QuikFlip is an incredible innovation, and the 2-in-1 hoodie that can swiftly and easily transform into a practical backpack is a huge hit with consumers.
QuikFlip backpack features two storage compartments; one is designed to hold larger stuff, and the other holds smaller valuables such as a wallet, keys, and a cell phone.
Adjustable cord locks built into the shoulder straps of the backpack provide a level of comfort and safety that is invaluable during strenuous physical exercise. After several mornings of returning from a run, bike ride, or hike and being at a loss about what to do with his sweatshirt, the inventor of the Quikflip hoodie had the idea for the product.
Rener started building the prototype for the QuikFlip hoodie after becoming worn out and irritated by the fact that he had to wrap his hoodie around his torso unnaturally. The Quikflip hoodie was developed after trial and error, lasting six months.
Using the patented conversion technology that QuikFlip has developed, the company’s collection of outerwear alternatives can be converted into a drawstring backpack in a matter of seconds.
When appropriate, the backpack may be transformed back into a garment and contain various objects thanks to its practical design. In addition to hoodies, QuikFlip also allows customers to purchase other types of garments, such as convertible crew neck sweatshirts and waterproof coats.
What Is QuikFlip?
QuikFlip is the firm that created the Hero Hoodie, which is a 2-in-1 hoodie that can be quickly transformed into a practical bag for any occasion.
QuikFlip is a two-in-one product: the Hero Hoodie swiftly transforms into a backpack with patent-pending cord locks when the product is flipped.
This backpack has two compartments for storing items: a large compartment for larger items and smaller, valuable items such as a wallet, keys, and a phone.
Cord locks are available on backpack straps, providing increased comfort and security during high-intensity activity. These cord locks are currently under patent for these purposes.
|Product||2-in-1 Quick Flipping Backpack Hero Hoodie|
|Investment Asking For||500,000 for 5% equity in QuikFlip|
|Final Deal||$250,000 For 10% equity + $250,000 Line Of Credit|
|Episode||Season 10, Episode 23|
|Business Status||In Business|
Who Is The Founder Of QuikFlip?
Rener Gracie founded Quikflip to make jiu-jitsu more accessible online by using his experience as an instructor at Gracie University and a Brazilian Jiu-Jitsu practitioner.
As someone who runs a business and teaches simultaneously, Gracie splits his time between QuikFlip and Gracie University.
QuikFlip Before Shark Tank
The third-generation Brazilian Jiu-Jitsu instructor Rener Gracie was flipping bodies long before he began flinging hoodies on the streets. After finishing a run, bike ride, hike, or other activity several mornings, he was stumped about what to do with his hoodie. He came up with the idea for the Quikflip Hero Sweatshirt.
The Quikflip Hero Hoodie’s prototype was born after he became tired and frustrated with how inconveniently he had to wrap his hoodie around himself. A six-month research and development process resulted in the Quikflip Hero Hoodie.
How Was The Shark Tank Pitch Of QuikFlip?
Rener Gracie appeared on Shark Tank with a request for $500,000 in exchange for a 5 percent stake in QuikFlip.
Lori Greiner offered $250,000 cash for a 10% stake in QuikFlip and a $250,000 line of credit at a 10 percent interest rate. Rener Gracie accepts Lori Greiner’s offer.
Final Deal: Lori Greiner agreed to invest $250,000 for 10% of QuikFlip and give a $250,000 line of credit at 10% interest.
What Happened To QuikFlip After Shark Tank?
Rener entered the Tank in search of a $500,000 investment in exchange for a five percent stake in the company.
Lori Greiner, the Queen of QVC, struck a deal with him for $250k in exchange for 10% of the company and a $250k line of credit during the broadcast. The program first aired in May of this year.
Lori’s agreement failed to be finalized, according to Shark Tank Tales. QuikFlip is receiving positive reviews on Amazon, expanding its product line to include pullovers, rain jackets, and kid-sized hoodies, all for $34.95.
TIME Magazine has also recognized QuikFlip as one of the “100 Best Inventions of 2019”!
QuikFlip Shark Tank Update
The sales of QuikFlip exploded after Rener’s appearance on Shark Tank. Rener was able to capitalize on the huge traffic boost on the QuikFlip website and generate great revenue.
However, the deal between QuikFlip and Lori Greiner did not finalize after the Shark Tank.
You can purchase QuikFlip at all the major retailers across the country and even online on Amazon or Walmart. QuikFlip is still in business as of 2023 and generates $4 million in annual revenue.
Is QuikFlip Still In Business?
Yes, QuikFlip is still in business as of 2023. QuikFlip, the company that developed the groundbreaking two-in-one hoodie that can be transformed into a backpack, is still in business and is headquartered in Torrance, California.
Time Magazine named it one of the Best Inventions of 2019, and online buyers can buy it on Amazon. QuikFlip Apparel also has a website that lets customers shop domestically and internationally.
The company offers a range of products for men and women and a children’s collection. A convertible rain jacket that converts to a backpack is available, along with the hoodies.
The patented nature of this hoodie/backpack means that it has no current competitors and currently dominates Google search results for the term “Hoodie to Backpack.”
There have been other attempts in the past with similar garment conversion concepts, such as RuckJack, which was a convertible rain jacket/backpack; however, upon further examination, this company does not exist anymore.
Consequently, Quikflip does not appear to be facing much competition.
What Is the Net Worth Of QuikFlip?
The valuation of QuikFlip was $10 million when it appeared on Shark Tank. The net worth of QuikFlip is $4 million as of 2023.