IceBeanie Shark Tank Update – Shark Tank Season 12
Nic Lamb entered the Tank seeking $50,000 for IceBeanie, a wearable solution for migraines, headaches, and concussion recovery.
Nic Lamb hoped to find a fit for IceBeanie, a cold-compression headwear brand, on Shark Tank Season 12, Episode 13. He was a world-class surfer-turned-entrepreneur who started surfing at age 5 and began competing at age 9.
In 2014, he won the Punta Galea Challenge in Spain. Two years later, at the same event, he had a bad wipeout that gave him some head injuries and a pretty serious concussion.
It was while recovering from the wipeout that he envisioned the IceBeanie. The concussion caused post-concussion migraines, and he had to constantly apply ice packs to his head. He wanted an easier way. The added compression of the beanie helped his pain, too. By using his product, he eliminated his head pain.
Would the Sharks see the potential in this simple yet effective wellness product?
About IceBeanie
| Category | Details |
|---|---|
| Business Name | IceBeanie |
| Founder | Nic Lamb |
| Industry | Health and Wellness |
| Product | Cold compression headwear for migraines, headaches, concussions, and more |
| Investment Asked | $50,000 for 20% equity |
| Initial Valuation | $250,000 |
| Deal Status | Deal secured with Mark Cuban |
| Deal Outcome | $50,000 for 25% equity |
| Final Valuation | $200,000 |
In early 2020, Nic made his prototype a reality and began selling IceBeanies online.
The product itself was fairly simple. It was an adjustable beanie with gel packs embedded in it. Users just put it in the freezer for an hour, and it was ready to use. It was great for migraines, headaches, concussions, hangovers, chemo recovery, and more.
They sold it on Amazon for $39.99. Nic probably wanted a Shark’s help with manufacturing.
IceBeanie Shark Tank Pitch
Nic entered seeking $50,000 for 20% equity in his company.
He told his story and handed out samples. He explained that he had sold out of his first 2,500 units, netting $100,000 in sales. Nic revealed that all of those sales came directly from consumers through Amazon, Etsy, and the IceBeanie website.
He also highlighted the product’s strong margins, explaining that each IceBeanie cost approximately $7 to manufacture and sold for $39.95.
Since there were about 40 million people who suffered from migraines, he thought he could sell a lot more because no other product covered the whole head like his did.
Beyond migraine sufferers, he also thought it could work in sports recovery, athletics, and other health and wellness markets.
The Sharks appreciated the simplicity of the product and the strong personal story behind the brand.
What Makes IceBeanie Unique?
IceBeanie stood out in the health and wellness space through several key advantages:
- Combined cold therapy and compression in a wearable format.
- Covered the entire head rather than targeting only specific areas.
- Served as a drug-free alternative for migraine and headache relief.
- Was suitable for multiple use cases, including concussion recovery and sports recovery.
Did IceBeanie Get a Deal on Shark Tank?
The Sharks responded positively to Nic’s presentation.
Kevin O’Leary shared that while he respected the business Nic had built, he felt the market opportunity was too small for him and decided not to invest.
Lori Greiner liked the product but believed the competition would be difficult to overcome, so she also opted out.
Mark Cuban immediately recognized the broader market potential and noted that the product could be successful across several customer segments. He even mentioned that, at the very least, he could get the product into the Dallas Mavericks locker room and offered Nic $50,000 in exchange for 30% of the company.
Nic countered with an offer of 25% equity. After a brief negotiation, Mark accepted the counteroffer.
After Nic agreed to Mark’s offer, Robert Herjavec and Daymond John both expressed interest in making offers as well. Daymond even proposed $100,000 for 25% equity, but Nic chose to honor the agreement he had already reached with Mark Cuban.
IceBeanie Shark Tank Update
The first rerun of this episode came about a month and a half after the original air date.
As of March 2021, there was no hard evidence that the deal had closed. Later, founder Nic Lamb finalized a partnership with Mark Cuban in October 2021.
By August 2023, the company had over $1 million in lifetime revenue.
Following its Shark Tank appearance, IceBeanie expanded beyond its original product line. The company introduced IceShades, a cooling therapy sleep product, as well as IceSleeve products designed for knees and elbows.
The brand also expanded its retail footprint, making its products available through its website, Amazon, CVS stores, and other major retailers. International expansion followed, with sales extending into markets across Europe and Asia.
By July 2024, the company had sold over 200,000 units, which meant it had generated approximately $8 million in revenue.
By 2024, IceBeanie had grown into one of the more successful Shark Tank health and wellness brands. The company reported more than 100,000 customers and continued to develop new recovery and cold-therapy products under the IceBeanie brand.
The business’s success also allowed Lamb to continue pursuing his professional big-wave surfing career while simultaneously growing the company.
As of 2026, the company is still in business and doing well.
Where Can You Buy IceBeanie?
IceBeanie is available online through the company’s official website. Customers could choose from various styles and sizes designed to provide convenient cold-compression therapy whenever headaches or migraines struck.
Readers could follow the company on Facebook, Twitter, and Instagram for more updates on new product lines and user guides.
Posts about IceBeanie on Shark Tank Blog
Want to learn more about the story behind the product and how Nic Lamb developed the idea? Check out our related article below: The Ice Beanie for Keeping Cool.
Quick Summary
- Nic Lamb, a professional surfer, pitched IceBeanie, a cold-compression headwear product, seeking $50,000 for 20% equity on Shark Tank.
- Nic successfully secured a deal with Mark Cuban for $50,000 in exchange for 25% equity after a brief negotiation.
- As of July 2024, the company had sold over 200,000 units, generating approximately $8 million in revenue.
Check out other Shark Tank Season 12 Episodes.
Curious about the other businesses featured in Shark Tank Season 12 Episode 13? Explore more updates and see which ideas made a splash in the Tank.
