Where is 'Yellow Leaf Hammocks' now? Company makes $1M yearly after 'Shark Tank' debut despite pandemic slump
LOS ANGELES, CALIFORNIA: Joe Demin and Rachel Connors were inspired while on a motorcycle adventure in Thailand and discovered eco-friendly hammocks. Joe and Rachel never knew that a spontaneous vacation could change their lives. The adventure to Thailand led Joe and Rachel to discover the world's most comfortable hammock hanging outside a hut on a tiny island and their appearance on 'Shark Tank' skyrocketed the sale of 'Yellow Leaf Hammocks'.
Joe and Rachel appeared on 'Shark Tank' Season 11 Episode 24 to win a bid of $400,000 for 7% from sharks Mark Cuban, Lori Greiner, Robert Herjavec, Daniel Lubetzky, and Kevin O'Leary. The budding entrepreneurs bring eco-friendly and bright-colored hammocks made from cotton ropes and weather-safe yarn to persuade sharks. However, the Sharks offered an impressive bid to Joe and Rachel.
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What happened during their time on 'Shark Tank'?
Joe and Rachel wowed the Sharks with their brand of hammocks and hanging chairs. The married couple and business partners took the stage for Season 11 in a bid to get $400,000 for 7% of their business. They pitched their brand after giving a little background history. Joe revealed that he got the idea of Yellow Leaf Hammocks after a backpacking trip across Southeast Asia. He loved the quality of the hammocks and instantly connected with the weavers. Joe further revealed that he started the company to bring jobs to Thailand. Joe decided to quit his job in finance and started Yellow Leaf Hammocks with his wife, Rachel. Joe and Rachel's idea of giving an opportunity to the tribe of Thailand instantly impressed the Sharks. Three Sharks decided to bid for Yellow Leaf Hammocks. Robert offered $400,000 for 15%, while Lori proposed $200,000 for 7% with a promise to fund all purchase orders. However, Daniel won the deal for $1 million for 25%.
Where is Yellow Leaf Hammocks now and how is the company faring?
Joe and Rachel started Yellow Leaf Hammocks with a Kickstarter campaign in 2012 and raised $11,400. However, before their appearance in 'Shark Tank,' they finished another Kickstarter for the Hammock Throne that raised a whopping $235,814 in June of 2019. Notably, Joe and Rachel's 'Shark Tank' episode aired during the COVID-19 pandemic. Even after getting a huge bid from Daniel, the pandemic widely affected Yellow Leaf Hammocks' sales as their overseas transactions partner company, Virgin Cruise Lines, saw sales fall to their lowest point because transportation options in every country was limited. But Joe and Rachel's business sales took off again after things went back to normal. Yellow Leaf Hammocks is also available on Amazon and has received five-star reviews. Yellow Leaf Hammocks' current revenue is $1 million annually, and the business is worth an estimated $4 million.
New episodes of 'Shark Tank' Season 14 airs on ABC on Friday at 8 pm ET. You can catch the new episodes the next day on demand and on Hulu. You can also watch old seasons and episodes on Amazon Prime Video and iTunes.