FiberFix Shark Tank Update | FiberFix Net Worth
FiberFix is an innovative repair wrap introduced in Season 5 of the hit reality television show Shark Tank. The product is designed to provide a highly durable and convenient solution for repairing broken tools, equipment, and other items.
FiberFix’s main feature is the ability to harden like steel upon proper application, providing a long-lasting, stronger fix than the original item.
FiberFix comes in a roll that’s easy to apply. When the wrap is taken out of the packaging, it is dipped in water to activate the resin within the wrap.
Once activated, the user wraps the broken object tightly and waits about 10 to 15 minutes. During this time, the resin hardens, resulting in a firm, durable repair. This remarkable feature allows users to fix their items without expert knowledge or skills in mending or repairing.
The wrap is incredibly versatile and can be used in different environments. It’s heat and cold resistant, waterproof, and suitable for various materials, including metal, wood, plastic, and more.
This allows it to be used in households and industries such as construction, auto repair, and camping. FiberFix’s cost-effectiveness is one of the primary reasons for its popularity.
FiberFix allows you to repair expensive tools and equipment, saving you considerable money. Additionally, FiberFix is a compact and portable solution that can be easily stored for emergency repairs, making it a practical item in any toolkit.
Finally, its ability to withstand the toughest conditions makes it a reliable choice. Whether you need to repair a leaky pipe, a broken tool handle, or fractured camping equipment, FiberFix promises a robust and dependable solution.
Its strong bond offers assurance that the repair won’t come undone, providing peace of mind to the user. FiberFix stands out as a remarkable repair solution because of its unique combination of strength, versatility, cost-effectiveness, and convenience.
| Company Name | FiberFix |
| Entrepreneur | Eric Child and Spencer Quinn |
| Product | Tapes made of heavy-duty fiber |
| Investment Asking For | $90,000 For 10% equity in FiberFix |
| Final Deal | $120,000 For 12% equity in FiberFix |
| Shark | Lori Greiner |
| FiberFix Episode | Season 5, Episode 6 |
| FiberFix Business Status | In Business |
| FiberFix Website | Visit Website |
| FiberFix Net Worth | $1.5 million (As of 2023) |
What Is FiberFix?
FiberFix is a repair tool that allows you to fix just about anything quickly and easily. Whether it’s a broken pipe, a cracked tool handle, or a torn piece of furniture, FiberFix can provide a durable and lasting solution.
FiberFix is a permanent bonding fabric designed to create a permanent bond under the most demanding conditions. FiberFix is made from a waterproof, heat-resistant, and strong adhesive fabric.
FibreFix is made from a durable, waterproof, and heat-resistant adhesive fabric that establishes an enduring connection no matter how challenging the circumstances.
FiberFix works well for repairing broken tools and outdoor gear and reinforcing plumbing.
This adhesive fabric is durable and resistant to harsh conditions, which makes it ideal for heavy-duty repair jobs. This versatile repair wrap is available in various sizes and can be easily molded and shaped to fit any repair job. With FiberFix, you can say goodbye to costly repairs and hello to a hassle-free fix that will stand the test of time.
Who Is The Founder Of FiberFix?
FiberFix was co-founded by Spencer Quinn and Eric Child. The story of FiberFix begins with Spencer Quinn, who studied business strategy at Brigham Young University and later started a business importing products from Asia and selling them in the United States.
However, during a class on entrepreneurship, the concept of FiberFix was initially discussed.
The idea for FiberFix came to Quinn when a friend told him about a homemade solution to repair broken tools using medical-grade casting tape, the kind used for casting broken bones.
Quinn was intrigued by the idea and saw its potential for a wider range of applications. Seeing an opportunity to create a product that would be both useful and cost-saving, Quinn set to work on developing a stronger, commercially viable version of this homemade repair solution.
With Eric Child, they successfully developed a product that was easy to use, highly durable, and versatile. The resin-infused repair wrap was named FiberFix, and its innovative nature made it quite distinct from other products on the market.
Before their appearance on Shark Tank, Quinn, and Child were selling FiberFix on a relatively small scale. The co-founders were doing demonstrations in local hardware stores and had managed to get their product into a few regional chains.
They recognized the potential of their product but needed a way to reach a broader audience. Shark Tank offered the perfect platform for this.
Despite their modest sales, they had big ambitions and were confident that their product would impress the Sharks, who can significantly boost a company’s visibility and credibility.
The appearance on Shark Tank was an opportunity for them to gain the exposure and funding they needed to grow FiberFix into a widely recognized and successful brand.
How Was The Shark Tank Pitch Of FiberFix?
Spencer Quinn and Eric Child appeared on the fifth season of Shark Tank, which aired on October 25, 2013, to present their unique product, FiberFix. They began their pitch with a well-orchestrated demonstration, cutting through a shovel handle with a saw and then repairing it with their FiberFix tape.
They allowed the tape to harden and then showed how the fixed shovel handle could still bear weight by standing on the shovel. The co-founders were seeking an investment of $90,000 in exchange for a 10% stake in the company, effectively valuing FiberFix at $900,000.
Their presentation showcased the product’s strength, versatility, and usability, which intrigued the Sharks. The Sharks were quite impressed by the product demonstration.
Kevin O’Leary was initially skeptical about FiberFix’s market potential, wondering if customers would trust a tape to be as strong as it claims. However, the demonstration won him over.
Daymond John and Mark Cuban also showed interest in the product. Lori Greiner, well-known for her knack for picking winning consumer products, immediately saw the product’s potential.
The FiberFix founders had a compelling pitch, showing their product’s efficacy, sharing their modest success in regional sales, and demonstrating the huge potential market.
The discussions resulted in a bidding war, with Lori Greiner and Kevin O’Leary teaming up to make an offer of $120,000 for 12% equity, with the contingency that they would receive $1.00 per unit sold until their initial investment was recouped. This offer was meant to offset some of the risk associated with the deal.
Despite Mark Cuban also showing interest and offering a similar deal, the FiberFix founders ultimately chose to accept the deal from Lori Greiner and Kevin O’Leary.
This was largely due to Lori’s QVC connections and Kevin’s financial expertise, which they believed would be invaluable in taking FiberFix to a larger market.
The appearance on Shark Tank was a pivotal moment for FiberFix, propelling the brand to significant heights in the years following the show.
Lori agrees to pay $120,000 at a rate of 12% as long as she pays for all purchase orders. They complete the transaction with Lori.
What Happened To FiberFix After Shark Tank?
After appearing on Shark Tank, FiberFix saw a substantial increase in its business. The exposure from the show, along with the investment and mentorship from Lori Greiner and Kevin O’Leary, propelled the company to new heights.
Their sales soared as the product gained nationwide recognition. Lori Greiner, known as the “Queen of QVC,” lived up to her reputation and successfully got FiberFix featured on QVC, a popular home shopping network.
This platform introduced FiberFix to millions of potential customers, contributing to the company’s rapid growth. In addition to QVC, FiberFix expanded into major retail stores nationwide.
From a product that was once only found in local hardware stores, FiberFix became available in over 30,000 stores worldwide, including major chains like Home Depot, Lowe’s, and Walmart, making it easily accessible to consumers.
The product line also expanded, branching out from the original repair wrap to include other repair and maintenance solutions. New products, such as heat wrap for high-temperature applications and a repair patch, were introduced. This expansion catered to a wider range of repair needs, further solidifying FiberFix’s position in the market.
FiberFix’s growth didn’t stop at the U.S. borders; it also experienced international expansion. The product began to be distributed in over 30 countries, demonstrating its global appeal.
The success of FiberFix after Shark Tank is a testament to the product’s effectiveness and the power of the platform that the show provides.
The founders’ effective pitch and the subsequent mentorship of Lori Greiner and Kevin O’Leary played key roles in the brand’s expansion and success. FiberFix is a popular and widely used product for various repair needs.
FiberFix Shark Tank Update
After appearing on Shark Tank, FiberFix, the ultra-strong adhesive tape, experienced significant success and growth. The entrepreneurs behind FiberFix, Eric Child and Spencer Quinn, secured a deal with Lori Greiner, who invested $120,000 for a 12% equity stake.
Following their appearance on the show, FiberFix quickly gained traction and achieved remarkable sales figures. Within months, it sold over $100,000 worth of products. FiberFix expanded its product line and formed partnerships with major retailers.
The company collaborated with Home Depot, QVC, Ace Hardware, Lowe’s, Walmart, and True Value Hardware Stores. These partnerships helped FiberFix increase its reach and make its products available globally in over 20,000 retail locations.
In 2018, FiberFix’s parent company was acquired by JB-Weld Company, which included all varieties of FiberFix tape. This acquisition further boosted FiberFix’s presence and distribution channels.
As a result, FiberFix products can now be found on JB Weld’s platform and are available on Amazon. With its strong and versatile repair tape, FiberFix has gained a reputation for being an innovative and reliable solution for DIY enthusiasts and consumers.
The tape is made of a special waterproof resin and industrial fibers, which make it resistant to heat, cold, and impact. Its bonding capability layer by layer sets it apart from traditional duct tape, and it has been utilized to repair various items such as hot tubs and leaky pipes.
Overall, FiberFix’s journey after Shark Tank has been a success story. The company’s acquisition, partnerships with major retailers, and global availability have contributed to its growth and recognition as a widely recognized household brand.
Is FiberFix Still In Business?
Yes, FiberFix is still in business. After appearing on Shark Tank and securing a partnership with Lori Greiner, FiberFix experienced rapid growth and success. The company sold over $100,000 of products within months and partnered with major retailers such as Home Depot and QVC.
In 2018, FiberFix’s parent company was acquired by JB-Weld Company, further strengthening its position in the market. FiberFix is available in over 20,000 retail locations worldwide.
The company continues to provide a wide range of repair products, including repair and heat wrap tapes, specialty adhesives, and patches.
FiberFix’s products are designed to offer durable and reliable solutions for household and professional repairs, using a specialized blend of resin and industrial fibers that surpass the strength of traditional duct tape.
The acquisition by JB-Weld has contributed to FiberFix’s ongoing success and global presence. With its products available in over 50,000 stores, FiberFix remains a prominent player in the adhesive tape market.
The company’s commitment to innovation and its water-resistant alternatives to duct tape has solidified its position as a trusted brand.
FiberFix continues to thrive as a successful venture from Shark Tank and remains actively involved in producing and distributing its repair products.
What Is the Net Worth of FiberFix?
According to our research, the net worth of FiberFix is $1.5 million as of 2023. The valuation of FiberFix was $1 million when it secured an investment from Lori Greiner on Shark Tank.
Also, read other businesses that appeared on Season 5 of Shark Tank:
