Shark Tank product DrainWig's net worth isn’t available online, but the company seems to be thriving since its appearance on the ABC show’s ninth season. It’s still a popular item on Amazon with thousands of positive reviews.
Even if its current valuation isn’t publicly known, we can get a hint about DrainWig’s worth from Shark Tank investor Kevin O’Leary's equity offer. He offered $300,000 for 15 percent, which suggests that he thought the company was worth $2 million.
Its inventors were seeking that same amount for 5 percent, which suggests that they thought the company was worth $6 million. Either way, the shower-drain hair-catcher is a valuable idea!
O’Leary went from DrainWig investor to pitchman—despite his bald pate!
Wife-and-husband team Jennifer and Gifford Briggs presented DrainWig on Shark Tank in Season 9, according to Business2Community. The inventors explained that DrainWig was available at Walmart and Bed Bath & Beyond. The product had racked up $14.2 million in sales, but they wanted help taking back control of the product since most of the profit was going to an informercial company.
O’Leary and fellow Shark Tank star Daymond John chomped at the bit to invest in DrainWig. They both offering $300,000 for 20 percent of the company. When the entrepreneurs countered with a 15-percent stake, O’Leary snapped up the deal.
Weeks after the episode aired, O’Leary hyped up the product on Twitter as he shared throwback photos of his former mop-top. “Believe it or not, this head of hair has clogged a lot of drains in its glory days!” he wrote.
A year later, O’Leary plugged the product again—pun intended—in a Facebook video with a joke about his baldness. “You know why I have no hair? Because I’ve been plugging up a lot of drains with what used to be there,” he said. “But that’s why I use DrainWig now.”
The product has over 2,000 five-star ratings on Amazon.
Amazon reviewers seem smitten with DrainWig. Currently, the product has 2,099 five-star ratings and 400 five-star reviews on the online store. The average for all of the reviews is 4.3 stars.
“Godsend for those of us with long hair,” one reviewer wrote. “This little thing catches so much hair that goes down the drain. It has saved me from ever having a clogged tub! I have been using this product for a few years now and haven’t had a single clog issue since. It’s gross when you pull it up, but cleaning out a clog is even grosser.”
Other customers aren’t so happy, though. One customer gave a one-star review and wrote, “I have had these for just about three weeks and both broke. I bought two of them. Within two weeks, the first one broke, and the broken half fell into the drain and was unretrievable. The second one broke in week four. … The chain is not rustproof or waterproof in any way. The water running into the drain completely eroded the little chain. Don’t waste your money.”