During the season 11 finale of Shark Tank, Muvez, a footwear brand that converts shoes into slippers, was featured. This footwear brand is unique in that it has removable soles, which can be worn both indoors and outdoors. In addition, the company also donated one dollar from every shoe sale to the World Health Organization. The company was also featured on several other platforms to promote their product.
The Muvez team, consisting of brothers Ryan and Eric Cruz, as well as Kevin Zomara, sat down to discuss their idea. They decided to invest in the company in exchange for a quarter of its ownership. The team hoped to attract three big Sharks, but ended up failing. They were also unable to secure licensing deals with larger shoe brands.
The company’s founders are also looking to raise funds from investors. In order to do so, they are seeking to raise $200,000 for 15% of their stake in the company. They are also looking for a business partner who can help them with licensing and other business aspects. A possible partner could also help them expand their product line. This is a good time to mention that Muvez’s founders have a net worth of about 2.3 million dollars.
The Muvez team aims to raise a total of $3 million by the end of 2020. The company has already secured strategic partnerships with athletes and Instagram influencers. They are also donating money to charity and are in the process of expanding their product line. Their product also sold out after the Shark Tank episode aired.
They sold over 400 pairs of the slippers after the show. The company has also partnered with NBA basketball player Langston Galloway, who endorsed the product. Besides the product, the company also donated 100 pairs of shoes to hospital staff in Jersey City, New Jersey.
The Muvez team is also looking for a $200,000 investment from a business partner. Lori Greiner is a potential investor, but she is wary of investing alone. She would like to pair up with another Shark. She thinks the product is excellent, but she is not sure if she would be able to make a return on her investment. She also believes that the company could use a partner who can provide marketing expertise.
The Muvez team was able to secure a $200,000 investment from fashion retail guru Daymond John, who has been featured on Shark Tank. In return, Daymond John offered them a 25% stake in the company. This was an enticing offer, especially for a footwear company. However, Daymond John also offered expertise in licensing. He also told the Muvez team that he needed help with licensing. In the end, Daymond John agreed to the deal and made a commitment to buy a majority of Muvez. As a result, the company’s valuation has decreased to about 800 thousand dollars. This is a big deal for Muvez.
In the end, the company’s valuation is still not publicized. However, it should be noted that the Muvez team is proud of the deal that they have made with Daymond John.