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Lovepop Shark Tank Update

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What is the most obvious gift that makes a place for itself in a gift box to your loved one? Is it a greeting card?

Yes, it is. Maybe, because it is traditional and never outgoing. Now you may not agree, because today, someone rarely gifts someone a purchased card rather than a handmade one. But what if there’s some new uniqueness added to the cards? Lovepop, are pop-up cards made out of the engineering approach and using an ancient art form Kirigami.

Lovepop is a company that creates intricate pop-up cards for all occasions. The company provides decorations, flower bouquets, and handcrafted pop-up products for every occasion, to celebrate every moment, be it happy or sad. They conceptualize, design, and handicraft their Lovepop cards using high-quality paper, then they are cut individually, hand-assembled, and inspected for quality. 

All standard Lovepop cards and bouquets come with a blank note card to add a personal message. Or one can get a feature for a customized note and a photo too. The company is based in Boston and sells thousands of different designs.

Lovepop at a Glance

IdeaIntricate pop-up cards for all occasions
FoundersWombi Rose and John Wise.
Asked For$300k for 10%
Accepted Deal$300k for 15%
SharksKevin O’Leary
Business statusIn Business
Episode No.Season 7, Episode 11
Buy on AmazonBuy Now!

Index:

Founder Story:

Wombi Rose and John Wise are the founders of Lovepop. Wombi is the CEO and John is the COO. Both of them studied Naval architecture and marine engineering at Webb institute and encountered each other, with no idea they would be future business partners. Wombi completed his Master’s degree from MIT and joined Mckinsey and company while John joined Metal Sharks Boats in Jeanerette.

But how did these two friends become business partners? Together on a business school trip to Vietnam, they came across the art form of Kirigami and were inspired. With their engineering skills, they combined ancient art with the slice form structure used in ship design to develop Slicegami, and that’s how Lovepop was born.

Did Lovepop get a deal on Shark Tank?

With a distinctive card for every shark, the owners pitched their business on the show. They asked for $330k for 10% of the company.  They sold it in Boston at Kiosks and received more orders online where they offered special services. Barbara was very impressed with the variety of designs. 

But she backs out because she thinks that though the idea is smart, they are too fancy, while Lori too thinks that they are very beautiful she is not happy with the valuation so she is out. Mark too is out. Robert offers $300k for 20%, Kevin offers to partner but Robert thinks it’s not big enough for him to partner and Kevin offers the same deal, believing he can bring a lot of customers.

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Both of them make it to $300k for 15% indirectly battling for it. Confused owners end up making a deal with Kevin O’Leary.

What happened to Lovepop after Shark Tank?

Lovepop grew tremendously after the show aired. The show aired in 2015. They raised $22.5 million in 2019. They opened stores in California and Florida. Their revenue in 2021 was $40 Million. The revenue grew by 44% year-over-year in 2020. It had raised a total of $21.2 Million in funding.

The valuation of the company during the pitch was $3 Million, it was brought down to $1.5 Million when Robert and Kevin offered the needed amount for 20%. But it went up to $2 Million after the deal with Kevin. Started in 2014, the company made sales of $300,000 in just a year, before Shark Tank. 

The company made almost sales of $8.7 million in just one year after shark tank. They had 200 people working for Lovepop and today they have more than 800. The company has more than 100 variety designs sold online and in stores. They have their new releases for mothers day, zodiac Birthday cards, Anniversary cards, and many more.

Since then, Lovepop has become a huge success, expanding its product line and opening retail stores across the United States. The company has also partnered with major brands like Disney and the NFL to create licensed cards. As of 2021, Lovepop has sold over 20 million cards and has been valued at $300 million.

According to the year 2023 filing with the U.S. Securities and Exchange Commission, the company has raised a little over $5M, with $3 million of that amount from the conversion of existing convertible securities and $2 million from fresh capital investment.

Competitors

  • Hallmark Cards
  • Up with Paper
  • Graphics3
  • American Greetings
  • BMA Holdings LLC

What is the net worth of Lovepop?

The net worth of Lovepop during the pitch was $3 Million, it came down to $2 Million after the deal. Today the net worth of Lovepop is estimated to be more than $100 Million.

Is Lovepop still in Business?

Yes, Lovepop is still in business building sentimental connections between people and creating moments of happiness.

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FAQs:

What is Lovepop ?

Lovepop, are pop-up cards made out of the engineering approach and using an ancient art form Kirigami.

What's the net worth of Lovepop ?

The net worth of the company during the pitch was $3 Million, it came down to $2 Million after the deal. Today the net worth of Lovepop is estimated to be more than $100 Million.

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