NightCap Before Shark Tank
NightCap is a fabric cover that can be used to cover any drinks. The cover has a hole in it so that consumers can use a straw, rather than having the drink exposed. The NightCap was created as a means of preventing consumers drinks from getting spiked or messed with in any other way. The cover also has a scrunchie band attached to it; this scrunchie can be placed around one’s wrist while they’re holding their drink. This device can be used anywhere, from beach outings to nights at a club.
NightCap was founded by a brother-sister entrepreneur duo, Shirah and Michael Benarde. Initially, Shirah came up with the idea after having a dream following her discussion with friends about drink spiking. Unfortunately, this occurrence had happened to some of her friends, although they ended up being okay and the stories led Shirah to become determined to create a solution. After brainstorming ideas, Shirah knew she wanted to create something comfortable yet still effective for girls to use. With that, she started working on her prototype.
When her brother, Michael, had came home from college, he saw the prototype and immediately knew how helpful it could be. Shirah made her first prototype by cutting up pantyhose and connecting a scrunchie to it. Michael decided to team up with his sister and launch NightCap together. The immediately got to work on the product and, just six months later, NightCap was made into a reality.
Just after launching the product, the brother and sister duo participated in a crowdfunding campaign, IndieGoGo, which was a success. They then decided to launch their official website, Nightcapit.com, and get to working on their marketing strategies. NightCap quickly became a popular product, and Shirah and Michael soon started receiving awards for their creation. Some of these awards include FSU’s Turkey Tank, Tallahassee Startup Week’s Annual Pitch Competition, Florida State University’s InNOLEvation Challenge, and even an appearance on Fox Business Network. NightCap had successfully sold their product in more than 30 countries; however, they’d like a shark’s help to continue expanding.
NightCap on Shark Tank
Shirah and Michael Benarde went to Shark Tank in search of an offer of $60,000 for 20% of their bsuiness, NightCap. The duo began pitching their product by explaining to the sharks how serious and dangerous drink spiking can be. They talked about how women experience this and how they need a solution to prevent it from happening. Each of the sharks were given a sample of the product, and, with that, Shirah introduced her creation, NightCap.
The entrepreneurs told the sharks about their success with crowdfunding events. They explained that their first loan had come from their parents. The second amount of money came from their IndieGoGo campaign, where they were able to raise $12,000. And the third amount, $15,000, came from awards and competitions that they had won after Michael joined her team and began pitching. Once they concluded their pitch, Kevin O’Leary asked them about their costs.
Shirah explained that they made $68,000 within the first year; however, $40,000 of that total had come from orders placed before their appearance on the show. In just six weeks, the duo fixed up their website and tried different ways of marketing, leading NightCap sales to increase. More specifically, the sales went from only $4,500 to up to $20,000 in two months. Each NightCap costs the duo $2.82 to make, and they sell for $11.99. Shirah added in that their production cost would decrease once they start scaling.
By now, the sharks are impressed by the product and the entrepreneur’s hard work. They congratulate them on their success thus far, and then the negotiations begin. Given that NightCap doesn’t have any patents yet, Kevin O’Leary chimes back in to ask Shirah if she’d seen any knock-offs of the product. To the shark’s surprise, Michael speaks up to let them know that they have a patent pending for the creation. Although this only impressed the sharks further, the team did only receive one offer. An offer of $60,000 for a 25% equity from Lori Greiner.
Lori stated that this product is perfect for her to invest in, given that it resonates with her so much. She adds in that this may be the first product on Shark Tank that she’s ever felt so connected to. She loves the product itself. Before Shirah and Michael respond to her offer, Lori continues to speak out about young women that have experienced drink spiking and the potential aftermaths of the occurrence. Given that, she believes that NightCap is a product that every woman needs. After hearing how passionate Lori was talking about the product, the sharks all encouraged the duo to accept her offer, and they did.
NightCap Now in 2023 – The After Shark Tank Update
Shirah and Michael had successfully landed a deal with Lori Greiner for their business, NightCap. So, how are they doing now? Well, the deal with Lori has come to a close and the product has been featured on Lori’s website. Additionally, Lori publicly announced that a concerned artist and singer, Julia Michaels, was joining their NightCap team. Julia was added to the team as a means of advertising NightCap at her concerts. The Shark Tank investment was shortly used for bettering their mentoring, their website, and their packaging.
Lori, Shirah, and Michael are continuing to work at expanding NightCap, with hopes of getting them in bars, police departments, nonprofits, clubs, and many more. Michael had told the Tallahassee Democrat that nearly any college student asked would know about their product and likely love it. NightCap has gotten publicity on TikTok, where they are getting 175 million views. The brother and sister continue to receive incredible comments, direct messages, and reviews from satisfied consumers. Overall, people feel much safer with their NightCap’s.
Since appearing on Shark Tank, NightCap also has skyrocketing to up to $2.1 million. The team went on to perfect their website once more, add three new colors to the line, and they even launched a keychain NightCap. They’ve also started selling straw kits, gift boxes, and disposable NighCap sticker covers known as StopTopps. Shirah and Michael actually sell said stickers to any clubs and bars they can throughout Canada and the United States. NightCap covers, as well as their other new products, can be found on their website, Nightcapit.com.