Are you a mom that is worried about their children going to parties and you having to wait for them to get exhausted and bring them home? The Coop is here to provide a solution for this universal problem of adults.
The Coop is an initiative to solve this worry of new-age moms. It is a startup that aims at providing a combined celestial space for both mothers and their children.
It provides a better alternative to crowded spaces for children and also a chic chilling space for Gen-Z moms.
The Coop at a Glance:
| Idea | The Coop is a startup that aims at providing a party planning service with combined celestial space for both mothers and their children. |
| Founders | Juliet Boydstun and Lucinda Kent |
| Asked For | $150,000 for 15% |
| Accepted Deal | $150,000 for 15% (with a warrant) |
| Sharks | Barbara Corcoran |
| Business status | In Business |
| Episode No. | Season 4, Episode 11 |
Index:
What is The Coop?
The founders of the company Coop are two mothers Juliet Boydstun and Lucinda Kent, who aimed at providing not only a spacious and entertaining space for kids’ parties but also providing an equally chic chilling spot for the adults, through their party planning service.
The idea is to maintain the essence of children’s parties but combine it with a space for adults to hang out as well and not just wait to escort their children back home.
Founder Story:
The idea of the startup blossomed when two LA party animals turned into mothers and started attending their kids’ parties with no zeal whatsoever, where at one time both of them were known for their amazing parties thrown.
Both the founders met at one such party and instantly resonated with the idea of having a full-fledged party that would not only entertain kids but would also be a place for adults to unwind and relax. Thus, The Coop came into existence.
Did The Coop get a deal on Shark Tank?
Juliet Boydstun and Lucinda Kent brought their concept to the Shark Tank and explained their idea of a party planning service.
They claimed that they have realized them being good at organizing and throwing parties but not as good at making it into a business, therefore, they needed a mentor.
Most of the sharks including Robert Herjavec, Kevin’O Leary, and Mark Cuban asserted that they could do well without the Sharks’ resources. Then, Barbara Corcoran, showing belief in their idea, proposed a “Dream Deal” to the founders,i.e. a valuation of $ 1 million that they initially asked for.
The founders had to agree that Barbara will return money to them when they have repaid the hundred and fifty thousand dollars.
What happened to The Coop after Shark Tank?
Before being a part of Shark Tank, The Coop earned $100,000 in profit and generated $350,000 in revenue in 2011. After being a part of Shark Tank and sealing a deal with Barbara Corcoran the company gained immense popularity, especially among Gen-Z parents.
The Coop along with Barbara started television negotiations where Barbara took the lead. The Coop opened its stores at 7 locations around the USA.
It also started a new initiative called ‘Coop Crates’, where the customers can take the experience of The Coop from the comfort of their homes. As of August 2022, their annual revenue is $3.4 million across all 7 locations.
Product Details:
- The Coop is an outdoor/indoor play space for children that is less crowded and more personalized according to the customer’s needs.
- It is designed to provide a safe play environment for children to learn, play and explore.
- The Coop offers slides, tunnels, ball pits, bounce houses, video games, painting areas, and more.
- The Coop also offers parents a place to relax and enjoy a cup of espresso or mocha.
- The Coop is also available for party planning services from $695 to $2,975 per event.
What is the Net Worth of The Coop?
During the pitch, The Coop was valued at $ 1 million. At that time Coop only had a store at one location and was yet to tap into the substantial market.
After securing a deal with Barbara at Shark Tank, the company has expanded to 7 additional locations, generating a revenue of $3.4 million annually.
These suggest that the net worth of The Coop has increased by various manifolds from the time of appearing on Shark Tank. The Net Worth of The Coop is $5 million as of 2023.
Who are the Competitors of The Coop?
The Coop is a one-of-a-kind party planning service for both children and adults. Due to the uniqueness of its idea, The Coop still does not have any potential competitors in the market and has a monopoly in this ever-expanding market.
Is The Coop still in business?
The Coop is still in business as of 2023 and has seven locations across the United States. Since appearing on Shark Tank in 2015, The Coop has expanded to multiple locations in and around Los Angeles after securing an investment from Barbara Corcoran.
They continue to serve their customers and stay loyal to their aim of providing safe and secure play spaces for kids and chic and spacious chill zones for adults as well.
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FAQs:
What is The Coop?
The Coop is a startup that aims at providing a party planning service with combined celestial space for both mothers and their children.
What's the net worth of The Coop ?
During the pitch, The Coop was valued at $ 1 million. At that time Coop only had a store at one location and was yet to tap into the substantial market. After securing a deal with Barbara at Shark Tank, the company has expanded to 7 additional locations, generating a revenue of $3.4 million annually.