Foam Party Hats appeared on Shark Tank on November 13, 2020. Founders Manuel and Grace Rojas left the tank with a deal from Mark Cuban and Lori Greiner of $100,000 for 25% equity. Here’s a quick recap of everything that happened during the party hat pitch as well as news on a Foam Party Hats update after Shark Tank.
Foam Party Hats Update After Shark Tank
- Entrepreneur: Manuel and Grace Rojas
- Business: Custom designed foam hats
- Ask: $100,000 for 15% equity
- Result: $100,000 for 25% equity
- Shark: Mark Cuban and Lori Greiner
Foam Party Hats appeared on Shark Tank Season 12 Episode 5. Founders Manuel and Grace Rojas brought a bit of fun and creativity to the tank with their business, which creates a variety of fun foam hats, including custom designs. The entrepreneurs gave each shark a custom party hat of their own, which got things going in the right direction.
However, things haven’t always been a party for Manuel and Grace, because in 2017 their company only did $25,000 in sales. However, that number tripled in 2018, and by 2019 the company had done $145,000 in sales. So far in 2020, Foam Party Hats has done $153,000 in sales, which is pretty good considering there are very few parties and weddings right now due to COVID-19.
Guest shark Daniel Lubetzsky showed interest in the company and made an offer of $100,000 for 30% equity contingent on the fact that Manuel quit his full-time job as a mechanical engineer. Mark Cuban disagreed with the offer and warned Manuel that it’d be a mistake to quit his job at this point. Since there were no other offers and Manuel and Grace were considered accepting Daniel’s offer, Mark teamed up with Lori Greiner and offered Foam Party Hats a $100,000 investment for 25% equity with no contingencies, which Manuel and Grace accepted.
At the time of writing, there hasn’t been an official Foam Party Hats update from the tank. However, it looks like the company is now selling the hats it gave to the sharks during the pitch on their website. Additionally, once the pandemic is over and people get back to partying, I’m sure they’ll be checking out Foam Party Hats!
For updates on the other products featured on Season 12 Episode 5, be sure to check the links below!
For more Shark Tank product updates, be sure to check out our Season 12 products page!