Geek Chic Shark Tank Update – Shark Tank Season 4
Geek Chic offered Sharks a seat at the table where gaming passion meets heirloom furniture on Shark Tank Season 4. It secured a deal with one of the Sharks.
Geek Chic owner Robert Gifford pitched his custom-made, heirloom-quality, gaming-themed furniture in Shark Tank Season 4 Episode 25.
Check out more Shark Tank Season 4 Episodes.
About Geek Chic
| Category | Details |
|---|---|
| Business Name | Geek Chic |
| Founders | Robert Gifford |
| Industry | Custom Furniture |
| Product | Customizable Gaming Tables |
| Deal Status | Deal secured with Robert |
| Investment Asked | $100,000 for 5% equity |
| Deal Outcome | $300,000 for 25% equity |
| Valuation | $2 million (at the time of the Shark Tank pitch) |
Gifford claimed he liked finding solutions for his problems and selling them. He made his Geek Chic furniture in Everett, Washington, for discerning gamers and geeks who wanted functionality paired with aesthetically pleasing furniture.
Gaming tables created by the company can be fully customized to accommodate the customer’s gaming interests and style. Whether you like a comfy game of cards, role-playing game battle simulations, or anything in between, Geek Chic can design a gaming table.
Gifford is a 40-year veteran role-playing gamer who decided to turn his geeky passion for games into a business. Do the Sharks get in the game?
Geek Chic Shark Tank Recap
Robert Gifford brought Geek Chic to the Tank, looking for a $100,000 investment in return for a mere 5% of his company.
Gifford defines a “geek” as someone who’s obsessively curious about a particular topic. He described how his hobbies were creating clutter within his home.
Gifford demonstrated one of his tables that doubles as a dining room table, showing how it opens up space for setting up games.
As impressed as the Sharks are with the quality and presentation of his furniture, the numbers have them nodding at first. Sales in the first year were $2 million, but the bottom line was less healthy.
The company was in the red for $100,000, and Gifford intended to use the investment to improve his manufacturing and shipping capabilities.
Did Geek Chic Get a Deal on Shark Tank?
Lori Greiner loved Geek Chic but didn’t believe he could compete in the tough furniture industry, so she was out. Mark Cuban said, “Furniture? It’s just not me.” He only saw a table and didn’t want to be in that industry, so he was out.
Robert Herjavec liked the furniture but didn’t believe in the business model, so he was out.
Kevin O’Leary told Gifford he was “an anomaly” for getting this far in the furniture business. He thought Gifford should keep the company small instead of trying to scale it up, so he was out too.
Daymond John wasn’t sure he could “ride” with the “geek thing,” but he loved the furniture and how Gifford ran the company. He made an offer of $200,000 for 25%.
Gifford countered with $500,000 for 15%.
Daymond John wasn’t impressed and stood firm on his offer. Unexpectedly, Robert Herjavec jumped back in with a higher offer, putting up $300,000 for 25%. Gifford accepted Robert’s offer and left the Tank with a Shark deal.
What Made Geek Chic Unique?
Geek chic provided an all-in-one table solution to all genres of gaming needs with customizable qualities and even fun yet useful additions like cupholders and hidden storage. Even if you look at it as a table, it was pretty cool.
Geek Chic Shark Tank Update
After Shark Tank, Gifford, true to his “geek” style, studied the fine details of the deal and ultimately chose to go with another investor.
The company continued to grow, though cash flow remained an ongoing challenge. Gifford’s strategy of slow growth and affordable prices worked for a while, but he knew he’d have to turn a profit eventually to keep Geek Chic alive. He stayed determined to keep his dream afloat.
Unfortunately, the company didn’t last. On June 13, 2017, the company announced it was closing. The next month, the company declared bankruptcy with $7.5 million in liabilities and assets of just $1.4 million.
Posts About Geek Chic on Shark Tank Blog
We did a deeper dive into the product so that you don’t have to, and you can check it out on our breakdown of this gaming table.
Where Can You Buy It?
The company’s website has been down since its dissolution, and only an outdated Twitter handle remains today.
Quick Summary
- Robert Gifford pitched Geek Chic, a custom-made gaming furniture company, on Shark Tank.
- The company specializes in high-quality, customizable gaming tables.
- Secured a deal with Robert Herjavec for $300,000 for 25% equity, but later chose another investor.
Geek Chic had a sad demise. Check out more business updates from the same episode.
I saw these table in person at the BGG con in November 2012 and ordered my custom gaming table. I am scheduled for delivery in August or September. These are beautiful tables.
We’ve seen the Geek Chic game tables at the big gaming conventions (GenCon and Origins) and they are GORGEOUS. People are always gathered around, trying out the drawers and trays. Super high-quality furniture that’s beautiful – add in the storage and gaming options and they are really something special. There’s a large Geek Chic table in the Geek & Sundry YouTube series TableTop with Wil Wheaton (link here, if that sort of thing works here) http://www.youtube.com/watch?v=V6oMBSiL7Zs