The Sleep Styler
The Sleep Styler is a product from a company in San Diego, CA, started by an optician that won't let sleeping time go to waste. They make a device that can be rolled into a woman's hair that will style it overnight.
The company started with a Kickstarter campaign of $10,000. The entrepreneur claims that the goal was reached with twelve hours and that the campaign finally closed having raised $47,000. The entrepreneur also invested $100,000 of their own money into the invention.
The entrepreneur appeared in the tank to make a deal with a shark who has advice on how to proceed and increase both sales and growth.
This deal aired on Episode 8.19.
Making A Deal
Perhaps unsurprisingly, Lori was the shark with whom the entrepreneur was able to make a deal. This makes sense as the product is definitely one that has to be demonstrated to potential customers and as even the opening titles refer to her, Lori is is Queen of QVC.
However, bringing Lori on as a partner required giving up an additional 5% of equity to entice her onboard, resulting in a bite to the company's value of $75,000.
In an update that aired on Episode 9.03, the entrepreneur stated that within five minutes of airing, the company sold out of their entire inventory. In just one twenty-four hour period, they then went on to sell another $1,500,000. Lori also placed the device on QVC and, again, they sold out of available inventory within minutes.
The Sleep Styler is now sold in Walmart and in Bed, Bath & Beyond. In just three months since getting into stores, The Sleep Styler has sold $50,000,000 in retail sales.
Lori has since taken over manufacturing and fulfillment so the entrepreneur can return to focusing on her eye practice.