Additional Coverage:
- Lori Greiner offers $60K deal to ‘Shark Tank’ contestant for a product that ‘every woman should have’ (marketrealist.com)
Sibling entrepreneurs Shirah and Michael Benarde struck a deal with Lori Greiner on Shark Tank for their innovative product, NightCap. The product, a scrunchie that doubles as a drink cover, is designed to prevent drink spiking. Greiner, clearly passionate about the product’s potential, offered the pair $60,000 for 25% of their business, declaring that “every woman should have it.”
The Benardes entered the Tank seeking $60,000 for 20% equity. Shirah, who was 17 at the time of filming, explained that the idea came from hearing stories from women about the fear of drink spiking.
She demonstrated how the NightCap can be worn as a stylish accessory and quickly converted into a protective drink cover. The siblings shared compelling sales figures, reporting $68,000 in sales over 11 months, with the majority coming after recent website optimization.
They also detailed their manufacturing costs: $2.82 per unit, with a retail price of $11.99, and the potential to reduce costs to $1.60 at scale.
The Sharks were impressed with the product’s ingenuity. After hearing the Benardes’ pitch, Greiner was the first to make an offer, emphasizing the product’s social impact and her desire to help expand its reach through social media and video marketing.
Even Barbara Corcoran encouraged the siblings to accept Greiner’s offer, noting Greiner’s unusual level of enthusiasm. The Benardes agreed to the deal, securing Greiner’s expertise and investment.
The deal with Greiner ultimately closed, and NightCap is now featured on Greiner’s website, as well as being available on the company’s website and Amazon.