Hugo’s Amazing Tape Update | Shark Tank Season 09
Hugo’s Amazing Tape founders Katherine Saltzberg and Lauri Fraser appeared in Shark Tank Season 09 with an ask of $50,000 for 50% equity in the company.
Katherine and Lauri’s father, Hugo Maisnik, invented this versatile PVC tape in 2007, but he recently passed away. So, both sisters decided to carry her father’s legacy and make Hugo’s Amazing Tape a world-popular brand.
After finding different use cases for this product, Lori Greiner and Mark Cuban offered to buy a 100% stake in the company.
The founders accepted this deal in front of the camera, but what happened to this company after Shark Tank? Find out beyond the show details in our Hugo’s Amazing Tape update!
If you’re in a hurry and don’t want to read the whole story, here’s a brief overview of what happened to Hugo’s Tape after the Shark Tank!
Hugo’s Amazing Tape founders pitched in Shark Tank Season 09 and got a combined offer from Lori Greiner and Mark Cuban. After knowing the different use cases of the product, both sharks offered $100,000 for 100% equity, and Katherine and Lauri accepted that on the camera.
Katherine and Lauri wanted to carry out their father’s legacy, and the business had generated over $100,000 in revenue in the previous year, so it’s tough to digest that they’ll sell the entire company for only $100,000.
In terms of Hugo’s updates, this company is still operational and generating over a million dollars in annual revenue in 2024. After the show, Lori Greiner and Mark Cuban invested in this company, but the actual shareholding is still doubtful.
| Company Name | Hugo’s Amazing Tape |
|---|---|
| Founders | Hugo Maisnik |
| Founded | 2007 |
| Product | Non-sticky tape |
| Ask | $50,000 for 50% equity |
| Deal | $100,000 for 100% equity |
| Sharks | Lori Greiner, Mark Cuban |
About the company
Hugo Maisnik founded Hugo’s Amazing Tape in Los Angeles. The idea of Hugo’s amazing tape was an accident when he was determined to find the usage of plastic that held to the package.
Hugo’s Amazing Tape is self-adhesive, free of glue, sturdier than regular duct tape, can hold heavy things with ease, and is removable without damage. It is reusable for up to 100 uses.
The Amazing Tape can hold up to 150 pounds of weight per inch of tape. It is possible to write on the tape as well, making it valuable for storing food or different things. It is heat-safe, yet it can endure freezing temperatures.
You can use this versatile tape for building wires and cords, garden hose fixes, temporary repair of radiators, temporary plumbing repairs, etc.
The tape comes in multiple transparent colors and in rolls of 50 feet in length and either 1/2”, 1” or 2” in width.
Hugo’s Amazing Tape spends about $1.25 to create a single unit of tape, and its selling price ranges from $12.99 to $15.99.
When Hugo’s Amazing Tape appeared in the Shark Tank S09E23, the company’s annual revenue was $100,000. As of March 2024, its annual revenue has grown to $1 million.
Hugo’s Amazing Tape Shark Tank Pitch Recap
Katherine Saltzberg and Lauri Fraser appeared in Shark Tank and put on a dramatic show for the Sharks, having backgrounds in acting and voice artistry.
The sister duo pitched their business and asked for $50,000 for 50% equity in their company.
The pitch was catchy and energetic as the duo demonstrated the strength and different endless purposes of the tape which only stuck to itself and no other objects.
They mentioned how the tape did not come apart until the user took it off, earning a few pleased “pretty cool” and “oh that’s so cool” from the Sharks.
The sibling duo also gave out samples of their product to the Sharks which they appreciated a lot and praised.
The sisters explained how their dad, Hugo made this amazing item. Unfortunately, they had recently lost him, and the patent expired with his death. That is why they were looking to revive his business in his honor.
When the Sharks asked about the company’s sales, the sisters informed them they had sold $500,000 in the last two years but only $27,500 in the last 12 months.
Kevin O’Leary stepped in and called their pitch “good, bad theater” and found it amusing. However, he opted out of making a deal as he told them, “This is really not a business.”
Robert Herjavec was the next Shark to go out, as he had concerns about the distribution of the product. He also had doubts about the product patent.
Mark Cuban was convinced that they were getting knocked off since the product came from Taiwan.
Barbara did like the product; however, she decided not to invest as she thought it would be better if the sisters sold their business instead.
Lori and Mark had a discussion about investing in the product as they saw potential in it.
The two Sharks made a combined offer to buy their entire company for $100,000 at a 100% stake instead of giving the sisters $50,000 for 50% equity as they had asked for.
Shockingly, the sisters made no counteroffer and ended up agreeing with the proposal. Katherine and Lauri accepted the offer from Lori and Mark and ultimately sealed the deal.
Hugo’s Amazing Tape Update
Katherine and Lauri accepted the combined deal from Mark Cuban and Lori Greiner for $100,000 for 100% equity. Both sharks invested and scaled this business, but the shareholding pattern is doubtful.
I’m saying doubtful because why would someone sell their father’s legacy without any negotiation? A company that has generated $500,000 in the last two years would never be sold for $100,000.
In order to clarify things, our team sent many emails to the founders, but we never got any reply. As per Pitchbook, Mark Cuban and Lori Greiner are angel investors in Hugo’s Amazing Tape, and Katherine and Lauri are members of the executive team.
As of March 2024, Hugo’s tape is available on Amazon, Walmart, and many offline stores in the USA. The company is generating over $3 million in annual revenue through all channels.
Find out more company updates that appeared in Shark Tank:
Conclusion
Hugo’s Amazing Tape appeared in Shark Tank Season 09 and created a buzz around social media. The company got free publicity when both founders agreed to sell a 100% stake in his father’s legacy. Mark and Lori invested in this business, and it’s generating over $3 million in annual sales.
We hope you enjoyed reading this article! Please visit our homepage for more company updates that appeared in the Shark Tank.
