Thursday, July 11, 2024

Jax Sheets 2024 Update – What Happened After Shark Tank

Jax Sheets Before Shark Tank

Staying clean can be a challenge especially when traveling. One of the challenges is just the time on the road which means that there is no time to wash clothes. If the traveling itself is not exhausting enough, once you arrive at your destination, you are tired and still have to unpack leaving little to no time at all for cleaning. It takes almost a genius to stay clean on the road.

Wen Muenyi experienced this on one occasion when he was traveling in Iceland. However, he also noticed that his polyester shirts and his cotton shirts got dirty at different rates. Muenyi was intrigued by his discovery and he discovered that there was a way to infuse a shirt with copper and use bamboo to make it stay cleaner for longer.

At the same time, Muenyi also knew that many men had problems keeping their bedding clean and so he got to work trying to find a way to remedy that problem. He created a material infused with bamboo and copper that would stay cleaner for longer. He sold them under the Jax Sheets business which he created specifically for this purpose.

Jax Sheets was still in its infancy stages when its founder saw that he needed help growing it. He sought help from the sharks at the Shark Tank and was on the 13th episode of season 12.

Jax Sheets on Shark Tank

Jaxsheets 2 When Wen Muenyi went to the Shark Tank with his company Jax Sheets, he sought $212,000 for 10% of the business. This gave it a value of 2,120,000. He gave a presentation that explained to the sharks why a person would need such specialized sheets. He also gave the sharks samples of his bed sheets to feel and evaluate.

Jax Sheets did not just sell bed sheets and pillow covers, it also sold t-shirts that did not need any washing. Mark Cuban examined the material that he had been given and he said that it felt really good. Kevin asked if the copper-infused cloth was commercially available and Muuenyi said that it was available to them and they were going through a process to get patents for their materials.

Robert then asked him if he was really offering them 2 companies, a sheet company, and a t-shirt company. Muenyi said that they were and they were using the same technology but with different applications.  Robert then asked if it was the same material.

Muenyi said that the materials used to make the bedsheets and t-shirts were not the same but they had used the same research and the same technology to make them. Lori asked if it was the copper infusion and Muenyi said that it was. Lori then asked if it was the same concept of having copper-infused materials that kill bacteria and keep sheets cleaner for longer.

Muenyi said that when he went to Iceland he noticed that his polyester shirts and his cotton shirts grew smelly at different rates. Muenyi was curious as to why this happened. He took his time to learn about materials and in that time, he learned about bamboo and he also learned about copper. Muenyi then released his shirt and everyone loved it.

Jaxsheets 3 The shirts were a success and he got the idea to make sheets as well. That was where was at that time. Lori commended his decisions because it was a huge market and a business needed to carve a niche for itself in order to survive.

Robert then asked him if he was selling his materials on that day. Meunyi said that the shirts that he was with has just been released on Kickstarter in November. He had realized sales of $350,000. Robert then asked him if that was his total sales. Muenyi said that for the sheets it was his total sales.

Mark Cuban then asked him how much he had asked for since he was on Kickstarter. Muenyi said that he asked for $10,000. However, he ended up raising $350,000. Kevin said that he hadn’t taken much interest in the company when Muenyi had started his presentation but he was now paying attention.

Kevin then asked Muenyi what his customer acquisition cost was and Muenyi told him that it was $33. He was then asked what his average sale was and he said that it was $148. He was then asked what his sales margin was and Muenyi said that his sales margin was $70. Kevin then confirmed that he was spending $33 to get $70. Muenyi said that he was but that was before Covid-19.

Kevin then asked him what his margins were now and Muenyi said that he was sold out. Robert then confirmed if he had sold everything in the months of November – December of the previous year. He then asked Muenyi when he had shipped it all.

Muenyi said that he had shipped the products about 4 weeks before and it took a very long time to get everything done. Robert then asked him if he had sold any other sheets other than the ones he sold through crowd servicing. Muenyi said that he had not because he did not have inventory at the time and he was worried about being able to deliver before he could take on other responsibilities.

Jaxsheets 4 Daymond then asked him if he had touched on the shirts yet. Muenyi said that they had not. Kevin then suggested that Muenyi should burn the t-shirts because he could not make any money in that business. Muenyi said that he might. Daymond then asked him what his sales for the shirts were.

Muenyi said that he had just released the shirts which were co-pairing with underwear and in that year, he had made $270,000 in sales.  Robert then asked him how he had made those sales and Muenyi said that he had made the sales on his website. Daymond then asked Muenyi why he had asked for $212,000 for 10% because, to him, it seemed like an odd figure. He could have asked for $210,000, $200,000, or even $250,000.

Muenyi said that he had a stutter and so he could not say 200 without stuttering so he said 212,000. If he had stuttered he would have forgotten everything. Lori asked him if he had partnered with anyone and Muenyi said that he had not. He did the business by himself in his garage. He then showed the sharks some pictures of his business.

The sharks commended him for his success and thought that he was doing really well. He said that he really was living a good life and that even being on the Shark Tank was a great time. Kevin then asked Muenyi how he knew that his customer acquisition rate was $33 if he had not sold anything outside of Kickstarter.

Muenyi said that he looked at the amount of money that he had been paid and then how much it cost in ads spent to get the customer. Kevin said that he only had figures from the Kickstarter deal. Robert then asked Muenyi how much it would cost him to get a customer on that day. Kevin then asked him if he was aware that the underwear business was different from the sheet business, and it was different from the shirt business.

Jaxsheets 5 The sharks disagreed with Muenyi on the valuation of the business. Mark Cuban then left because he thought that his entry would only spoil the business. Robert then told Muenyi that he did not consider having a successful Kickstarter the same as having a successful business. He could not invest in Jax Sheets so he left.

Lori then left and she said that although she liked Muenyi, she did not know if it was a good business although it did have a good premise. Daymond also left although he thought that Muenyi had a lot of competitive advantages. Kevin then left because, to him, Muenyi did not have enough answers about his business for Kevin to invest in.

Muenyi said that although he did not get a win at the Shark Tank he did not feel like a loser.

Jax Sheets Now in 2024 – The After Shark Tank Update

Jaxsheets 6 Jax Sheets continued to sell its products under the larger business name Hercleon. However, when we checked their website we saw that they were not in business and the site was offline. Hercleon was also not on Amazon although it once was. What could have caused this?

Wen Muenyi’s full name is Wenceslaus Muenyi and he created the bedsheets to help people have an easier time staying clean. However, it might not have sold on so quickly because not many people were sold on the idea. This was shown by the fact that none of the sharks were interested enough in the product to invest in it.

With Jax Sheets, you could stay for months without changing your sheets. However, it is also possible that not enough men were interested in the idea because they could find time to wash their sheets a bit more often. The extra time that was given was not worth the price of the sheets.

On Facebook, Hercleon had amassed over 1,000 followers but the page was last updated on 4th October 2022. It also has over 900 followers on Instagram. It is a small number and although it had a successful Kickstarter the steam appears to have run out. The business was located in Minnesota and hopefully, Muenyi has gained a lot of knowledge in his time as his own boss.

Victor Kamwengu
Victor Kamwengu
Victor is a movie buff, dog lover and author of a wide variety of subjects. When he's not tapping away at the keyboard, you can probably find him cozied up on the couch watching a cult classic or catching up on new releases.
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