|
Wad-Free Net Worth |
$4 million |
|
Company Name |
Wad-Free |
|
Nationality |
American |
|
Hometown |
Denver, Colorado |
|
Founder |
Cyndi Bray |
|
Gender |
Female |
|
Profession |
Entrepreneur |
|
Age |
No Info |
|
Marital Status |
No Info |
Wad-Free is an innovative device that makes sure that none of the sheets are tangled inside a dryer or a washer, and Wad-Free net worth is on the rise.
This simple device makes the washing and drying process a lot faster and more efficient by preventing the squares from becoming tangled with other items in the washer or the dryer.
Wad-Free Net Worth
Wad-Free net worth is estimated to be around $4 million.
Wad-Free Founder
The founder of Wad-Free is Cyndi Bray, from Denver, Colorado. She got her master’s degree in Business and Administration after she attended the University of Illinois, Chicago. She also has a bachelor’s degree in business administration from Michigan State University.
Cyndi Bray used to get very annoyed after her linen would come out in a wad from the washer or the dryer. No matter what solution she tried, the sheets would always be entangled with either one another or other small items in the washer or the dryer.
This hassle would often result in damaging the dryer or the washer, or incorrect washing of the sheets and other items. Thus, Cyndi Bray searched for any other solutions for this problem but found none. This was when Cyndi Bray decided to develop a solution, giving birth to the Wad-Free idea.
Cyndi Bray, after teaching herself physics, computer-aided design, and how to make a prototype, came up with a prototype. But she had to redesign the prototype several times before perfecting it. Soon, she also found a manufacturer for her product.
The business was founded during the COVID-19 pandemic, in June 2020. Despite that, she was able to sell her product in a large quantity through her online website and videos.
With a large following on her various social media accounts, Cyndi Bray was able to promote her product and grow her business rapidly in only eight months.
Wad-Free During Shark Tank
Cyndi Bray entered Shark Tank looking for a Shark who could assist her in expanding her brand and breaking into the retail business. Hence, she sought $200,000 in exchange for a 5% stake in her business. This valued the business at $4 million.
In her pitch, Cyndi Bray presented sheets that were being tangled in dryers and washers and the problems associated with this. She further stated the importance of her product and how it helps make the drying and washing processes efficient and simple.
Robert Herjavec, Daymond, and Mark went out, claiming that the laundry industry was not their cup of tea. Meanwhile, Kevin O’Leary offered $200,000 in exchange for a 10% stake in Wad-Free. This offer also included a royalty of $1.50 per unit until he recoups $1 million.
Lori Greiner, expressing interest in Wad-Free, believed that the product was brilliant and that the business could make huge sales. She offered $200,000 in exchange for a 25% stake in the business.
Cyndi Bray countered this offer with an offer of her own, offering $200,000 in exchange for a 10% stake in Wad-Free.
Lori Greiner, still not satisfied with the offer, counter-offered $200,000 in exchange for a 20% equity, but Cyndi declined the offer. On the other hand, Kevin O’Leary offered $200,000 in exchange for a 5% stake in the business, with the same royalty deal.
Cyndi Bray accepted Kevin O’Leary’s offer, mainly due to the lower stake asked by Kevin O’Leary, and exited Shark Tank.
Wad-Free After Shark Tank
After the deal with Kevin O’Leary, also known as Mr. Wonderful, at Shark Tank, the business boomed, with sales increasing at a higher rate. With outstanding reviews, Wad-Free is also sold through Amazon.
In addition to that, Cyndi Bray was able to get into the retail business as Wad-Free is now available in numerous markets across the United States of America, namely Walmart, and even the Grommet.
Wad-free net worth increased as a result.