sarakgraves / Pixabay

Founder and CEO of apparel brand Good American and founding partner of Skims, Emma Grede, joined Sharks Barbara Corcoran, Mark Cuban, Lori Greiner, and Kevin O’Leary in the Shark Tank to evaluate four potential investment opportunities. Kin Apparel, Uprising Food, Lion Latch, and Paskho all came to the Shark Tank in hopes of partnering with Shark Tank investors to help grow and expand their businesses. Although each company gave compelling and entertaining presentations, only one left the Shark Tank with an investment from the Sharks.

Kin Apparel Partners With Lori Greiner and Emma Grede

Bronx native, Philomina Kane, is revolutionizing the hair care industry through her apparel designs. Kin Apparel features hoodies with extra-large, satin-lined hoods to lock in moisture and reduce frizz while accomodating larger hairstyles. With a passion to help black women take care of and style their hair, Philomina has developed Kin Apparel with them in mind. Because she has a YouTube channel with a large following, Philomina is having a hard time keeping stock and needs financial assistance to secure more inventory. She is seeking an investor willing to put $200,000 into the company in exchange for 10% equity in Kin Apparel.

Although the Sharks are concerned that her valuation is too high, they understand there is merit in her product line as she has already sold $355,000 in the first half of 2021. Emma Grede is passionate about helping black women be entrepreneurs and business founders and wants to invest in Kin Apparel. Lori Greiner thinks that she can also add value to the company through the manufacturing process. Together, Emma and Lori offer Kin Apparel $200,000 for 30% of the company. Philomina accepts their offer and is excited to work with two female Sharks.

Uprising Food Strikes Out in the Shark Tank

Husband and wife duo, William and Kristen Schumacher, from Cincinnati have come to the Shark Tank seeking an investor in their company, Uprising Foods. Made from premium ingredients, their keto, paleo, and dairy and gluten-free bread, Uprising Food, helps consumers to reduce their carb intake while boosting their gut health. The Schumachers are hoping to secure $500,000 to infuse into the business in exchange for 3% equity in Uprising Foods.

Although their sales are proof that consumers like their product, the Sharks are concerned about the companies lack of profitability and its high burn rate. In order to keep the business running and gaining more traction, it will continue to need cash infusions while it continues to burn through money. Unfortunately, the Schumachers do not have a clear path to profitability and lack clear positioning to justify the high price tag on their products. The Sharks decline to invest in Uprising Food.

Lion Latch Fails to Land an Investment

Teacher and coach, Lerin Lockwood, has created a simple and innovative product to help people easily store their rings to prevent them from getting lost in their purses and gym bags. Lion Latch is a small plastic case that closes with a clip that can be attached to keys or bags so that rings and other small, valuable items (such as hearing aids) can be stored without getting lost in larger bags. Lerin is hoping to partner with a Shark that can help to secure a quality manufacturer and invest $150,000 in exchange for 15% equity in Lion Latch.

The Sharks appreciate her tenacity and her ability to bootstrap the business which she has grown from a simple 3D prototyped product to a viable sellable unit that has brought in over $500,000 in sales. Although the Sharks feel the price point is right and that the product solves a problem in the market, they don’t feel Lion Latch is an investible business at this time. Because the business is small and only made up of one very specific product, the Sharks decline to invest in Lion Latch.

Paskho Leaves the Shark Tank Empty-Handed

New York native, Patrick Robinson, is no stranger to the fashion industry. After spending the bulk of his professional career working for major design brands, Patrick has branched out on his own to transform how we manufacture and sell clothing in the United States. Paskho, Robinson’s 6-year-old company, has recently launched its latest initiative, Community Made which mobilizes seamstresses in underserved communities across the country and pays them liveable wages to create various apparel designs. Patrick is seeking a partner willing to take a risk on his expertise and invest $500,000 in exchange for 2.5% equity in Paskho.

The Sharks like the concept of Community Made, however, they are concerned with the lack of profitability and the increasing deficit that Paskho seems to have. They also feel that Patrick doesn’t know how to adequately tell the story of Community Made in order to sell the concept to consumers to justify higher-cost clothing. Although he is a very talented designer, the Sharks are not interested in doing business with Patrick and decline to make him an investment offer.

Which business featured on this episode of Shark Tank was your favorite? Would you have invested in any of these businesses? Start the conversation in the comments below!