The Woobles crochets its way to a deal for $450,000 on ABC's Shark Tank
The Woobles, the first learn-to-crochet company to leverage emerging ed-tech tools to successfully teach the art of crocheting to complete beginners, appeared on ABC's Shark Tank Friday, September 30. Founders, husband-and-wife team Adrian Zhang and Justine Tiu, asked for $250,000 for 5% stake in the company and accepted a $450,000 offer for 6% from Lori Greiner and Mark Cuban - a deal at $7.5 million valuation.
"We came in knowing exactly who we wanted to make a deal with, so it was never really about the money, rather the opportunity to partner with Lori and Mark that excited us most about the offer," said Justine Tiu, co-founder, The Woobles. "We have built a solid foundation for The Woobles in the e-commerce space and know that tapping into Mark's proven business acumen, along with Lori's unparalleled network of retail partners, will open up new channels and allow us to continue scaling growth."
The Woobles began in 2020 when Justine set out to create a handmade crocheted gift for a friend. She had been feeling down on her self-confidence ever since transitioning into a management position at work. Finalizing her first amigurumi project instilled a newfound confidence in Justine, and it was then that she realized something magical happens when you learn a new skill. She, alongside her husband Adrian, set out to reimagine the way crocheting was taught to offer others a simple way to build confidence, too.
Since its launch, The Woobles has successfully helped over 100,000 people build confidence through learning to crochet. Its process pairs simple patterns and proprietary Easy Peasy yarn with the latest advancements in ed-tech, including step-by-step video tutorials and around-the-clock virtual expert assistance.
The $450,000 investment will be used to improve The Woobles online learning experience, and expand its emerging licensing program. The Woobles will also look to increase staffing and grow its talent pool across core business functions.
To mark its appearance on the show, The Woobles created a limited-edition 'Tank' the Shark Wooble Beginner Kit, which is available now while supplies last, exclusively on its website. The Woobles will donate a portion of proceeds from sales of 'Tank' the Shark to shark conservation efforts.