8-in-1 Silicone Mat: Since appearing on Shark Tank three years ago, this fantastic company has generated over $5 million in retail sales! With this fantastic, super versatile, and multi-functional silicone mat, the possibilities are endless. Splatter Guard, Trivet, Placemat, Jar Opener, Potholder, Food Cover, Utensil Rest, Funnel, Kids Plate, Sink Drain Cover, Turntable Protector, and so much more! It’ll quickly become your new favourite kitchen tool!
Net Worth of SafeGrabs
During the pitch, the company was valued at $625,000; after Lori Greiner’s investment, the company was valued at $300,000.
Since then, the company has done well in sales, with annual revenue of $4 million expected in 2021. This explains why the company’s net worth has increased.
Who is the founder of SafeGrabs?
SafeGrabs was founded by Cyndi Lee of Houston, Texas, because she was too lazy as a child to use a towel to pick up hot plates from the microwave.
SafeGrabs is an all-in-one microwave oven mitt, placemat, trivet, potholder, jar opener, utensil rest, splatter shield, and food cover.
Cyndi originally called her invention the Micro Easy Grab, but she changed the name to reflect its broader application as a product.
What Happened to SafeGrabs at Shark Tank pitch?
Cyndi Lee chose to bring in a Shark in episode 5 of Season 8 to invest in her business in order to help her secure a purchase order at these types of stores; she needs money to create products. She will almost certainly require the assistance of a Shark for purchase order financing.
$75,000 for a 12% stake in her company, with a company valuation of $625,000.
She has made over $300,000 in sales over the course of three years, primarily through Amazon and other mom-and-pop stores.
Cyndi’s presentation impressed Mark, but he felt Safe Grabs was more of a single product than a sustainable business with growth potential. He was the first Shark to leave.
Kevin didn’t think the benefits of Safe Grabs were as obvious in the packaging as they were in Cyndi’s demonstration. Cyndi’s presentation was enjoyable, but he felt the product would not sell itself without her enthusiastic explanation and demonstration. He was also gone.
Robert told Cyndi that he thought she would be an excellent spokesperson for this one-of-a-kind and useful product. However, it was not a product or business that he would be interested in, so he was out as well.
Cyndi appeared concerned, which was understandable. Despite the fact that all four Sharks liked her, enjoyed her presentation, and praised her determination and efforts, they decided not to invest in Safe Grabs. Lori would be the deciding factor.
Lori adores it and offers $75,000 in exchange for a 30% stake in the company. Cyndi responds with $75,000 in exchange for 17.5% equity.
Lori increases her offer to 25% equity shares, but when Cyndi responds with 20% equity shares in the company, Lori declines. Cyndi accepts the pitch and signs a deal.
- Entrepreneur: Cyndi Lee
- Business: Multi-purpose BPA free kitchen tool
- Ask: $75,000 for 12% equity
- Result: $75,000 for 25% equity
- Shark: Lori Greiner
- Garcelle Beauvais Net Worth 2022: Early Life, Career, Personal Life, And More Details
- Hugh Laurie Net Worth 2022: Early Life, Acting Career, Personal Life, And Other Details
- What Will Amber Heard’s Net Worth Be in 2022? Early Life, Career, Controversy, And Her Financial Situation
What Happened to SafeGrabs after Shark Tank?
SafeGrabs SOLD OUT on QVC the day after Shark Tank aired, following the completion of the deal with Lori during the pitch.
Cyndi’s annual sales are $2.4 million. Her product line has grown to include pinch mitts.
The company is still in business as of December 2021, with annual revenue of $4 million.
The Benefits Of Safe Grabs
Heat Resistant: The main advantage of Safe Grabs is that it is extremely heat resistant. While the maximum temperature is 475° F, you can move dishes or mugs without fear of burning yourself.
Multifunctionality: This is a truly multifunctional accessory. It can be used as an oven mitten, trivet, jar opener, food cover, placemats, pot holders, and other things.
Food Grade Silicone: It is not uncommon for mittens or cloth holders to be accidentally dipped into food. When this occurs, it can result in health risks and bacterial infections. However, this kitchen mat also includes BPA-free food-grade silicone. As long as the silicone is clean, bacteria cannot accumulate in it. It’s also microwave and refrigerator safe. Don’t be concerned about contaminating the food.
Patented Design: Safe Grabs have a patented elevated circular design that evenly distributes heat. This feature significantly improves heat resistance. The design is dishwasher safe, which makes cleaning a breeze.
Where can I get SafeGrabs?
Cyndi had yet to secure a deal with a larger retailer, but Safe Grabs was available on Amazon and in a few local small retail shops.