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Safe Grabs Net Worth: What Happened to Safe Grabs’ Pitch On Shark Tank?
Today we talk about Safe Grabs Net Worth. This excellent company has produced over $5 million in retail sales since its appearance on Shark Tank three years ago! The possibilities are unlimited with this wonderful, very adaptable, and multi-functional silicone mat.
Trivet, Placemat, Jar Opener, Potholder, Food Cover, Utensil Rest, Funnel, Kids Plate, Sink Drain Cover, Turntable Protector, and much more! It’ll become your new favorite culinary gadget in no time!
SafeGrabs Net Worth
The company was valued at $625,000 during the pitch; after Lori Greiner’s investment, the company was valued at $300,000. Since then, the company has done well in sales, with a projected annual revenue of $4 million in 2022. This helps to understand why the company’s net worth has grown.
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SafeGrabs Was Founded By Whom?
Cyndi Lee of Houston, Texas, founded SafeGrabs because she was too sluggish as a youngster to use a towel to pick up hot plates from the microwave. SafeGrabs is a microwave oven mitt, trivet, potholder, jar opener, utensil rest, splatter screen, and food cover all in one. Cyndi’s innovation was originally called the Micro Easy Grab, but she altered the name to emphasize its larger application as a product.
What Happened To SafeGrabs’ Pitch On Shark Tank?
In episode 5 of Season 8, Cyndi Lee chose to bring in a Shark to invest in her business in order to assist her to secure a buy order at these types of retailers; she needs money to produce products. She’ll almost definitely need the help of a Shark for purchase order financing.
$75,000 for a 12% interest in her company, with a $625,000 valuation. Over the course of three years, she has made over $300,000 in sales, largely through Amazon and other mom-and-pop shops. Mark was impressed by Cyndi’s presentation, but he thought Safe Grabs was more of a single product than a sustainable firm with growth possibilities. He was the first of the Sharks to depart.
Kevin thought the benefits of Safe Grabs were not as clear in the box as they were in Cyndi’s demonstration. Cyndi’s presentation was engaging, but he believed the product would not sell itself unless she enthusiastically explained and demonstrated it. He had also left.
Robert told Cyndi that he believed she’d be a great spokesman for this unique and valuable product. However, it was not a product or business in which he was interested, so he also declined. Cyndi was visibly worried, which was understandable.
Despite the fact that all four Sharks loved her and enjoyed her presentation, as well as praising her passion and efforts, they decided not to invest in Safe Grabs. Lori would make the final decision. Lori is enamored with it and offers $75,000 in exchange for 30% ownership of the business.
Cyndi offers $75,000 in exchange for 17.5% equity. Lori raises her offer to 25% equity shares, but when Cyndi counters with 20% equity shares, Lori declines. Cyndi accepts the pitch and agrees to the terms. Cyndi Lee is an entrepreneur. Business: BPA-free multi-purpose kitchen tool. The asking price: is $75,000 for 12% equity.
What Became Of SafeGrabs After Shark Tank?
Following the closure of the transaction with Lori during the pitch, SafeGrabs SOLD OUT on QVC the day after Shark Tank aired. Cyndi’s annual revenue is $2.4 million. Her product range now includes pinch mitts. As of December 2021, the company was still in operation, with annual revenue of $4 million.
The Advantages of Safe Grabs Heat Resistance: The primary advantage of Safe Grabs is its exceptional heat resistance. While the maximum temperature is 475° F, you can move dishes or cups without being burned. Multifunctionality: This is a very versatile item. It can be used as a trivet, oven mitten, jar opener, food cover, tablecloth, pot holder, and other things.
Food Grade Silicone: It is not uncommon for mittens or fabric holders to be dipped in food by accident. When this happens, it can lead to health problems and bacterial infections. This kitchen mat, on the other hand, has BPA-free food-grade silicone.
Bacteria cannot accumulate in silicone as long as it is clean. It can also be used in the microwave and the refrigerator. Don’t worry about contaminating the meal. Safe Grabs have a revolutionary elevated circular shape that distributes heat evenly. This feature boosts heat resistance greatly. The design is dishwasher-friendly, so cleaning is a pleasure.
Where Can I Purchase SafeGrabs?
Cyndi hadn’t yet secured a larger store arrangement, but Safe Grabs was available on Amazon and in a few local small retail shops.
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