On September 30, 2022, “Shark Tank” fans were introduced to Justine Tiu and Adrian Zhang’s crochet education company, the Woobles. The pair appeared on the Season 14 episode seeking a $250,000 investment for 5% of their business. The sharks are taken aback by the $5 million valuation at first, but it doesn’t take long for the pair to justify their high ask.

To start, the team has impressive margins. The kits are priced at $15 on the wholesale side while retailing at $30, and they only cost $3 to make. To top it off, 90% of sales are done direct-to-consumer, and a majority of customers are adults. They only spend about 20% of the company’s revenue on advertising, with a customer acquisition cost of $16. By this point, the company had earned $5.3 million, and they were projecting sales to be around $7 million by the end of 2022. They were looking for help in licensing with other brands, expanding their wholesale and retail reach, and receiving mentorship from the sharks.

What ensues is a shark-frenzy of offers. Kevin O’Leary proposes $250,000 for 10%, while Barbara Corcoran and Lori Grenier start at $300,000 for 10%, but continuously raise their offers. Tiu and Zhang ask if Corcoran would be willing to bring on another shark, and she gets Mark Cuban on board for $350,000 at 6%. Grenier then goes in with Robert Herjavec at $450,000 at 6%, and The Woobles team makes a move worthy of a shark, asking if Lori Grenier and Mark Cuban would work together instead. The investors agree, ditching their previously proposed partners for a final deal of $450,000 for 6%.

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