Shark Tank: Jiggy Puzzles Accepts $500,000 From Mark Cuban

New York City native, Kaylin Marcotte, has found a natural way to relieve tension and stress. After struggling with mental exhaustion, Kaylin discovered that completing jigsaw puzzles helped to reduce stress and promote relaxation. By focusing piece by piece, puzzle completion helps to restore focus and order when other parts of life may feel out of control. After discovering her newfound love of puzzling, Kaylin realized that she didn’t like many of the puzzle designs that were commercially available. That is how she was inspired to come up with Jiggy Puzzles. Their unique and modern puzzles support a mission or promoting the work of emerging female artists around the world. A percentage of every sale goes directly to the artist which empowers up-and-coming creatives, allowing them to showcase their art around the world.

Since launching in early 2019, Jiggy Puzzles has seen explosive growth and is expected to end the year at over $2.25 million in projected sales. The company has been completely bootstrapped by Kaylin and is profitable with no debt or other investors. Kaylin came to the Shark Tank seeking a partner willing to invest $500,000 in exchange for 5% equity. She is hoping to find a Shark that is willing to help her with the logistics of growing her company so rapidly so that she is able to keep up with the market demand for her product. She would also like to look at developing a subscription model for Jiggy Puzzles as they have a large percentage of customers that are repeat buyers.

The Sharks like her product and social mission, but they are worried about the success of the company long term after the pandemic. They predict that Jiggy Puzzles is seeing such success right now because many people are home and are looking for ways to keep themselves occupied, however when things return to normal, the Sharks are worried that the demand for the product will plummet. Although he is not sure that their success is sustainable long term, Kevin O’Leary offers to invest $100,000 for 15% equity and an additional loan for $400,000 at 10% interest for 26% equity. Kaylin is concerned with giving up that much equity in her company. Because she has targeted Mark Cuban as her ideal Shark, Kaylin asked Mark to consider investing in Jiggy Puzzles. Mark agrees to invest $500,000, however, he would want 15% equity in the company. He also agreed to match her fundraising efforts which are projected to be an additional $50,000. Kaylin accepts Mark Cuban’s offer to invest in Jiggy Puzzles.

If you were a Shark, would you have invested in Jiggy Puzzles? Do you think that Kaylin made a wise choice not to accept Kevin O’Leary’s offer? Start the conversation in the comments below!