In Season 15 of Shark Tank, entrepreneurs Caroline Matthes and Rose Fierman presented their groundbreaking product, Poplight, a renter-friendly lighting solution that’s easy to install and remove without damaging walls. The innovative wall sconce caught the attention of the Sharks and viewers alike, leading to a successful pitch and a deal with Kevin O’Leary. In this blog post, we’ll dive into the Poplight Shark Tank update, exploring the company’s journey, current status, and future plans.
The Poplight Pitch and Deal at Shark Tank
During their appearance on Shark Tank, Matthes and Fierman requested $150,000 for 8% equity in their company. Despite having limited sales data at the time of the pitch, they managed to secure a deal with Kevin O’Leary, thanks to their innovative product and the patents they had secured. O’Leary offered $150,000 in exchange for 8% equity, along with a $2 per unit royalty until he recouped $500,000, after which the royalty would reduce to $1 per unit perpetually.
Poplight’s unique design addresses the struggles that many renters face when trying to install traditional wall sconces in their living spaces. The product adheres to the wall with stick strips and features a built-in level to ensure it’s not crooked. It also comes with a rechargeable USB battery and can be controlled manually or via an app, with dimming capabilities.
Is Poplight Still in Business?
Following their successful Shark Tank episode, Poplight experienced a remarkable 1500% increase in orders. The entrepreneurs are currently in negotiations with Kevin O’Leary to finalize the deal while focusing on operations and designing new styles of Poplight. The product is in the pre-sale stage and is expected to begin shipping in May 2024.
The idea for Poplight originated from the founders’ personal struggles with installing traditional wall sconces in their 19th-century home. Their product offers an affordable and hassle-free solution, especially for renters who often face restrictions on modifications to their living space.
What Was Poplight Net Worth?
At the time of their Shark Tank pitch, the product was still in the prototype stage. Poplight retails for $95 and costs $30 to manufacture, yielding an impressive profit margin of about 68%.
The company had raised over $170,000 via a successful Kickstarter campaign, which exceeded expectations by achieving its goal in just 22 minutes and ultimately raising over $162,000. The product also gained significant popularity on social media, particularly on TikTok.
Business Overview
Caroline Matthes and Rose Fierman, the co-founders of Poplight, come from non-design backgrounds but have been transparent about their entrepreneurial journey and the challenges they’ve faced along the way. Their innovative product and successful crowdfunding campaign demonstrate the demand for renter-friendly lighting solutions in the market.
Future Plans and Innovations for Poplight
As Poplight continues to grow and evolve, the co-founders plan to introduce more designs and colors to their product range, expanding their offerings to cater to a wider audience. They are also focusing on streamlining their operations and ensuring a smooth transition from pre-sale to shipping, with the goal of delivering their product to eager customers by May 2024.
Conclusion
The Poplight Shark Tank update reveals an exciting journey for entrepreneurs Caroline Matthes and Rose Fierman, as they navigate the challenges and opportunities that come with securing a deal on the show.
With their innovative product, successful crowdfunding campaign, and the backing of Kevin O’Leary, Poplight is poised for success in the renter-friendly lighting market. As the company continues to grow and evolve, we can expect to see more innovative designs and expanded offerings from this dynamic duo.
Also Read: