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Nana Hats Shark Tank Update

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What comes to your mind reading out this name, for sure something related to hats? When I read it for the first time, I never thought it meant hats for Bananas. The Banana is indeed a fruit that turns brown quickly.

Sometimes it’s difficult to finish them off before they go bad or they aren’t always when we want them to be. Nana hats are the solution for this. It is a cute yet effective way to preserve bananas for longer.

Nana Hats Banana Preservers are very simple BPA-free crochet silicone caps that are to be placed on the stems of bananas. It is the world’s first banana preservation device designed to keep bananas fresher for longer.

These hats are designed with adorable characters. But how do these crochet caps help? They inhibit the ethylene gas naturally emitted by the fruits slowing down their ripening process.

Nana Hats at a Glance:

IdeaPreserving Bananas and their freshness for a longer time.
FoundersSean Adler
Asked For$150,000 For 10%
Accepted Deal$150,000 for 20%
SharksLori Greiner and Peter Jones
Business statusIn Business
Episode No.Season 14, Episode 6
Buy on AmazonBuy Now!

Index:

What is Nana Hats?

Nana Hats is a company that appeared on Season 7 of Shark Tank in 2015. The company is owned by Nancy and her son David, who create custom-made hats from recycled sweaters and fabrics. The Sharks were impressed with the company’s eco-friendly approach and unique products, but ultimately, none of the Sharks made a deal.

Founder Story:

Sean Adler, the owner, and creator of Nana Hats have always been up for eating fresh Bananas before they turn brown. Over the years, he tried various methods to keep his bananas yellow with the help of duct tape, saran wrap, and foil but did not get the needed results. He chose not to use plastics.

He always knew there would be a better option for it and that’s how he came to Nana Hats. The first time he thought about Nana Hats, it was just a random idea he told his journal. From that till now, Nana Hats is today a top-selling product. He came up with the idea in 2016 when the fruits went rotten quickly that he got from a grocery store. Today Adler feels happy that his efforts for a small but useful product paid off.

Did Nana Hats get a deal on Shark Tank?

Yes, Nana Hats did get a deal on shark Tank. As Adler entered the show he explained the scientific process that his hats followed. With this presentation of Adler, sharks were very impressed to know the innovative and creative cute little way of preserving the bananas Adler asked for $150, 000 for 10% of the company.

Kevin O’Leary aka Mr. Wonderful agreed to Adler’s original offer but wanted $1 royalty for each hat sold. Before Adler could make any decision, he got another offer from Lori and Peter of $ 150,000 for 30%of the share. It seemed too much for Adler, so he made a counteroffer and made a deal of $150, 000 for 20%of the company.

See also  What Happened to LavaBox after Shark Tank?

What happened to Nana Hats after the Shark Tank?

One of the reasons sharks invested in the Nana Hats was that the product had already received a positive response before the shark tank itself. Adler had raised $4, 761 from 148 people in a Kickstarter campaign to start his business. The huge thing for the company was that it sold almost all of its inventory on Amazon in less than 48 hours right after the show.

The hats are available on the website in various designs like monkeys, Octopi, Unicorns, Vikings, Watermelons, and many more. The set of hats costs $12.99 per pack.

The valuation of the Nana Hats during the pitch was $1.5 Million and was brought down to $750, 000 after the deal. The company generated more than $400, 000 in the year 2021, he also said that he expects the company to generate $600, 000 revenue in 2022 which would increase the net worth by 30%.

Since appearing on the show, Nana Hats has continued to grow and expand its business. The company has a strong online presence and sells its products through its website as well as through Etsy. Nana Hats has also participated in various craft fairs and events, building a loyal following of customers who appreciate the company’s one-of-a-kind products.

While Nana Hats did not receive a deal from the Sharks, the exposure from the show helped to raise the company’s profile and attract new customers. The company’s focus on sustainability and unique designs have helped to differentiate it from other hat companies and continue to fuel its growth.

What is the net worth of Nana Hats?

The net worth of the Nana Hats was $1.5 million during the pitch as per the founder. As per the Sharks, the net worth is $750, 000.

Is Nana Hats still in business?

Yes, the company is still in business. Since appearing on the show, Nana Hats has continued to grow and expand its business. The company has a strong online presence and sells its products through its website as well as through Etsy. Nana Hats has also participated in various craft fairs and events, building a loyal following of customers who appreciate the company’s one-of-a-kind products.

While Nana Hats did not receive a deal from the Sharks, the exposure from the show helped to raise the company’s profile and attract new customers. The company’s focus on sustainability and unique designs have helped to differentiate it from other hat companies and continue to fuel its growth.

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FAQs:

What is Nana Hats?

Nana Hats Banana Preservers are very simple BPA-free crochet silicone caps that are to be placed on the stems of bananas. It is the world’s first banana preservation device designed to keep bananas fresher for longer.

What's the net worth of Nana Hats?

The net worth of the Nana Hats was $1.5 million during the pitch as per the founder. As per the Sharks, the net worth is $750, 000.

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