
What is the net worth of Grease bags?
Grease bags was valued at $150,000 at the time of the shark tank apperance.
Is Grease bags is still in business?
Grease bags are available but it’s serviceable to the public market as it is still in the testing process.
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What is Grease Bags?
Grease bags are Kitchen Grease Disposable Compostable Bags.
Who founded Grease Bags?
Latangela Newsome is the founder of Grease Bags. She is a single “momtrepreneur” and in 2001-02, acted in a Nickelodeon TV series Taina. She wanted to create something to dispose of grease but did not want to add to pollution by using plastic bags or pouring it down the drain.