Stringys Shark Tank Update — Shark Tank Season 16
Stringys, a brand owned and operated by two best friends, took over the stage of “Shark Tank Season 16 Episode 20.” They asked for a bite-sized investment in their invisible panties that don’t roll down, dig in, or ride up.
Best friends Olivia and Elvira appeared on Shark Tank Season 16 Episode 20, pitching their innovative invisible underwear brand, Stringys. They intrigued both the Sharks and the audience with a $10 million valuation and a product designed for comfort and style. But would their “seen-less” fashion apparel land a deal?
About Stringys
| Category | Details |
| Business Name | Stringys |
| Founders | Olivia and Elvira |
| Industry | Fashion apparel |
| Product | Invisible panties |
| Funding (Pre-Shark Tank) | $400,000 |
| Deal Status | Deal closed with Barbara |
| Investment Asked | $300,000 for 5% equity |
| Deal Outcome | $300,000 for 3% plus 22 cents royalty in perpetuity |
| Valuation | $10 million |
Stringys is an alternative to Commando that is completely undetectable clothing. It has magical disappearing straps that adapt to your body without unsightly lines that roll down or ride up, with dreaded V stickers that dig in. These panties are “seen less” and literally an invention done by two friends. The founders have a mission to make Stringys a go-to name in underwear fashion apparel.
When the Sharks asked about Olivia’s back story, Olivia said that she is from a family of entrepreneurs, and entrepreneurship is in her blood. She began modelling 12 years ago and then went full-time at the age of 17. Moreover, Elvira told the sharks that she is from Sweden and has recently become a mom.
Olivia made it clear to the Sharks that they already have value attached to the name. That means popular women celebs and influencers are already asking for Stringys. For now, the founders are selling the product D2C, basically through Word-of-mouth. Moreover, Stringys recently relied on three wholesalers.
Stringys Shark Tank Pitch
Stringys founders approached the stage of Shark Tank, asking for $300,000 for 5% equity in their company. Olivia and Elvira bought a bag full of 2000 Stringys, which was easy to carry in a small, lightweight bag.
When Lori questioned them about the patent, Elvira responded by clearly mentioning that the patent is pending, as this discovery has never been done before. Moreover, it took 60 trials and errors because it bonded two materials together, though it isn’t sandwiched.
Kevin O’Leary asked the founders about the sales. Elvira said that Stringys have been around for about 11 months, and they have made $180,000.
Founders also spoke about the margins and the cost of manufacturing, which is $2, and they sell the invisible panties for $14.
The big Shark Daymond John was intrigued by the margins and wanted to know about any funding that they might have got previously.
Thus, the founders revealed that they had received $400,000 at a valuation of $10 million, leaving the Sharks stunned. They also informed about their partners, including a “Sports Illustrated” model, the other one was an OG influencer, and apart from these two, they have two businesswomen.
Apparently, the two friends delineated that they need the money to place bigger purchase orders as they are set to make $1.8 million in the coming year.
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Did Stringys Get A Deal On Shark Tank?
The Shark, Kevin O’Leary, was very impressed by the whopping valuation of $10 million. However, he was not satisfied with the equity the founders were offering, and asked to buy a unit in royalty along with the 5% Olivia and Elvira are offering as schmuck insurance. He also told the founders that he is the investor of Rounderbum, which is also an undergarment brand.
Moreover, Daymond John refuses to participate, stating that Stringys sales at the moment are too challenging for him.
Mark Cuban and Lori also refused to invest, as Lori thinks that Kevin is a better fit for their invisible underwear brand.
However, Barbara Corcoran has a forte in brand building, and thus, she agrees to invest $300,000 in return for 10% equity. That’s when a rebuttal started among investors and the founders, as Olivia mentioned about their SAFE (Simple Agreement Future Equity), which is going to convert at a 30% discount.
Both founders offered advisory shares to Kevin. Thus, Kevin decided to reduce the equity amount, but he wanted to keep the royalty he asked for.
Olivia and Elvira were concerned about a dollar royalty, which would practically reduce their profits. So they presented a counter to Kevin that includes $300,000 for 3% and a 22-cent royalty in perpetuity.
Kevin countered with 50 cents. So, the founders turned to Barbara, and she was willing to give the deal they originally asked for in the counter ($300,000 for 3% plus 22 cents royalty in perpetuity).
Hence, the deal was done with Barbara, including what she originally offered without any advisory shares.
Stringys Shark Tank Update
Following their deal with Barbara, Stringys continues selling primarily D2C through its website while expanding its wholesale presence. With celebrity endorsements and investors’ expertise in brand building, Stringys is positioning itself to become a go-to name in the underwear apparel industry.
After securing a deal with Barbara Corcoran, the net worth of Stringys was $10 million on Shark Tank, and its projected sales were $1.8 million in 2024.
Where Can You Buy It?
You can purchase Stringys underwear on their official website and D2C stores in America. You can check out their Instagram page for more updates.
Check out other Shark Tank Season 16 Episodes.
Quick Summary
- The two best friends, Olivia and Elvira, appeared in “Episode 20 of Shark Tank Season 16 ” to ask for investment in their fashion apparel brand, Stringys, which manufactures seamless panties.
- Stringys is an alternative to Commando that is completely undetectable clothing. Its disappearing straps adapt to your body without unsightly lines that roll down or ride up.
- They asked for $300,000 for 5% equity and received two offers from Barbara and Kevin. Finally, Barbara closed the deal at $300,000 for 3% with 22 cents of royalty in perpetuity.
