Audiences got to see Charlie Williams and Brad Boskovic secure a deal in the Shark Tank back in Season 8. After asking for a $150,000 investment for 10% investment, the two ended up striking a deal with Kevin O’Leary for $150,000 for 20% plus royalties for their custom tissue paper. If you’ve been looking for a Digiwrap update, then we’ve got just the thing for you.
Shark Tank Digiwrap Custom Tissue Paper Update
- Entrepreneur: Charlie Williams and Brad Boskovic
- Business: Customizable, digitally-printed tissue paper
- Ask: $150,000 for 10%
- Result: $150,000 for 20% and a $0.10 royalty per bag and $0.05 royalty per tissue until Kevin makes $450,000
- Shark: Kevin O’Leary
Charlie and Brad went into the Shark Tank to try and pitch their company, Digiwrap. The company makes and sells custom tissue paper and gift bags that can be used for any occasion. The two came in having already worked with brands like Google, Yahoo, Disney, and more. Because of this, the sharks were more than impressed, especially with how they claimed to be on track to do $500,000 in sales the year that they pitched.
Unfortunately, despite the impressive sales figures, both Robert Herjavec and Mark Cuban didn’t think that it was worth investing in the business, so they both went out. Meanwhile, Barbara Corcoran thought that the market wasn’t big enough for an investor and went out. Lori Greiner followed soon after.
The only shark left that saw the company as a unique opportunity to make money was Kevin O’Leary. He decided to offer Charlie and Brad $150,000 for half the company. The two then countered back to 20%. Kevin countered by lowering his ask to 40%, and then 35% before the two countered with 15% equity but with royalty.
Upon hearing this, Kevin offered to invest $150,000 for 20% equity with a royalty in perpetuity. This back and forth went on for a while until the three of them decided on a deal. Kevin would get 20% equity for his $150,000 investment and receive $0.05 per tissue and $0.10 per bag sold until he made back $450,000.
Unfortunately, in doing our research for the Digiwrap update, we found out that the deal with Kevin never materialized. It appears that it was too sharky for Digiwrap’s tastes. However, we’ve got some good news — Digiwrap is doing very well and is still selling loads of tissue paper on its website.
According to reports, Digiwrap now pulls in an estimated annual revenue of $3 million.
Before you go, make sure to take a look at more company updates from Shark Tank Season 8 Episode 11:
You can find more Shark Tank Season 8 company updates on our Season 8 products page.