Slumberpod Before Shark Tank
Traveling with your children can be a very stressful thing. Katy Mallory had experienced this firsthand. Katy said that she experienced all the problems when she was traveling with her oldest child. She needed a way to keep the light out so that her daughter could sleep. Unfortunately, she did not have a solution on that day and so she continuously woke up as did her daughter.
Katy was so uncomfortable during that period that she vowed to find a solution. People already had solutions such as covering up windows with their own covers that they brought. However, Katy developed the slumberpod which was an elegant solution to children’s sleepless nights.
The Slumberpod was a small tent that could be placed over a cot or mattress ensuring that children would not be interrupted as they slept. The Slumberpod is made with a breathable material so a child will be able to breathe as they sleep through the night.
Katy and Lou had a lot of years of work experience with some of the largest companies in the country and so when they started, their Slumberpod business was off to a good start. However, they still wanted a business expert to be with them throughout the period. That is why they reached out to be on Shark Tank and get an investment partner.
Their request was a success and they were invited to be on the 10th episode of the 11th season.
Slumberpod On Shark Tank
Lou Childs and her daughter, Katy Mallory, went onto Shark Tank seeking $400,000 for 20% of their business, Slumberpod. This gave it a valuation of $2,000,000. Lou and Katy started by showing the sharks the problems that people experienced when traveling. They then showed the solutions that Slumberpod offered.
The sharks liked the product and thought that the presentation was very funny. Katy had come with her young son Oscar who cried during the demonstration but she told the sharks that he used it without any problems at home and that he was just having some stage anxiety.
Kevin then asked her how much she was selling the tent for. Lou said that it cost $149.99 and it cost $26 to land the product. Robert then asked how she had come up with the idea of a tent for children. Katy said that it started when they had the Christmas holidays and they had to stay in the same room with her eldest daughter.
The room that Katy stayed in did not have great window treatment so some light would come through at any time of the night. Her daughter kept waking up in the middle of the night and seeing Katy. She was supposed to sleep but it did not happen.
Katy and her daughter got only 2-3 hours of sleep for 2 nights in a row and they eventually had to go home a day early. She suffered from extreme sleep deprivation. Robert then asked how long it took to dismantle it and put it back in its box. Katy said that it took about 2 minutes to break it down and it would take about 30 seconds or less to put it back in its box.
Katy then added that it fits a toddler with a cot inside and you could make a pallet on the floor out of blankets. Katy then said that the Slumberpod is not designed to confine a child. It is designed to give a child a dark environment to sleep inside.
Robert said that it looked really complicated. Katy said that it had instructions on the back on how to install it. Katy then said that it may look a bit cumbersome but people would be surprised and appreciative of how small it got. That was what made it fit as carry-on luggage.
Mark Cuban then asked what their sales had been. Katy said that they had launched in August of that year and they had already done $556,000 in sales. Robert asked them how and why they had gotten such huge sales in such a short time. Katy said that it was because moms were obsessed with the product.
Barbara then confirmed if they had done any advertising. Katy confirmed that they had done no advertising at all. Mark Cuban then said that the business must be very profitable. They had to be generating so much cash. Lou said that the business became profitable in February of that year and they did not have any debt.
Lori then asked them what their background was. Lou said that she was a single mother who went back to college when she was 39 years old. She then earned her master’s degree at 50. She said that she had worked for Fortune 500 and small software companies.
Katy then said that Lou was a mother to 6 children. Katy then said that she worked in the automotive sector and she was a mother to 3 and 2 of them were twins. Lori then left. She said that she was conflicted when she started her business on whether she would call someone or do everything herself and eventually she thought that it was better for Lou and Katy to do what they are doing on their own.
Barbara offered Katy and Lou $400,000 for 25% of their business. She also wanted an instant response. Kevin then offered them $400,000 as a loan. It would be paid back with 9% interest he would also get 7% of the company for that offer. Robert then left because he thought that he could not match the offers already made.
Mark Cuban then left. He said that he thought the company did not need his assistance in any way. Katy and Lou then asked Barbara if she would do their original offer and Barbara said that she would. They then partnered with Barbara. They said that Barbara seemed like an incredible partner, and Lou added that making a business grow with her daughter was a dream come true.
Slumberpod Now in 2023 – The After Shark Tank Update
Unfortunately, the deal with Barbara never went through and so the Slumberpod duo had to continue by themselves. It is not listed on the list of Barbara Corcoran companies. Slumberpod has continued to do business on its website but its products are now also available on Amazon where it has a 4.5 out of 5-star rating from 1,679 reviews.
On Instagram, Slumberpod has over 77,000 followers. On Facebook, it has over 6,500 followers. On Twitter, it has less than 300 followers. Slumberpod has increased its line of products to include a Slumberpod fan as well as a carry bag.
Slumberpod currently has a valuation of $5,000,000. It is located in Colombus Georgia and it is a source of relief to children and parents everywhere who are looking for a good night’s sleep.