A company started by a mother from Battleground, WA that is trying to make child grooming easier for parents. The Tanglepet is is a high quality hairbrush hidden within a cute plush character that makes brushing hair a fun activity for children and easier on parents.
The founder, Liz, was a sales person who developed the brush after dealing with hair brushing problems with her own kids. She has acquired a provisional utility patent on the idea.
Since the company is only "months" old, sales are minimal though the entrepreneur claims to have made $8,000 in profits already and projects $100,000 by the end of the year. This is no doubt possible because the Tanglepet costs $2.60/unit landed, wholesales for $5/unit, and retails for $12.
This deal aired on Episode 9.03.
Making A Deal
Based on the fact that the brush feels and appears to be among the best she's seen and the plush toy is high quality, Lori made an offer for 50% of the company that was accepted. Because of the overall low cap of the company coming into the tank, this additional 15% over the offered amount represents a bite of $64,285 off the value.
However, it is the belief of the Stats Shark that this is the perfect deal for Lori as it is the kind of product that will benefit greatly from a demonstration and Lori is the queen of that type of product.
Episode 10.05, featured an update on Tanglepets in which the entrepreneur stated that, in cooperation with Lori, the brushes and plush toys atop them were re-developed to be of even higher quality. They also launched an infomercial to prove the concept and entice retailers such as Bed, Bath & Beyond into carrying the product. Tanglepets would be launching in 50,000 retail locations and has had $12,000,000 in retail sales.