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Ice Beanie Shark Tank Update

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Ice Beanie is a savior for anyone suffering from headaches due to chemotherapy recovery, migraines, concussions, fevers, sports injuries, etc. Ice Beanie is an adjustable beanie made of plush polyester and contains a gel pack designed to give acupressure to the wearer so he/she can be relieved from the continuous pounding of the head.

Ice Beanie has struck a good customer base on Amazon, with a lot of positive reviews for the product. Costing $39.99 on Amazon, the product has gotten a great response.

Ice Beanie at a Glance:-

IdeaAll-natural compression cold therapy for headaches  and migraines
FoundersNic Lamb
Asked For$50,000for 20% equity
Accepted Deal$50,000 for 25% equity
SharksMark Cuban
Business statusIn business
Episode No.Season 12, Episode 13
Website https://icebeanie.com/
Buy on AmazonBuy Now!

Index:

Who were the founders of Ice Beanie?

An international surfer and entrepreneur Nic Lamb is the founder of Ice Beanie. He has been surfing since he was 5 years old and has been entering various competitions since he was 9. In 2016, he suffered a head injury, followed by a concussion, at The Punta Galea Competition in Spain, which he had won two years earlier.

He had to apply ice packs to recover from the concussions and migraines, which was horrible. And that gave him the idea to turn it into a business to relieve people of their misery. He gave birth to Ice Beanie and started selling it online.

Did Ice beanie get a deal on the Shark Tank?

Nic Lamb came on the show in season 12, episode 13 to find a way and a mentor to help him with advice and Finance for his business. Nic Lamb came on the show for an investment of  $50,000 for 20% equity of the company at a valuation of $250,000. Ice beanie helps to get rid of migraine and no other products can cover the whole head like it does which is the reason it makes it unique and competitive in the market. 

After sharing the details, he handed it over to the sharks to take a test after which he shared that he had not patented the Ice beanie design yet. Mr. Wonderful cracked a joke that was that a grow hair?  Kevin O’Leary asked how many individuals were ready to keep heads into ice, Cuban in favor of Lamb said that Anyone who believed it would do it. Lamb shared that around 40 million people suffer from migraine only in the United States.

Kevin O’Leary was first to go out as he found it a niche market. Lori Greiner applauded Lamb but went out due to the competitive market. Mark Cuban gave an offer of $50,000 for 30% equity of the company, Mark tried to justify his offer by saying that he would keep a few of this in his NBA Club lockers. Nic gave a counteroffer of $50,000 for 25% equity in the business.

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Mark agreed to go with that number and a deal was made. After which, Daymond and Robert broke their silence,  Kevin and Robert said that he had made a wrong deal with Mark. John said that he had a better offer which was for $1million for 25% equity but he had already made a deal.

What happened to Ice beanie after the Shark Tank?

After the show, the demand for Ice beanie was at a peak, it was also sold on Amazon very quickly. Ice beanie had restocked their units on their official website, with varying options to buy which include a single unit buying option for $ 39.95 and a pack that can be bought for $71.91 which has 2 units and a price of 4 units is available for $127.84.

After the show, it was also made available on Etsy under the tag of the Natural Migraines and Headache relief Hat. Ice beanie at present has 2,067 followers on its Instagram and 876 posts which says they are quite active on their social media platform. On Amazon, it gained positive reviews from its users who say that it releases pain.

Do you know how much it costs to make it? It costs $ 7  per unit in making and is sold for $39.95 on the market. During the pitch, the deal made between Mark and Nic, made the valuation of Ice beanie at $2 million, as he asked for a valuation of $2.5 million. The agreement between them was completed in October 2021 and it generates $550,000 in sales. Before appearing on the show, Nic shared that they had done a sale of $100,000 up to 25,000 units in the year 2020.

Competitors of Ice Beanie:-

These are not the exact competitors of Ice beanie in the market, but are alternatives to it:-

  • Herb Tantra
  • Eva foam Roller
  • Migrelief
  • Migraine Health Combo

What is the net worth of Ice Beanie?

Ice beanie holds a net worth of $200,000 and is doing consistent work to increase its data and figures with the eradication of big trouble which is faced near us and we don’t even know.

Is Ice beanie still in the business?

Ice Beanie is still in the market as of 2020. Ice beanie is very active on its social media platform and on its own official website.

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FAQs:

What is Ice Beanie?

Ice Beanie is an adjustable beanie made of plush polyester and contains a gel pack designed to give acupressure to the wearer so he/she can be relieved from the continuous pounding of the head.

Who founded Ice Beanie?

An international surfer and entrepreneur Nic Lamb is the founder of Ice Beanie. He has been surfing since he was 5 years old and has been entering various competitions since he was 9.

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