According to Fox 26 in Houston, Lee was motivated to address this issue after experiencing unemployment in 2014.
After realizing she couldn’t be the only person exposed to this microwave danger, she had a moment of brilliance. She was featured in an episode of “Steve Harvey” in March 2016 for a segment suitably named “#PassionProject.”
Lee impressed Harvey and the guest specialists Heather Thomson and Amilya Antonetti enough to walk away with $5,000 to develop Safe Grabs further.
The inventor also won a Disney Tomorrowland New Product Contest, but his two attempts to get his product on “Shark Tank” were unsuccessful. Do you think that maybe the third time’s the charm? This article will cover safe grabs net worth and many other related things.
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Safe Grabs Net Worth
The company’s valuation dropped from $625,000 during the pitch to $200,000 following an investment from Lori Greiner. Sales have increased since then, and the company anticipates reaching $4 million in yearly revenue by 2022. As a result, it’s clear why the firm’s net worth has grown. This is safe grabs net worth.
Who Is The Founder Of Safe Grabs?
Houston native Cyndi Lee came up with the idea for SafeGrabs because she was always too sluggish as a kid to use a towel when she had to retrieve hot plates from the microwave.
Microwave oven mitt, placemat, trivet, potholder, jar opener, utensil rest, splatter shield, and food cover—all in one convenient product: SafeGrabs. Cyndi’s product was formerly known as the Micro Easy Grab; however, she rebranded it with a more generic name to represent its broader appeal to consumers.
What Happened To SafeGrabs At Shark Tank Pitch?
In the fifth episode of Season 8, Cyndi Lee decided to bring in a Shark to invest in her company so that she could get a purchase order from these businesses. Most likely, she will need the help of a “Shark” to secure finance for her purchase orders.
She received $75,000 for a 12% equity investment in her business at a valuation of $625,000. Over three years, she has made more than $300,000 in sales, mainly through Amazon and other small businesses.
One Shark Invested
It took Cyndi Lee three tries to get on “Shark Tank,” as she reported on her website. She said that her first two rejections did not deter her but instead used them to hone her pitch.
Lee is convinced that she and Safe Grabs would not have had their “Shark Tank” moment in Season 8, Episode 5 if it weren’t for her failure to gain a position during the first two try-outs.
If you want to check more Shark tank related articles, then you can check the links given below:
Lee found More Than Success
The day after Cyndi Lee’s “Shark Tank” segment aired, her colorful, multipurpose Safe Grabs mats sold out in under 10 minutes on QVC.
Indeed, that was only the start. Stores like Bed, Bath & Beyond and Home Depot also started stocking silicone mats. Lee and her investor made $2.4 million in just one year thanks to the success of their product, Safe Grabs (via Shark Tank Blog).
Lee’s investor, Lori Greiner, said that $5 million was made by Safe Grabs in the first three years after the show’s airing. It is reported that the company’s annual revenue is $4 million.
The businesswoman even put her wealth to good use during the COVID-19 outbreak by “matching dollar for dollar to purchase up to 50,000 medical masks for hospitals in need” (via Facebook).
