FiberFix is a powerful, durable repair wrap that revolutionizes how people fix broken items. Made from fiberglass-infused resin, FiberFix provides a stronger solution than traditional methods such as duct tape or electrical tape.
FiberFix has been featured on Shark Tank and ABC’s Good Morning America as an innovative product that repairs numerous household items like plumbing fixtures and tools.
FiberFix was developed by three entrepreneurs who wanted to provide an easy-to-use alternative to more laborious repairs. The product works by wrapping the damaged area with the wrap several times and then activating it with water.
Once activated, it will harden like steel within minutes, providing one of the strongest adhesives available today. With its superior strength, FiberFix can be used again and again in areas where other products won’t hold up.
What Is FiberFix?
FiberFix is a repair tape comprised of a proprietary resin blend and industrial fibers. It boasts a 100-fold strength advantage over duct tape.
You can use it to repair any pipe, broken shovel, broken hose, or broken furniture. Soak the strip in water to activate the resin for a few minutes. It will solidify in around five minutes.
Additionally, customers can sand and paint it if desired. “Now you can fix anything,” the tagline reads, but there is one caveat: you are not to touch it.
You must wear gloves because the FiberFix substance is sticky and difficult to remove.
|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|
|Episode||Season 5 Episode 6|
|Business Status||In Business|
Who Is The Founder Of FiberFix?
Spencer Quinn And Eric Child are the founders and inventors of FiberFix.
FiberFix Before Shark Tank
You know that duct tape works like a miracle, right? Well, not exactly. Have you ever tried tying a water line, a steel bar supporting loads, or a shovel handle with tape? The results will be less than impressive.
An overwhelming majority of adhesives available on the market are solely for cosmetic purposes or minor repairs. Such adhesives are not meant to withstand heavy forces.
You must use epoxy or another strong adhesive to fix something submerged in water or support the weight. These repairs are messy and need at least 24 hours to dry.
FiberFix is an innovative adhesive that combines the benefits of duct tape and industrial glue.
FiberFix combines the convenience of a tape roll with a highly durable adhesive that dries in 10 minutes to form a bond as solid as steel.
A blend of industrial-strength fibers and resins are FiberFix’s secret ingredients. The resins activate when exposed to water, making them malleable when wet and extremely strong when dry.
FiberFix should be soaked in water, wrapped tightly around the repaired object, and allowed to dry for 10 to 15 minutes.
FiberFix bond is permanent once dried, and the previously shattered item can be used as normal. FiberFix can also be sanded and painted. You may never know what caused it to break.
FiberFix is capable of handling both large and minor operations. Rolls are available in three sizes, from 1″ wide by 40″ long to 4″ wide by 60″.
FiberFix produces UV-resistant patches ranging from 3″ to 8″, ideal for refinishing boat hulls and bathtubs.
The primary disadvantage of duct tape is that it is water-resistant. This makes it easy to remove duct tape with a little water.
FiberFix is an easy-to-make homemade solution for patching leaks and restoring broken items.
FiberFix is a product that is reportedly the next step toward an invention similar to duct tape, which we’re all familiar with, love, and use every day to fix things around the house.
How Was The Shark Tank Pitch Of FiberFix?
Spencer and Eric appeared on Shark Tank requesting an investment of $90,000 for a 10% stake in FiberFix.
Mark Cuban is curious about how the company plans to cover the infomercials cost. According to him, they grossly undervalued the product and are well aware of this fact. Mark is eliminated from the competition because he believes they made a tactical error.
Daymond John has informed them they can do without him if they have already committed to QVC.
Kevin O’Leary is offering $90,000 for $.70 per share until he receives the whole amount, after which the price will forever drop to $.20 per share.
Kevin claims that you can get into any infomercial if you have a Shark. They let Kevin know that they did not consider his deal.
The discount that Lori Greiner is offering is 18% of $250,000. She thinks that the infomercial business is the proper market for them, and she is right; they need the right market. She also claims that her presence at QVC makes the company more powerful.
Spencer Quinn And Eric Child come back with a counteroffer, this time requesting $120,000 for 12% and a line of credit for $2 million. Although Lori won’t extend them a line of credit, she will pay for the items they order from her.
On racing weekends, Robert Herjavec became his most important customer, and now he is giving $90,000 for a 10% stake in the business.
One of his closest pals is the CEO of a hardware company worth $16 billion. He states that they want a thousand different places.
Robert tells them they need money for both the company’s development and the inventory of their products. He proposes to make available to them a credit line for $ 250,000.
Spencer Quinn And Eric Child responded to Robert by stating they require a line of credit for two million dollars.
Robert inquires whether or not they are interested in doing infomercials, and they respond in the affirmative. Robert is leaving because he thinks that they should expand into retail.
Lori indicated that she would lend $120,000 at 12% without specifying a line of credit.
FiberFix needs a credit line to finance purchasing orders. Robert believes they should first work in retail before moving on to infomercials and QVC, so he ventures out.
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?
Spencer Quinn and Eric Child, the creators of FiberFix, pitched their business in 2013 on Shark Tank. Robert Herjavec, Lori Greiner, and Kevin O’Leary approached them, and each offered.
There was some discussion in the Sharks about where and how it would be purchased – by women watching QVC or men shopping in hardware stores.
A long and unpleasant negotiation ended with a request for a $2 million line of credit! – The founders struck an agreement with Greiner, who, by the way, refused to extend them a line of credit.
You can now purchase FiberFix at most Home Depot stores and on Amazon. Lori Greiner presented the FiberFix product to the QVC audience, and it sold out immediately after its launch.
FiberFix Shark Tank Update
FiberFix popularity and sales skyrocketed after its appearance on Shark Tank TV Show. The founders of FiberFix were overwhelmed with the response it got from customers and even the deal from Lori Greiner.
FiberFix set up a call center to obtain business from independent hardware stores, and it’s doing very well.
An updated interview with FiberFix founder Eric Child was conducted by Shark Tank, which will feature a section on FiberFix in episode 523.
Lori left FiberFix in October 2018 when J-B Weld, the industry leader in DIY adhesives, acquired it for an undisclosed sum.
Almost every retailer will carry FiberFix in the upcoming years. You can purchase FiberFix in almost every supermarket and departmental store.
Is FiberFix Still In Business?
FiberFix is still in business and doing great as of 2023. FiberFix skyrocketed with $40 million in sales in the four years following its appearance on Shark Tank and Lori Greiner’s deal.
Currently, FiberFix is available worldwide at more than 10,000 outlets.
What Is the Net Worth of FiberFix?
The valuation of FiberFix was $900,000 when it appeared on Shark Tank. The net worth of FiberFix is unknown as of 2023 since J-B Weld acquired the company in 2018.