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Denver startups hook investment deals on ABC’s “Shark Tank”

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Two Denver startups are now swimming with sharks.

In Friday’s episode of ABC’s Shark Tank, Wedfuly and Wad-Free got out there with “Shark” deals by Robert Herjavec and Kevin O’Leary, also known as “Mr. Nifla.”

Wedfuly

Denver-based Wedfuly was founded by Caroline Kreidenberg, a former software engineer, in 2017.

It originally offered virtual wedding plan services. When the plague struck, Kreidenberg vacated and began assisting in the operation of virtual wedding ceremonies in Zoom. The company handles the technical side of the event, which includes sending tripods and camera equipment for rent to film the event and providing a remote production team to turn on and off the live broadcast.

The photos on the spot are taken by the couple themselves or a friend or family member with technological knowledge. Base packages range from $ 800 to $ 1,200, with extras available.

Kreidenberg told BusinessDen that Shark Tank producers came to the company in March, and its segment was filmed in July.

“I was there for an hour and a half, and I do not remember anything that happened because there is so much adrenaline in it, and I feel like I was confused,” Kreidenberg said.

In the plan, Kreidenberg wore wedding veils and asked for $ 200,000 in exchange for 5% of the company’s shares. She told the group of investors that since March 2020, Wedfuly has hosted 700 virtual weddings and made $ 1 million in sales with a 75% profit margin.

Three sharks retreated quickly. Diamond John said that with the plague subsiding, people want to attend personal weddings now more than ever. Laurie Greiner said she liked Kreidenberg’s story but the business did not suit her. And Mark Coban noted the scale as a challenge.

Courtesy of Wedfuly through BusinessDen

Wedfuly broadcasts weddings to couples live.

O’Leary, however, was interested in data that Kreidenberg could collect through Wedfuly. He offered $ 200,000 for a 20% stake in the company.

“I have a lot of other companies that deal with weddings,” Oliri said. “I do not think you are worth $ 4 million. But it’s an interesting data entry business if you’re willing to work with the other companies so we can sell all our other stuff to your customers.”

When Kreidenberg asked O’Leary to lower the capital to 10%, he quickly refused. But Herjavec decided to take her on it, saying he thinks she’s a great operator, and I think you’re going to understand that.

“I did not believe Robert had moved and suited what I was dealing with, so I was too excited,” Kreidenberg told BusinessDen. “I did not want to give up a lot of my business because I own 100%, and it is important that we have the ability to do what we think is best because we are in business every day.”

“We are pleased that Robert’s expertise, especially in the world of technology, is on our side,” she added. “As exciting as it is to get the money, it’s much more exciting to see Robert on our team – and it’s more expensive.”

Wedfuly plans to use the funds to invest in sales and marketing, Kreidenberg said. The startup has four full-time employees and 15 part-time employees with an office in the RiNo taxi building at 3455 Ringsby Court.

11.9D Shark Tank 5 scaled 1

Courtesy of Shark Tank through BusinessDen

Wad-Perry founder Cindy Bray is tired of re-washing tangled sheets.

Wad-Perry

Wad-Free was Denver’s second startup featured on the show. Cyndi Bray launched the company in June 2020 frustrated by bed sheets that towered over the washer and dryer.

Bray went home with her dog from the post office when she got the call to be in the summer shark tank, “and I started dancing in the street,” she said. She applied even before she received a prototype for her product.

Berry made a convincing pitch for her startup with a demonstration that anyone who has washed sheets can relate to.
The Wad-Free for Bed Sheets, sold for $ 19, is a fastener that attaches to the four corners of flat or fitted sheets to prevent them from getting tangled in the washing or drying machine.

Bray got into the shark tank and demonstrated the “terrible Wad trio” she experienced before the invention of the Wad-Perry.

“First of all, there’s the tornado surface,” Bray said as she pulled out twisted sheets from a washing machine. “Yes, that tangled mess is not clean. Then, we have the hostage-taking wing, where wet items are trapped in the fitted sheet. Then there is the burrito nut, where one sheet wraps itself around everything else in the luggage, and nothing inside dries out. “.

Bray, whose segment was filmed in July, told “Sharks” that it has made sales of $ 513,000 since its launch in June 2020. She told BusinessDen Monday that she is reaching $ 1.1 million in lifelong sales.

11.9D Shark Tank 6 scaled 1

Courtesy of Wad-Free through BusinessDen

Wad-Free for Sheets sells for $ 19 online.

Wad-Free costs $ 3.50 per production, and Bray said it has a 38% net profit, which has garnered praise from Cubans. It manufactures the product in Denver and has a patent, trademark and copyright.

Barry has a master’s degree in business administration and a background in advertising and graphic design, and she ran her own company for nearly 20 years before her husband was diagnosed with a tumor in 2005. Wad-Perry is now making her full-time appearance.

“I had to build everything myself,” Bray told BusinessDen. “I’m not an engineer, and I have no background in e-commerce. I taught myself how to make my own CAD drawings to design the product and about the injection. I created prototypes in the Denver Public Library that I tested on my friends, family and strangers until I got a product everyone loved in the world.”

Bray asked the investor group for $ 200,000 for 5% of the company’s stock.

Olivier, who said he slept naked on “the most expensive Egyptian cotton the world produces – thousands of dollars,” first asked if Wadi Perry would harm the quality of his bedding. But Bray assured him that as long as he followed the guidelines for both the fabric and the Wad-Free product, no damage would be done.

Coben, on the other hand, said he “rarely” washes his sheets and does not address the issue, so he walked away from the deal. Both Herjavec and John withdrew for similar reasons.

So it came down to O’Leary and Griner.

O’Leary offered $ 200,000 for 10% equity with $ 1 million in royalties.

Greiner, who called Wad-Perry an “ingenious product,” faced $ 200,000 for 25 percent of the business’ shares. She said she wants to run Wad-Free information commercials and adapt the product to Better Bedder, a Shark Tank product she has invested in that keeps fitted sheets from slipping out of bed.

“I know it sounds like a lot. But let me tell you, I know how to make millionaires,” Greiner said. “That’s what I do, so that’s my offer. I want to be with you day after day and blow it up.”

Bray asked Greiner if she would earn 10% capital, but a famous QVC-TV said she would not fall below 20. O’Leary, in turn, said he would lower his capital to 5%.

Eventually, Bray decided to partner with O’Leary because of his low capital holdings.

“The way it turned out was the last thing I expected, to be honest,” Bray told BusinessDen. “Obviously the product is more in Lori’s wheelhouse as a consumer product, but I was not willing to give up so much equity, and I went with Kevin because it was a better long-term game. I liked the fact that he reduced his equity when the two sharks started fighting me. “It was fast and nervous.”

Berry does all the fulfillment for Wad-Perry outside of her home, and she has no full-time employees. In early 2022 it plans to introduce a new Wad-Free product designed for duvets and duvets.

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