Since appearing on Shark Tank three years ago, this great company has sold more than $5 million worth of products. The options are endless with this excellent silicone mat that can be used for many different things. Splash Guard, Trivet, Placemat, Jar Opener, Potholder, Food Cover, Utensil Rest, Funnel, Kids Plate, Sink Drain Cover, Turntable Protector, and so much more! It will soon be your favorite kitchen tool.
Safe Grabs Net Worth
During the pitch, the company was worth $625,000, but after Lori Greiner invested, it was only worth $300,000.Since then, the company’s sales have been good, and in 2022, they expect to make $4 million a year. This is why the net worth of the company has gone up.
Who is the Founder of Safe Grabs
Cyndi Lee of Houston, Texas, started SafeGrabs because she didn’t want to use a towel as a child to get hot plates out of the microwave. SafeGrabs is a microwave oven mitt, placemat, trivet, potholder, jar opener, utensil rest, splatter shield, and food cover all in one.
Cyndi’s invention was initially called the Micro Easy Grab, but she changed the name to show that it could be used in more ways.
What Happened to Safegrabs at Shark Tank Pitch
In episode 5 of Season 8, Cyndi Lee asked a shark to invest in her business so that she could get a purchase order from these types of stores. She needed money to make products, so she asked the shark to invest. She will almost certainly need the help of a shark to get financing for a purchase order. $75,000 for a 12% share of her business, worth $625,000.Over the past three years, she has made more than $300,000 in sales, mainly through Amazon and other small stores.
Mark was impressed by Cyndi’s presentation, but he thought Safe Grabs was more of a single product than a business with room to grow. He left before anyone else. Kevin didn’t know that Safe Grabs’ benefits were as evident on the package as when Cyndi showed them to him. Cyndi’s presentation was fun, but he thought the product wouldn’t sell itself without her enthusiastic explanation and demonstration. He, too, was gone.
Robert told Cyndi that he thought she would be a great spokesperson for this unique and useful product. But he wasn’t interested in the product or the business, so he was also out.
Cyndi looked like she was worried, which made sense. Even though all four sharks liked her presentation and how hard she worked, they decided not to invest in Safe Grabs. Lori would make the difference. Lori loves it and is willing to pay $75,000 for a 30% stake in the business. Cyndi replies with $75,000 for 17.5% of the company. Lori raises her offer to 25% equity shares, but Cyndi counters with an offer of 20% equity shares in the company. Lori turns down Cyndi’s offer. Cyndi agrees to the deal and says yes to the pitch.
Where Can I Get Safe Grabs
Cyndi hadn’t yet made a deal with a bigger store, but Safe Grabs was already sold on Amazon and in a few small shops in her area.
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