What Happened to Cinnamon Cove After Shark Tank?
What is Cinnamon Cove?
Cinnamon Cove is a fashion swimwear brand targeting twins. All the suits are made of recycled fishing nets. Making it an environmentally friendly company. They do sustainable packaging also.
Who is the Founder of Cinnamon Cove?
Myla Tucker & Olivia Lorenz are the founders of Cinnamon Cove. They are 13 years old. They are still in school and pitching their idea in Shark Tank Australia.
The founders both work hard to keep the brand running. All the products are designed by them.
Cinnamon Cove Before Shark Tank Australia?
Cinnamon Cove sold its first design within 24 hours. In 6 months, they’ve done $30k of business. Initially, they used social media platforms to do the marketing.
Cinnamon Cove has 30k followers on Instagram.
How much money did they ask for on the pitch?
They came to Shark Tank Australia seeking $80k for 30% equity in their company Cinnamon Cove. Which gives the company a valuation of $266k.
How much money did they raise for Cinnamon Cove?
Cinnamon Cove is completely debt-free. It’s a bootstrapped company.
How to get Cinnamon Cove?
You can get all the swimwear outfits on their website.
Unit Economics of Cinnamon Cove
Cinnamon Cove swimsuits cost around $135. The making cost plus shipping cost is around $50 ~ $60.
What are the Annual Sales of Cinnamon Cove?
In 6 months, they did $30k worth of business, so if we just doubled that the projected revenue for 1 full year would be $60k.
Which shark gave Cinnamon Cove an offer?
Robert Herjavec was out.
Sabri Suby was out. He didn’t have any expertise in the specific field to begin with. He couldn’t help them become big. That’s why he didn’t give any offer.
Davie Fogarty was out. He thought the founders came to the Shark Tank Australia too early. Managing both school and business would be really tough.
Jane Lu was out. She thought becoming their business partner would be too much work at this moment. That’s why she stepped out from giving any offers.
Catriona Wallace was the only one left. She was interested in the business. She requested any sharks to join her. Fortunately, Davie Fogarty joined, and they both gave a combined offer. They offered $80k for 33% equity in the company Cinnamon Cove.
| Offer 1 |
| Davie Fogarty & Catriona Wallace – $80k for 33% |
What deal did Cinnamon Cove get in Shark Tank Australia?
Cinnamon Cove got a deal from Davie Fogarty & Catriona Wallace. The deal was $80k for 33%.
| Company Name | Cinnamon Cove |
| Founders | Myla Tucker & Olivia Lorenz |
| Asked Amount | $80k for 30% |
| Final Deal | $80k for 33% |
| Sharks | Davie Fogarty & Catriona Wallace |
| Company Net Worth | $240k |
| Company Website | cinnamoncove.com.au |
| Company Status | In Business |
What is the net worth of Cinnamon Cove?
After the Shark Tank Australia deal, the net worth of Cinnamon Cove is $240k.
Is Cinnamon Cove still in Business?
Yes, Cinnamon Cove is still in the swimsuit business.
