Husband-and-wife founders navigate offer frenzy
from the Sharks to build dream team of investors at $7.5 million valuation
APEX,
N.C., Oct. 3, 2022 /PRNewswire/ -- The Woobles,
the first learn-to-crochet company to leverage emerging ed-tech
tools to successfully teach the art of crocheting to complete
beginners, appeared on ABC's Shark Tank Friday, September 30. Founders, husband-and-wife
team Adrian Zhang and Justine Tiu, asked for $250,000 for 5% stake in the company and accepted
a $450,000 offer for 6% from
Lori Greiner and Mark Cuban - a deal at $7.5 million valuation.
"We came in knowing exactly who we wanted to make a deal with,
so it was never really about the money, rather the opportunity to
partner with Lori and Mark that excited us most about the offer,"
said Justine Tiu, co-founder, The
Woobles. "We have built a solid foundation for The Woobles in the
e-commerce space and know that tapping into Mark's proven business
acumen, along with Lori's unparalleled network of retail partners,
will open up new channels and allow us to continue scaling
growth."
The Woobles began in 2020 when Justine set out to create a
handmade crocheted gift for a friend. She had been feeling down on
her self-confidence ever since transitioning into a management
position at work. Finalizing her first amigurumi project instilled
a newfound confidence in Justine, and it was then that she realized
something magical happens when you learn a new skill. She,
alongside her husband Adrian, set out to reimagine the way
crocheting was taught to offer others a simple way to build
confidence, too.
Since its launch, The Woobles has successfully helped over
100,000 people build confidence through learning to crochet. Its
process pairs simple patterns and proprietary Easy Peasy yarn with
the latest advancements in ed-tech, including step-by-step video
tutorials and around-the-clock virtual expert assistance.
The $450,000 investment will be
used to improve The Woobles online learning experience, and expand
its emerging licensing program. The Woobles will also look to
increase staffing and grow its talent pool across core business
functions.
To mark its appearance on the show, The Woobles created a
limited-edition 'Tank' the Shark Wooble Beginner Kit, which is
available now while supplies last, exclusively on its website. The
Woobles will donate a portion of proceeds from sales of 'Tank' the
Shark to shark conservation efforts.
For more information about The Woobles, please visit
www.thewoobles.com.
ABOUT THE WOOBLES
The Woobles is the first learn-to-crochet company to leverage
emerging ed-tech tools to successfully teach the art of crocheting
to complete beginners. Founded by a husband-and-wife team, The
Woobles helps its customers build confidence by learning, and
perfecting, a new lifelong skill through its growing assortment of
all-inclusive crochet kits.
Since its launch in 2020, The Woobles has successfully helped
over 100,000 people learn to crochet by pairing its simple patterns
and proprietary Easy Peasy yarn with the latest advancements in
ed-tech, including step-by-step video tutorials and
around-the-clock virtual expert assistance. For more information
about The Woobles, please visit www.thewoobles.com.
Media Contact:
Jessica Reich
jessica@gilliansmallpr.com
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SOURCE The Woobles