Nana Hats Shark Tank Update | Nana Hats Net Worth

Nana Hats is a company that manufactures silicone caps designed to preserve the freshness of bananas. These caps, made from BPA-free silicone, are placed on the crown of a banana bunch.

Nana Hats was featured in episode 06 of season 14 of Shark Tank and comes in various cute designs, such as pandas, monkeys, and unicorns. It has magnets on top to attach crocheted critters and other decorations.

The key to Nana Hats’ effectiveness lies in their ability to inhibit the absorption of ethylene gas, a natural ripening agent bananas produce. 

Nana Hats prolongs the freshness of bananas by slowing down ripening. This makes them a great choice for anyone who wants to enjoy ripe yellow bananas longer.

Nana Hats gained popularity due to their functionality and eco-friendly nature. Unlike other methods like duct tape or plastic wrap, Nana Hats provides a reusable and sustainable solution to keep bananas fresh. 

Furthermore, they reduce the need for single-use plastics, aligning with the growing concern for environmental sustainability.

Not only do Nana Hats serve a practical purpose, but they also add a touch of charm to your kitchen countertop. The cute designs and variety of decorations make them visually appealing and a fun addition to your daily routine.

Nana Hats offers an adorable solution to preserve the freshness of bananas while reducing food waste. Their BPA-free silicone caps, combined with the ability to inhibit ethylene gas absorption, make them an excellent choice for anyone looking to extend their bananas’ lifespan sustainably.

InformationAnswer
Company NameNana Hats
FounderSean Adler
ProductSilicone caps that keep bananas fresh for a longer time
Investment Seeking$150,000 for a 10% equity
Final Deal Accepted$150,000 for a 20% equity
EpisodeSeason 14 Episode 6 of Shark Tank USA
Business StatusIn Business
WebsiteVisit Website
Net Worth$1 Million

What Is Nana Hats?

Nana Hats are reusable banana preservation devices designed to keep bananas fresher for longer and minimize unsightly brown spots. These silicone caps with magnets inhibit the ripening process by slowing the release of gases from the fruit.

Each Nana Hat features a character design and is available in a wide assortment of options such as Octopus, Monkey, Cat, Unicorn, Santa, Watermelon, Shark, Pirate, Panda, Pineapple, Viking, Pink Beanie, and Yellow Beanie.

Nana Hats Shark Tank Update | Nana Hats Net Worth

The standard Nana Hat is suitable for 1-3 bananas, while larger sizes are recommended for 4 or more bananas. Nana Hats have been praised for their effectiveness in keeping bananas fresh for extended periods, with some customers reporting that their bananas remained yellow and fresh for up to a week after use.

Nana Hats are also lauded for their adorable designs, making them a fun and practical solution for preserving bananas.

Who Is The Founder Of Nana Hats?

The founder of Nana Hats is Sean Adler. Before creating Nana Hats, Sean worked as a wealth manager. He conceived the idea for Nana Hats in 2016 when he brought home a bunch of bananas but realized he couldn’t eat them before they became overripe.

Sean knew that bananas produce a natural ripening agent called ethylene gas, which speeds up the ripening process. He wanted to find a way to preserve bananas and prevent them from becoming brown and decaying too quickly.

Sean kept the idea in his “idea book,” but when the COVID-19 pandemic hit, and he worked from home, he decided to bring his banana preserver idea to life.

He understood he could slow the ripening process by protecting the bananas from the ethylene gas. His solution was to create a device that covers the stems of the bananas, preventing the gas from escaping.

Sean worked remotely with vendors, a product designer, and an IP attorney over Zoom to develop the Nana Hats. By November 2020, he had assembled 15,000 Nana Hats without leaving his living room.

The Nana Hats consist of a patent-pending, BPA-free silicone cap placed over the crown of the bunch of bananas, inhibiting the absorption of ethylene gas and slowing down ripening.

To add a fun twist, Sean also designed knitted hats that can be magnetically attached to the silicone caps, allowing users to dress up their bananas in various styles like unicorns, Vikings, watermelons, cheeseburgers, pandas, sharks, or pirates.

Before appearing on Shark Tank, Nana Hats was primarily a concept that Sean brought to life during the COVID-19 pandemic. He created the first batch of 15,000 Nana Hats from his home.

The product had not yet gained significant visibility or market presence. However, Sean’s innovative solution to prolong the freshness of bananas caught the attention of the Sharks on the show, leading to an investment offer and an opportunity to bring Nana Hats to a larger audience.

How Was The Shark Tank Pitch Of Nana Hats?

The Nana Hats pitch on Shark Tank Season 14 was presented by Sean Adler, who called himself the “king of banana preservation.” He sought a $150,000 investment in exchange for 10% equity, valuing his company at $1.5 million.

Nana Hats Shark Tank Update | Nana Hats Net Worth

During the pitch, Sean shared that Nana Hats uses standard packaging with two units, retailing at $13 per package. The manufacturing cost of a single unit is $2, resulting in reasonable profit margins. However, the sharks had reservations about investing in a business like this.

Sean impressed the sharks by revealing that Nana Hats generated over $400,000 in gross revenue in the previous year and is projected to increase those numbers in 2022.

He expected at least $600,000 in revenue and a net profit of around 33%, equating to $200,000 in net profits.

Mark Cuban respected Sean and his company but decided not to invest. Peter Jones expressed interest but wanted another shark to collaborate on the deal.

Eventually, Lori Greiner and Peter Jones teamed up and offered $150,000 for 20% equity. Kevin O’Leary also offered $150,000 for 10% equity and a perpetual $1 royalty.

Ultimately, Sean accepted the deal from Lori Greiner and Peter Jones.

Here’s a table summarizing the offers made by the sharks:

Shark’s NameInvestment OfferedCounter Offer by FoundersFinal Deal Accepted by Founders
Lori Greiner$150,000 for 20%N/AYes
Peter Jones$150,000 for 20%N/AYes
Kevin O’Leary$150,000 for 10% + $1 royaltyN/ANo

Did Nana Hats Get a Deal on Shark Tank?

Yes, Nana Hats did get a deal on Shark Tank. Founder Sean Adler appeared on Season 14, Episode 6 of Shark Tank, asking for $150,000 in exchange for a 10% equity stake.

After a negotiation, Lori Greiner and Peter Jones agreed to invest $150,000 for a 20% equity in Nana Hats. The deal was finalized on the show.

Since then, Lori and Peter have promised to help make Nana Hats a global brand. Nana Hats is still in business and has projected sales of $600,000 by the end of that year.

What Happened To Nana Hats After Shark Tank?

After appearing on “Shark Tank,” Nana Hats, a product designed to extend the shelf life of bananas, experienced a surge in popularity and received a positive response from the Sharks.

Sean Adler, the creator of Nana Hats, secured a deal with Lori Greiner and Peter Jones for 20% equity. However, it is unclear if the deal closed, as “Tank” deals often remain confidential after filming.

Nana Hats is still in business and can be purchased on the company’s website and Amazon. The product has received a decent rating on Amazon, with some negative reviews regarding its fit for larger bushels of bananas.

Adler has addressed this concern and is developing a larger size to accommodate different sizes of banana clusters.

In terms of plans, Adler aims to expand Nana Hats’ presence beyond online retail and into grocery stores worldwide. He envisions Nana Hats becoming a standard item in produce aisles and banana displays.

Nana Hats Shark Tank Update | Nana Hats Net Worth

Additionally, Adler has started exploring new business ideas that he may bring to “Shark Tank” in the future, potentially becoming one of the show’s rare repeat pitchers.

Despite Nana Hats’ success, Adler continues to work as a wealth management advisor alongside his entrepreneurial ventures. Initially concerned about how his professional contacts would perceive his product, Adler discovered they were impressed and amused by his “Shark Tank” success story.

In summary, Nana Hats experienced increased sales and attention after appearing on “Shark Tank.” The product is still available for purchase, with ongoing developments to address customer feedback.

Adler has plans to expand Nana Hats’ presence in grocery stores and is considering future business ventures.

Nana Hats Shark Tank Update

After appearing on Shark Tank, Nana Hats received a deal from Lori Greiner and Peter Jones. They invested $150,000 for a 20% equity stake in the company.

The Sharks were impressed by the product’s sales potential and believed in its unique concept. With the Sharks’ involvement, Nana Hats aimed to become a global brand.

Following the show, Nana Hats experienced increased sales and visibility. The founders projected to reach $600,000 in sales by the end of 2022.

Lori and Peter promised to help expand the brand’s presence in big supermarkets like Whole Foods, Walmart, and Heb. This exposure would likely lead to further sales growth.

While the product received a mixed rating on Amazon, 3.5 out of 5 stars, it still garnered significant customer interest. 

Nana Hats continued to operate as a business, with its headquarters in San Diego, California, USA. The company emphasized its commitment to eco-friendly practices, using recyclable packaging material.

In summary, Nana Hats secured a deal on Shark Tank and received investments from Lori Greiner and Peter Jones. With their support, the company aimed to increase sales, expand into major supermarket chains, and become a global brand.

Is Nana Hats Still In Business?

Yes, Nana Hats is still in business. Founded by Sean Adler in October 2020, Nana Hats produces tiny hats for bananas that prevent them from turning brown.

These BPA-free silicone hats come with crocheted covers in various patterns and colors, adding a fun touch to fruit bowls.

Nana Hats Shark Tank Update | Nana Hats Net Worth

Nana Hats gained popularity through a successful Kickstarter campaign and has been featured in notable publications and TV shows.

Customers can purchase Nana Hats for $12.99 each from their official website or online retailers like Amazon and Uncommon Goods. With ongoing sales and a growing customer base, Nana Hats is poised for further success.

What Is the Net Worth Of Nana Hats?

Our research shows Nana Hats’ net worth is $1 million. The valuation of Nana Hats was $750,000 after securing an investment from Lori Greiner and Peter Jones on Shark Tank season 14.

Also, read about other businesses that appeared on episode 06 of season 14 of Shark Tank:

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