Three years after its Shark Tank debut, the 8-in-1 Silicone Mat company has amassed over $5 million in revenue. The uses for this wonderful, super-versatile, multi-purpose silicone mat are countless. Use it as a funnel, a kids’ plate, a drain cover for the sink, a protector for your record player, or a splatter guard. You’ll start using it more and more often and eventually prefer it to everything else you have in the kitchen.
Safe Grabs Net Worth
There was an initial valuation of $625,000 during the pitch, which dropped to $300,000 following an investment from Lori Greiner. The company’s sales have increased since then, and by 2021 they are projected to reach $4 million annually. Because of this, the firm’s net worth has grown. Here is Safe Grabs Net Worth.
Who Is The Founder Of SafeGrabs?
Houston native Cyndi Lee came up with the idea for SafeGrabs after she realized she had to invent a way to take up hot plates from the microwave without using a towel. SafeGrabs can be used as a splatter screen, a placemat, a trivet, a potholder, a jar opener, a utensil rest, or a cover for food in the microwave. Cyndi’s invention was first known as the Micro Easy Grab; however, the name was modified to better reflect the product’s versatility.
What Happened To SafeGrabs At Shark Tank Pitch?
In the fifth episode of Season 8, Cyndi Lee invited a Shark to invest in her company so that she could get a purchase order from these retailers. For purchase order funding, she will likely need the assistance of a “Shark.” A twelve percent share in her company for $75,000, with a valuation of $625,000. Over the past three years, she has earned over $300,000 in sales, largely thanks to Amazon and other small retailers.
Mark was impressed by Cyndi’s presentation, but he saw Safe Grabs as more of a one-product company than something with long-term viability and expansion prospects. It was with him that the Shark exodus began. Kevin felt the benefits of Safe Grabs weren’t as apparent on the box as they were in Cyndi’s presentation. Despite his enjoyment of Cyndi’s presentation, he was certain that the product needed her zealous explanation and demonstration in order to sell.
Also missing was he. Robert suggested to Cyndi that she would make a great representative for this innovative and practical product. But it wasn’t anything he’d be interested in, so he couldn’t participate either. Understandably, Cyndi seemed worried. All four Sharks had positive impressions of her and her presentation, and they commended her for her persistence and enthusiasm, but they ultimately opted not to invest in Safe Grabs. Safe Grabs Net Worth.
There would be no way to decide without consulting Lori. Lori is so taken with it that she’s willing to part up $75,000 in exchange for a 30% ownership position in the business. Cyndi has offered $75,000 in exchange for 17.5% of the company. When Cyndi counters with an offer of 20% ownership, Lori raises her first offer to 25% but then rejects it. The pitch was successful, and Cyndi signed the contract.
- Entrepreneur: Cyndi Lee
- Business: Multi-purpose BPA free kitchen tool
- Ask: $75,000 for 12% equity
- Result: $75,000 for 25% equity
What Happened To SafeGrabs After Shark Tank?
After finalizing the contract with Lori during the pitch, SafeGrabs quickly became a best-seller on QVC the day after the Shark Tank episode aired. Cyndi brings in $2.4 million yearly in revenue. She now sells pinch mitts among her other products. As of December 2021, the company Safe Grabs Net Worth of $4 million in annual revenue. Safe Grabs Net Worth.
The Benefits Of Safe Grabs
- The primary benefit of Safe Grabs is its high resistance to heat. You can safely carry hot dishes or mugs up to 475 degrees Fahrenheit.
- You can use it for so many different things; it’s a fantastic multipurpose item. Use it as a potholder, trivet, placemat, jar opener, or cover for your food.
- As a result, it’s important to choose silicone that is safe for consumption in case your mittens or fabric carriers get wet while handling food. As a result, there is a danger of illness and bacterial infection. On the other hand, the food-grade silicone in this mat is BPA-free. Bacteria cannot grow in clean silicone. It can go in the microwave and the fridge without any problems. Avoid worrying that you’ll ruin the food.
- Safe Grabs’ innovative design features a raised circular elevation that effectively disperses heat. As a result of this improvement, heat resistance is greatly enhanced. The design allows for easy cleanup in the dishwasher.
Where Can I Get SafeGrabs?
Even though Cyndi had not yet signed a deal with a major retailer, Safe Grabs was already available on Amazon and in several independent bookstores.
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