'Shark Tank': Sheets Laundry Club gets $500K after Barbara Corcoran says they 'can't sell'
Barbara Corcoran might not have been impressed by Sheets Laundry Club's pitch, but Daniel Lubetzky was and even made them an offer
For Sheets Laundry Club, the brand's mission is all about keeping your clothes and the ocean clean while they are at it. Co-founders Chris Videau and Chris Campbell explained that only 9% of the world's plastic is recycled, 12% is burned, and the rest ends up in landfills, with detergent and cleaning products contributing a considerable amount to that number.
Videau explained that his transition from working in the Army to the sustainable space began when he enrolled in the Army at 18. He later became a Black Hawk Pilot and was deployed to Iraq. Unfortunately, the country had no proper garbage disposal system in place; burning it was the only option. Unfortunately, this resulted in Videau suffering extreme lung damage, claiming that at 33 years, he had the lungs of a 7-year-old. On the other hand, Campbell wanted to start a meaningful business, and thus, Sheets Laundry Club came to be.
When it came down to the numbers, the brand had made $2 million in sales, of which $1.2 million came from their primary product, detergent laundry sheets. The brand was on track to do $7 million in sales, with a net profit of 24%. However, when it came down to making a deal, Barbara Corcoran was the first to back out, claiming that the duo was not persuasive enough and had too many products. To her, they could not sell, and hence she was out. O'Leary too stepped back, seeing that he had a similar product and didn't want to compete with himself. Greiner expressed that while she was concerned about plastic pollution, the amount and the equity didn't match up to make a deal. Cuban too, was out. Lubetzky was the only one to make them a deal, asking for 10% for $500,000. The two countered with a deal for 8%, to which he responded with 8% equity and 2% in advisory shares. The duo was quick to snatch the deal right up!
Fans found it odd that Corcoran didn't think they could sell but congratulated Lubetzky and the duo.
"Barbara, to the Sheets Laundry Club guys: "I don't think you can sell." They have $7 million in sales and just sold Daniel Lubetzky. Outside of that, Barbara was spot-on. #SharkTank" tweeted a fan. "@sheetslaundry mission is amazing and their traction is tangible. Great deal, Daniel, and #sheets! #killplastix #letsgoplasticfree #dealtime #SharkTank" added another.
Barbara, to the Sheets Laundry Club guys: "I don't think you can sell."— Phil Lemos (@Phil_Lemos) November 20, 2021
They have $7 million in sales and just sold Daniel Lubetzky. Outside of that, Barbara was spot-on. #SharkTank
'Shark Tank' Season 13 Episode 7 airs on ABC on November 19, 2021, at 8 pm ET. Catch the latest episode featuring products like Love and Pebble, Sheet Laundry Club, Zach & Zoe Sweet Bee Farm and Pink Picasso.
Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.