The Woobles is a crochet kits business that teaches users how to create handmade gifts through crochet. It appeared on Shark Tank Season 14, Episode 2. The experts at The Woobles guide customers with instructional videos to craft various handmade products.
While many women enjoy crochet, few know how to do it effectively. Learning crochet requires the right knowledge, often supplemented by numerous YouTube tutorials. However, to truly excel, high-quality crochet kits are essential. The Woobles addresses this need by providing comprehensive crochet kits.
Through crochet, users can create a variety of handmade items, such as dogs, mice, cats, and more. This not only utilizes time productively but also offers a fun learning experience.
Justine Tiu, inspired by her desire to make handmade gifts for friends, founded The Woobles alongside Adrian Zhang. Initially started with just a $200 investment, the company is now valued at $5.3 million.
The Woobles offers kits for beginners to master crochet, allowing users to make an array of cute creations, including penguins, dinosaurs, tiny baby bees, birds, foxes, bunnies, lions, elephants, bears, and more.
They provide three types of kit packs: Beginner, Intermediate, and Limited Edition, each with varying prices. Additionally, bundle packs containing 3 to 4 different crochet kits are available.
Each kit includes essential items such as a yarn needle, eyes, easy-peasy yarn, pre-started yarn, a 4mm crochet hook, stuffing, a storage bag, and step-by-step video instructions. Although the specific contents vary by pack, they consistently include pre-started yarn and a crochet hook, with different color options.
To further assist beginners, The Woobles offers separate video and blog tutorials. The yarn used is made from 75% cotton and 25% nylon, and crochet amigurumi kits typically range in price from $25 to $100.
| Company Name | The Woobles |
| Founder | Justine Tiu & Adrian (Xinli) Zhang |
| Founded | Jul 2020 |
| Product | The Woobles makes fun, simple kits that teach you how to crochet. |
| Asked For | $250K for a 5% Equity |
| Final Deal | $450K for a 6% Equity |
| Shark | Mark Cuban and Lori Greiner |
| Episode (Shark Tank USA) | S14 E2 |
| Air Date | Sep 30, 2022 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | New York, New York, US |
| Lifetime Worth (Sales) | $2.1M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of The Woobles?
Justine Tiu is the Co-Founder and Inventor of The Woobles, alongside Co-Founder Adrian (Xinli) Zhang.
Justine joined Google as a UX Designer after earning her B.S.E. in Electrical and Computer Engineering from Duke University. In 2018, she became a Senior UX Instructor at Kenzie Academy. She launched The Woobles business in July 2020.
Adrian also holds a Bachelor of Science in Biomedical Engineering and Economics from Duke University. After completing his studies, he worked as an associate at JP Morgan for four years and then served as a director at Deutsche Bank for over two years.
As of September 2022, Adrian is running The Woobles business full-time.
How Was The Shark Tank Pitch Of The Woobles?
Couple Justine and Adrian entered Shark Tank with their company, The Woobles, seeking $250,000 for 5% equity at a $5 million valuation. They pitched their business idea, explaining how they developed the concept.
The landed cost of their product is $3, with a wholesale price of $15 and a retail price of $30. Currently, 90% of their sales come from direct consumers through their website.
Starting with just $200 worth of yarn and a domain name, The Woobles has grown to a valuation of $5.3 million in just two years. The sharks were impressed; Kevin O’Leary called it incredible.
Year-to-date, they have earned $3.1 million and expect to grow to $7 million. They allocate 20% of their revenue to advertising, with an average order value of $57. The business enjoys an 86% gross margin and a 32% lifetime net margin, with a 38% net margin year-to-date.
Robert Herjavec questioned the need for $250,000, to which Adrian explained that they require funding for licensing, wholesale expansion, and mentorship.
Kevin offered $250,000 for 10% equity, suggesting he could help reduce customer acquisition costs by 8% to 10% and assist with licensing and new ideas.
Barbara Corcoran then made an offer of $300,000 for 10% equity. Lori Greiner, also impressed with the business, matched this with her own offer of $300,000 for 10% equity. Barbara countered with $350,000 for 10% equity, and Lori responded with $300,000 for 8% equity. Barbara then made another counteroffer: $350,000 for 5% equity and sought to team up with Mark Cuban.
Lori supported her 8% equity offer, prompting Adrian to express his belief that Lori would collaborate with another shark.
Ultimately, Barbara and Mark teamed up to offer $350,000 for 6% equity, while Robert and Lori combined their efforts to propose $450,000 for 6% equity.
After some discussion, Justine and Adrian decided to pursue the Mark and Lori team, requesting $450,000 for 6% equity at a $7 million valuation. This surprised Barbara and Robert.
Finalize: Mark & Lori invested $450K in The Woobles for 6% equity.
The Woobles Shark Tank Update
The Woobles business received high praise on Shark Tank, with all the sharks showing significant interest in investing. The entrepreneurs ultimately signed a deal with Mark and Lori, leaving Barbara and Robert surprised by the outcome.
The sharks were astonished to hear about the company’s two-year sales of $5.3 million, especially since the business was launched in 2020. As of September 30, 2022, their sales track reached $3.1 million, and the entrepreneurs expect to hit $7 million soon. This impressive sales growth is remarkable for a startup.
Fans of Shark Tank view The Woobles as a promising business. Viewers appreciated the product and feel that learning to crochet is a valuable skill.
When Adrian did not sign the deal with Barbara, Barbara tweeted and said.
Many Twitter users feel that the price of The Woobles’ product, set at $30, is too high, suggesting that a price reduction could boost sales.
Despite this, both the sharks and fans of Shark Tank have shown strong support for the product, leading to expectations of millions in sales for the company.
Justine shared on her Instagram business account that she received a surge of orders just 24 hours after appearing on Shark Tank. Previously, they hadn’t experienced such demand, prompting their entire family to help with shipping.
By November 2022, The Woobles had taught crochet to a total of 100,000 people, with plans to reach even more in the coming months. The Shark Tank episode successfully attracted interest, positioning the business to assist those looking to create handmade gifts through yarn. Mark and Lori are excellent partners for this venture, as both understand current market trends.
As of September 30, 2022, the company’s sales stood at $3.1 million, and the entrepreneurs expect to reach $7 million.
We will continue to follow Justine Tiu and Adrian (Xinli) Zhang for further updates on their journey.
What Is The Woobles Net Worth?
The Woobles’ sales are experiencing impressive growth. They recently uploaded a shipping video on Instagram, showcasing thousands of dollars’ worth of products being dispatched. The company’s net worth is currently estimated at around $2.1 million.
Initially, they sought an investment on Shark Tank at a valuation of $5 million, but after negotiations, they secured a deal at a valuation of $7 million.
Justine is actively working on expanding the business internationally and has been selected for Real Canadian Superstores, allowing Canadians to purchase crochet kits directly from the store.
In October 2022, Justine launched a new book on Amazon titled Crochet Amigurumi for Every Occasion, priced at $22.49.
The Woobles’ products, including books and crochet kits, are now available in over 60 retail and online stores across the United States.
Yes, The Woobles is still in business as of April 2024.
