NightCap: What Happened After Shark Tank

NightCap: What Happened After Shark Tank

The NightCap Scrunchie is an exceptional outdoor defense solution. It’s not just another scrunchie, but it’s a unique variant that may be wrapped around a glass to keep your drink from being poisoned or tampered with [1].

On the hit show Shark Tank, budding entrepreneurs have the opportunity to pitch their business ideas to a panel of potential investors, or “sharks”. If the sharks like what they see, they may invest in the company. In the last season’s episode, we saw some interesting businesses get pitched – and some even got investments from the sharks!

The NightCap Pitch

The Benarde siblings are the creators of Night Cap. After learning about a friend who had been drugged while attending college, Shirah wanted to start a service that would help other students avoid such an experience. The Benardes’ siblings Shirah Benarde and Michael Benarde are the founders of Night Cap.

The NightCap Pitch

The NightCap is a simple but effective solution: it’s a scrunchie that can be wrapped around the stem of your drink glass to prevent tampering. The product is currently available in four colors: black, red, pink, and blue. The scrunchie is a simple yet genius idea: it’s a hair tie with a built-in LED light that can be used as a flashlight in case of an emergency.

The sharks were impressed by the product and its potential market. However, they were not sure if the sisters had what it takes to run a successful business.

On Shark Tank, the siblings pitched their business to the sharks and asked for an investment of $100,000 in exchange for 20% equity. Although some of the sharks were interested in the product, they were not willing to invest at that valuation.

Michael said he wanted $500,000 for a 20% stake in NightCap while Shirah asked for $200,000 for 33%. But Mark Cuban was only willing to offer them $100,000 for 40%, which they eventually accepted [2].

Shirah quickly began working on her first prototype for the drink cover, utilizing her mother’s stockings. Her brother Michael, who was graduating from college at the time, witnessed Shirah’s prototype. Drink spiking is one of the most common risks female students face while out drinking, according to his collegiate education.

The siblings then set out to create a tamper-proof way to protect drinks, which led them to the NightCap Scrunchie. The scrunchie is made from neoprene and can be wrapped around the stem of a wine glass or any type of drink container.

After seeing the potential in Night Cap, Michael decided to forgo law school and collaborate with Shirah in order to make her ambition a reality. In September 2019, they launched their first blend, called “Midnight Rose”.

What Happened to NightCap After Shark Tank?

Since appearing on Shark Tank, NightCap has continued to grow and gain popularity. The company has sold over 50,000 units and is currently available in over 700 stores nationwide.

What Happened to NightCap After Shark Tank?

In 2020, NightCap was featured in an article on Forbes.com, which praised the product for its innovation and effectiveness [3].

The scrunchie has also been featured on The Today Show, Good Morning America, and The View.

After the show, the siblings continued to work on their business and managed to get NightCap into a few stores. However, they did not see the sales they were hoping for. In an effort to increase sales, Shirah and Michael decided to offer a buy-one-get-one-free deal on their website.

NightCap continues to be a success story, with sales increasing every year. The company is currently working on a new product line and plans to launch it in the near future.

Interesting Facts about NightCap:

  • The NightCap was created by Shirah and Michael Benarde, two siblings who were motivated by a friend’s experience with drink spiking;
  • The NightCap is a scrunchie that can be wrapped around the stem of a drinking glass to prevent tampering;
  • Since appearing on Shark Tank, NightCap has sold over 50,000 units and is available in over 700 stores nationwide;
  • In 2020, Forbes.com praised the product for its innovation and effectiveness;
  • The company plans to expand into new markets and continue to grow its online presence in 2021;
  • NightCap is a success story, with sales increasing every year;

Who are the Competitors of NightCap?

Several companies offer similar products to NightCap:

1) CupWrap is one of the main competitors of NightCap. CupWrap offers a silicone sleeve that can be placed over the top of a cup. This product is similar to NightCap in that it prevents tampering and helps to keep drinks safe. However, there are some key differences between the two products. For one, CupWrap is made from silicone, while NightCap is made from neoprene. Additionally, CupWrap is only available in black, while NightCap offers four different colors;

Who are the Competitors of NightCap?

2) Another competitor of NightCap is Drink Safe Technologies. This company offers a product called the coaster date – which is a coaster that changes color if it comes in contact with drugs or other substances. This product is similar to NightCap in that it helps to keep drinks safe from tampering. However, there are some key differences between the two products. For one, the coaster date only works with beer and wine glasses, while NightCap can be used with any type of drink container [4];

The Net Worth of NightCap

In episode 12 of Season 12 of NightCap Shark Tank, the creators Shirah Benarde and Michael Benarde showcased their product. By 2021, NightCap Net Worth is expected to be $450,000. The entrepreneur offered his firm NightCap, which would provide him with $60,000 in Shark Tank equity in exchange for 20% of the company. In exchange for a 25% stake, Lori Greiner invested $60,000 into this firm [5].

The Future of NightCap

NightCap saw a substantial boost in sales after sealing a contract during its Shark Tank pitch. In only a year since it aired, Nightcap has already amassed $2.1 million in lifetime sales and widened its presence in the United Kingdom. The firm had just $68,000 in sales before appearing on Shark Tank.

With Lori on board, the firm has released three new colors and a keychain, as well as recruited singer Julia Michaels to help promote it in bars and music venues [6].

One of the main goals for NightCap in the future is to continue to expand its international reach. The company has plans to launch in Canada and Australia in the near future. Additionally, NightCap is working on developing a new product that will help to keep drinks cold for longer periods of time.

FAQ

Did they get a deal?

Yes, the siblings managed to get a deal with Lori Greiner. She invested $60,000 in exchange for a 25% stake in the company.

Who invested in NightCap?

The entrepreneurs managed to get a deal with Lori Greiner, who invested $60,000 in exchange for a 25% stake in the company.

How do you use a nightcap on Shark Tank?

The NightCap is a scrunchie that can be wrapped around the stem of a drinking glass to prevent tampering. The NightCap was created by Shirah and Michael Benarde, two siblings who were motivated by a friend’s experience with drink spiking.

How much is a nightcap?

The NightCap is available for purchase on the company website for $19.99. NightCap has seen a lot of success since appearing on Shark Tank. The company has sold over 50,000 units and is available in over 700 stores nationwide. In 2020, Forbes.com praised the product for its innovation and effectiveness. The company plans to expand into new markets and continue to grow its online presence in 2021. With Lori Greiner as an investor, the company has released three new colors and a keychain, as well as recruited singer Julia Michaels to help promote it in bars and music venues.

What does NightCap mean?

The term “nightcap” can refer to a drink taken before bed or a type of headwear worn at night.

Useful Video: Stopping Scumbags | NightCap on Shark Tank

References:

  1. https://thecinemaholic.com/an-update-on-nightcap-scrunchies-from-shark-tank/
  2. https://www.pinoymoneytalk.com/night-cap-shark-tank/
  3. https://www.pinoymoneytalk.com/night-cap-shark-tank/
  4. https://www.drinksafe.com/
  5. https://pppshopper.com/nightcap-shark-tank-update/
  6. https://www.sharktankrecap.com/nightcap-drink-cover-update-shark-tank-season-12/