Nana Hats Net Worth: How Was the Shark Tank Pitch?

By Jivika Last updated Dec 31, 2022

You might associate hats with grandmothers when you hear the name “Nana Hats,” but that is not what these are at all. It does, however, involve a hat. They are little hats, but they only fit on bananas and won’t fit on any heads! Yes, we did say that; the bananas are prepared to enter the Shark Tank arena. We have all the information you require about Nana Hats, including their current location.

Table of Contents

What is Nana Hats?

Bpa-free silicone hats are produced by the company Nana Hats, and various crochet patterns are used to cover the hats. In addition, the silicone caps have a tiny magnet on their top. Ethylene gas, a natural softening agent, is produced naturally by bananas when they ripen. Silicone hats for nannies This slows down the production of ethylene gas as well as the ripening of bananas. These hats can be used again and again while keeping the wearer’s head warm. More than 12 different hat styles are currently available for this product, including the Viking, Unicorn, Cheeseburger, Watermelon, Pineapple, and Panda. Nana Hats are available for $12.99. Along with Amazon, the official website for this product is also accessible.

What Is The Foam Party Hats Net Worth?

When the foam party hats business first debuted on Shark Tank, it was valued at $400,000 after the deal. They sell all different kinds of headwear, with an average price of $39.99. You can get free shipping to the US if you place an online order worth more than $250. In 2022, the estimated net worth of Foam Party Hats will be $1 million.

Nana Hats Before Shark Tank

Adler has been studying the issue of keeping bananas fresh for an extended period of time. Because he purchased a large quantity of bananas at one time, and they quickly went bad. Adler spent a year conducting research and development to find a solution, following which he created the silicone cap. He encountered numerous difficulties as a result of his investigation, and he gained a lot of knowledge as a result. The founder of the product started a Kickstarter campaign on September 24, 2020, with the intention of raising $3,000, but in just 60 days, 148 backers helped him raise $4,761 instead.

The well-known TV programme “Today with Hoda & Jenna” featured this product, which many viewers also purchased. The founder requested funding from Shark Tank and was given the opportunity to participate in Shark Tank Season 14.

How Was the Shark Tank Pitch of Nana Hats?

Sean Adler, the company’s founder, entered Shark Tank with “Nana Hats” and requested $150k for 10% equity from the sharks. In order to convince Shark to invest in his company, the creator gave Shark all the details about his business concept and product. The business owner explains to Shark that the bpa-free silicone caps they use are what keeps bananas fresher for longer. The founder is unsure of the precise time frame for how many days it can stay fresh after putting these caps. But according to the founder, it can last for 8 to 12 days.

The average manufacturing cost, including packaging, for Nana Hats is $0.95, while the selling price is $12.99. In 2021, he made $483,000. The company’s founders expect to earn $600,000 this year. 40% of their revenues come from wholesale, and 60% from direct-to-consumer. Although Mark Cuban stated that he was unable to invest in this business, Mark informed the founder that you are smart enough to succeed with this crazy idea.

Daymond When John says he can’t join as a partner in this, he withdraws. Sean Adler recently became a father and runs this company full-time with his wife. There needs to be another shark involved because Peter Jones stated that he likes this company idea and will put half of his money in it. In addition to promising to donate the other half, Lori Greiner added that she and Peter will work to establish Nana Hats as a household name. Together, Peter and Lori offered $150k for a 30% equity (15% each).

30% equity, according to Kevin O’Leary, is excessively ambitious. Kevin proposed a royalty agreement worth $150K for 10% equity plus $1 in royalties for each Perpetuity unit sold. Entrepreneur responds with $150k for a 15% ownership in Lori and Peter. For a 20% stake, Peter and Lori replied with an additional $150k. The businessman approved of the arrangement. To sum up: Lori Greiner and Peter Jones contributed $150k for 20% equity in “Nana Hats.”