What Happened To QuikFlip After Shark Tank?

Rener Gracie hopes that the Sharks will take a chance in Quikflip, a hooded sweatshirt that can be transformed into a backpack, in the season ten finale of Shark Tank, episode 1022.

A prominent Jiu-Jitsu coach and fighter, Gracie get angry while running with his students.

He used to wear a hoodie to start a run but ran out of places to store it once the temperature rose too high to wear. He came up with the idea for Quik Flip at that point.

Gracie is the type of person the Sharks would rather not mess with on the street. He has drawn inspiration from a long line of Jiu-Jitsu athletes and instructors throughout his martial arts career.

His grandfather, Helio, was a former world boxing champion who challenged Joe Louis to a match.

Louis was a no-show. Rener’s father, Rorion, was the founder of Gracie University, which opened its doors in 1989. 

Rener worked as an instructor alongside his responsibilities at the “university,” where Jiu-Jitsu training is offered.

Gracie poured all of his passion into Jiu-Jitsu into the QuikFlip competition. He has made numerous appearances at apparel conventions to promote his new idea.

He should have no problems achieving success if dedicated to QuikFlip to Jiu-Jitsu training.

QuikFlip, he feels, has “infinite branding possibilities.” He’s also the first black belt in Brazilian Jiu-Jitsu to appear on the Shark Tank in its history.

Rener is most likely looking for a Shark to assist him with manufacturing. His job is to represent the company and do everything in his power to make QuikFlip a success. It may even catch the attention of a Shark as well.

What Is QuikFlip?

QuikFlip is the firm that created the Hero Hoodie, which is a 2-in-1 hoodie that can be quickly and simply 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.

QuikFlip Shark Tank Update

This backpack has two compartments for storing items, including 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 that provide increased comfort and security during high-intensity activity. These cord locks are currently under patent for these purposes. 

Company NameQuikFlip
EntrepreneurRener Gracie
Product2-in-1 Quick Flipping Backpack Hero Hoodie
Investment Asking For500,000 for 5% equity in QuikFlip
Final Deal$250,000 For 10% equity  + $250,000 Line Of Credit
SharkLori Greiner
Episode Season 10 Episode 23
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of QuikFlip?

Rener Gracie founded Quikflip with the objective of making 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 at the same time, 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.

He was stumped about what to do with his hoodie after finishing a run, bike ride, hike, or other activity several mornings in a row. 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 appeared on Shark Tank with a request for $500,000 in exchange for a 5 percent stake in QuikFlip. 

He explains how he came up with the idea and offers his elevator pitch, after which he distributes samples.

Sweatshirts are of good quality, and the Sharks are pleased with them. Rener has patented a clip designed to keep the device in place while transported in its backpack version.

Within less than two and a half months, that first order of 5000 units had sold out, earning him a profit of $200,000.

Daymond likes the concept, but he does not believe consumers will realize the product’s convertible nature when displayed on a clothes rack.

Mark doesn’t believe he can bring value; thus, he’s out of the picture. Kevin is offering $100,000 in exchange for a 25 percent stake and a $400,000 line of credit.

Robert offers $500,000 in exchange for a quarter of the company. Rener is not pleased with these offerings.

Lori rushes in with a $250,000 cash offer as well as a $250,000 line of credit at a 10 percent interest rate. Rener agrees to the terms.

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.

Flag Shark Tank Update

Lori’s agreement failed to be finalized, according to Shark Tank Tales. QuikFlip is receiving positive reviews on Amazon, and it’s 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

Lori’s transaction with Quikflip never came to a completion. It’s most likely because Rener experienced a “massive boost in sales” after the show aired. Time Magazine selected QuikFlip as one of the year’s best inventions in 2019.

QuikFlip Shark Tank Update

The product is offered at several retail locations, including Walmart and Target. QuikFlip is still in operation at the time of writing, generating $4 million in annual revenue.

Is QuikFlip Still In Business?

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.

Pete and Pedro Shark Tank Update

The company offers a range of products for both 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 at the moment.

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