What Is CoolWraps?
CoolWraps is a gift bag line made of shrink wrap. Firstly, you place your gift in the bag, seal it, and shrink the bag with a hairdryer.
CoolWraps is a brand of shrink wrap gift bags. When you shrink the present with a hairdryer, you put it in the bag, seal it, then shrink it with a hairdryer.
You can easily and professionally wrap your gifts with CoolWraps, a faster and easier method.
|Product||Gift wrap shrinking technology|
|Investment Asking For||$100,000 For 40% equity in CoolWraps|
|Final Deal||$250,000 For 100% + 3% Royalty equity in CoolWraps|
|Episode||Season 4 Episode 20|
|Business Status||In Business|
Who Is The Founder Of CoolWraps?
CoolWraps was founded by Jeffrey Miller for people who lack a natural ability for gift wrapping. A CoolWraps bag takes the place of a table full of rolls of paper, scissors, and tape.
Place the gift inside the envelope, peel off the protective film, fold it over, and seal it. You can shrink the bag into a wrinkle-free gift-no matter what shape it is-by using a hairdryer.
CoolWraps Before Shark Tank,
CoolWraps founder Jeffery Miller recently debuted on Shark Tank. He is seeking a $100,000 investment in exchange for 40% ownership of his business.
Jeffrey begins by posing a question to the Sharks: Where was the last time they wrapped presents for fun?
If the Sharks are anything like Jeffery, Jeffery struggles with gift wrapping and never enjoys it.
Jeffery opted for CoolWraps, a simple shrink wrap gift bag.
It is as easy as 1, 2, or 3 to use CoolWraps – first stuff it, then seal it, then shrink it.
How Was The Shark Tank Pitch Of CoolWraps?
The founder of CoolWraps, Jeffrey Miller, appeared on Shark Tank requesting an investment of $100,000 in exchange for 40% equity in CoolWraps.
Mark Cuban offered $250,000 for the entire company and a 3% royalty for Jeffery Miller on every sale of CoolWraps, but he demanded an immediate response.
Jeffery Miller thinks for a while and accepts Mark Cuban’s offer. Miller left the Shark Tank stage with a deal from Mark Cuban.
Final Deal: Mark Cuban agreed to invest $250,000 For 100% of CoolWraps and gave 3% Royalty to Jeffery.
What Happened To CoolWraps After Shark Tank?
Jeffrey exuded an aura of despair in this story – to me, this is one of the most heartbreaking stories on Shark Tank.
His hunched shoulders may have had something to do with it, but I felt sorry for him. Fortunately, Mark Cuban’s generosity enabled him to secure a tidy $250,000 payday.
CoolWraps’ last social media post was on May 19, 2015, and they have said virtually nothing since.
CoolWraps’ website is still under construction, and it may seem as if they are doomed to failure, as Mark recently donated $250,000 to charity.
CoolWraps Shark Tank Update
CoolWraps got a good boost after its appearance on Shark Tank. The customers just flocked to the CoolWraps website.
However, the deal between CoolWraps and Mark Cuban was not finalized after the show.
CoolWraps ceased its operation as the company went out of business in August 2021.
Is CoolWraps Still In Business?
The CoolWraps product was featured at the 2015 New York National Stationery Show as one of the best new products after its appearance on Shark Tank.
Mark Cuban acquired the entire company for $250,000, plus a 3% royalty for Jeffrey. Everything else is unknown. Is Jeffrey the recipient of the $250,000? Alternatively, did Mark flee?
Did Mark attempt to expand CoolWraps or simply write the deal off as a loss? It has been years since CoolWraps has been seen.
CoolWraps is not currently available on Amazon, and the website does not offer e-commerce functionality.
CoolWraps has yet to identify an appropriate partner for the American market.
What Is the Net Worth of CoolWraps?
The valuation of CoolWraps was $250,000 when it appeared on Shark Tank. The net worth of CoolWraps is unknown as of 2022.