Cool Wazoo Shark Tank Update – Shark Tank Season 4
Cool Wazoo seeks investment to expand multi-purpose baby cover, secures deal with Lori Greiner after emotional pitch.
Highlights
- Ginelle Mills pitched Cool Wazoo, a 5-in-1 baby cover, on Shark Tank Season 4 Episode 8.
- Addressed the need for versatile baby products after her daughter was burned on a hot swing.
- Secured a deal with Lori Greiner for $65,000 for 25% equity after an emotional appeal, though the deal never closed.
Check out other Shark Tank Season 4 Episodes.
About Cool Wazoo
| Category | Details |
|---|---|
| Business Name | Cool Wazoo |
| Founder | Ginelle Mills |
| Industry | Baby Products |
| Product | 5-in-1 multi-purpose baby cover |
| Funding | Self-funded pre-Shark Tank |
| Deal Status | Deal secured with Lori |
| Investment Asked | $65,000 for 25% equity |
| Deal Outcome | $65,000 for 25% equity |
| Valuation | $260,000 |
Cool Wazoo is a multi-purpose, 5-in-1 baby cover that functions as diaper changing pad, restaurant high chair cover, grocery cart cover, car shade, and bucket swing seat insert. Entrepreneur Ginelle Mills originally created Cool Wazoo as a heat shield for seating young children on hot surfaces after her daughter was burned on a hot metal swing.
Ginelle has had a setback developing her product when manufacturing defects wiped out over 80% of a recent order. While the Cool Wazoo has had a lot of positive press from the Today Show and The Doctors, she’s only sold $20K worth in the year before taping. She hopes to bring manufacturing to Hong Kong to cut her per-unit cost by 65%.
Cool Wazoo Shark Tank Pitch
Ginelle comes into the Shark Tank seeking $65k for 25% of the Cool Wazoo. She needs the money to buy inventory but puts the Sharks off when she reveals she’s already sunk $96K into the business.
Did Cool Wazoo Get a Deal on Shark Tank?
Robert doesn’t want to get involved in Ginelle’s journey; he’s out. Mr. Wonderful can’t figure out what it is supposed to be, so he’s out too. Daymond doesn’t think he can bring anything to the table; he’s out. Lori loves Ginelle but is on the fence about the product, so she goes out. Mark doesn’t want to finance Ginelle’s business education, so he’s out too.
After all the Sharks go out, Ginelle is reduced to tears. She pours her heart out about what she’s sacrificed to try to build this business. The emotional pitch tugs at Lori’s heartstrings, and Lori returns with an offer of $65K for 25%.
The two women share an emotional embrace, and Lori says they’ll find a way to work things out.
Cool Wazoo Shark Tank Update
The deal with Lori never closed. In the immediate aftermath of the show, Ginelle continued to sell on her website, which was re-designed after her appearance, complete with a Shopify eCommerce store. There isn’t much in the way of updates on the website or company Facebook page, but that is probably due to Ginelle hitting the Trade Show circuit.
Cool Wazoo had a booth at the San Francisco International Buyers Show in February, and Ginelle hopes to have the product in stores by the third quarter. In September 2015, she licensed the product to Kids 2, which sells it as Comfort and Harmony in Babies R Us stores. Details of the licensing deal were undisclosed.
In March 2020, she started Box Partie, a virtual baby shower service. The company has shut down now and the net worth of Cool Wazoo remains $0.
Posts about Cool Wazoo on Shark Tank Blog
Cool Wazoo Multi Purpose Baby Cover
Company Information
Curious to know about other businesses that appeared on the same episode? Check their business updates!
