Home
Posts

Shark Tank: Hug Sleep Accepts $300,000 From Mark Cuban and Lori Greiner

3 minute read

Sammy-Williams / Pixabay

Husband and wife duo, Matt Mundt and Angie Kupper, have developed a lightweight alternative to a weighted blanket to help relieve anxiety and stress for a restful sleep. Because weighted blankets are often too hot to sleep with and very difficult to wash, Matt and Angie, knew they had to create a viable alternative to help those who can benefit from using a weighted blanket, but who may not be able to use one due to a temperature intolerance. With a background in psychology, Angie is aware that it is important for people with various health conditions to be able to receive deep pressure that is gentle yet firm enough to fully trigger relaxation in the body. The Hug Sleep is a lightweight sleep pod that simulates being hugged or cuddled. By gently applying calming pressure, the Hug Sleep provides compression rather than weight to help those with sensory disorders, anxiety, or stress.

Matt and Angie came to the Shark Tank in hopes of partnering with a Shark willing to invest $150,000 in exchange for 10% equity in Hug Sleep. It is also important to Angie that they partner with someone who is as passionate about helping people with anxiety and other physical and emotional conditions as she is. The Sharks are very impressed that Hug Sleep has a relatively low cost of customer acquisition and is already turning a 41% profit. They would like to continue to drive down their acquisition costs as well as be able to put money into acquiring inventory.

See Also :

    Much to Matt and Angie’s surprise, Hug Sleep brought offers from each of the Sharks. Each Shark individually extended offers, however, it quickly became apparent that the more powerful way to invest and move Hug Sleep forward was for Sharks to partner on their offers. Mark Cuban and Lori Greiner formed one team of Sharks while Daymond John, Robert Herjavec, and Kevin O’Leary formed the other. Both teams offered to invest $300,000 in exchange for 20% equity in Hug Sleep. Matt and Angie decided that Lori and Mark would be the ideal partners for them and agreed to their partnership offer.

    Do you think that Matt and Angie made the correct choice? If you were Hug Sleep, which Shark or team of Sharks would you have chosen? If you were a Shark would you have invested in Hug Sleep? Start the conversation in the comments below!


    Post a Comment