Hairfin appeared on Season 13 of Shark Tank. Daymond John invested $25,000 for 30% equity in the company.
As per the latest Shark Tank update, HairFin has a net worth of $1.2 million.
Hairfin Net Worth
- Founder: Tony Litwinowicz
- Net Worth: $1.2 Million
- Annual Sales Revenue: $560,000
- Profits: $280,000
- Lifetime Sales: $1.91 Million
- Investor: Daymond John
- Shark’s Deal: $25k for 30% Equity
Sales Growth
When HairFin pitched on Shark Tank, its lifetime sales were $41,000. After Daymond joined the company, he immediately combined HairFin with another Shark Tank company, Cut Buddy.
The first twelve months after that episode aired on Shark Tank, HairFin made a staggering sales of $590,000, which accounts for a ten-fold increase.
What happened to Daymond John’s Investment?
Daymond helped HairFin with manufacturing and reducing costs. To date, he has made $150,000 in profits from the company, meaning he has already recovered six times his investment.
Hairfin’s Shark Tank Pitch
Hairfin’s founder, Tony, approached Shark Tank seeking a $20,000 investment for 25% equity in the company. Hairfin is a measuring tool that mounts to your hand and uses it to cut your own hair.
The product costs $2.50 to manufacture and sells for $14.00. The founder admits he is bad at marketing and needs a Shark to help him.
Robert and Mark Cuban are the first to drop out, saying they have no value to add. Lori Greiner follows suit and also backs out.
Daymond John makes an offer, and after some back-and-forth negotiations. Accompanied by some funny booing from the other Sharks, the deal is sealed at a $25,000 investment for 30% equity. Tony and Daymond shake hands to finalize the agreement.