The Longhairs is a company from San Diego, CA, that wants to address the longstanding issue of what men with longhair should use to tie up their locks. And, while the hair ties are the main product, they are also tip-toeing into hair care with a hair serum to keep long hair lively.
The hair ties are a series of scrunchies designed specifically for men and, presumably, forego patterns such as butterflies or unmasculine flowers. The product is produced for $1.60 per unit and retail on Amazon for $12. While women's hair ties can cost as little as $2 for a pack of 100, the entrepreneurs claim that no one is specifically marketing to men with long hair nor are those package much more than fancy rubber bands.
Needless to say, the two entrepreneurs who appeared in the tank to pitch had very long, very well maintained hair. They market to new customers through podcasts, articles, and viral videos, capturing 5,000 customers thus far through this method.
This deal aired on Episode 9.16.
Making A Deal
Mark Cuban saw the appeal behind this business and offered The Longhairs $100,000 for 20%. Originally, the entrepreneurs asked for only $95,000 for 10% equity so this represented a little bit more money for a much larger ownership position and a bite of $450,000 from the original value.
Given that the business is selling hair ties to men and that they got an offer from Mark Cuban, the entrepreneurs took the deal.