Long Wharf Supply Co is an apparel brand that specializes in sweaters for male and female. This brand makes sweaters as well as bags, hats and other accessories. All these things are made from oyster shells, recycled water bottles, and cotton or natural lambswool.
The founder believes that they will use plastic for re-usable through this company and reduce the impact of plastic in the environment to some extent.
This is a unique startup that is making sweaters using different non-useable ingredients, which one might have thought about before.
The company was started by siblings Lauren and Mike Lamanga following the design of their father’s old fisherman sweater.
The founder has mentioned on their company website that their company got this name from their great grandfather. Their great-grandfather worked as a wool sorter at Long Wharf in Boston.
The founder entered Shark Tank Season 13 Episode 2 with their company ‘Long Wharf Supply Co’ and asked Shark for $375,000 for 15% equity at a $2.5 Million Valuation.
What Is Long Wharf Supply Co?
Long Wharf Supply Co is an apparel brand that makes sweaters using oyster shells, recycled water bottles, and cotton or natural lambswool.
It doesn’t just make sweaters, it also makes Bags & Accessories, Small, Goods Hats and many more. All these products are made from recyclable material.
The price of this sweater ranges from $128 to $158. It is good to use this sweater as much as possible while boating and fishing.
If you want to buy this product, then you have to visit the official website of this company.
|Company Name||Long Wharf Supply Co|
|Founder||Lauren Lamanga and Mike Lamanga|
|Product||This sweater is made from waste material.|
|Asked For||$375K for 15% equity|
|Final Deal||No Deals|
|Episode (Shark Tank USA)||S13 E2|
|Air Date||Oct 15, 2021|
|Business Status||In Business|
|Headquarters||Boston, Massachusetts, United States|
|Lifetime Worth (Sales)||$2.3M *estimated|
|Go To Amazon||Buy Now|
|Watch On||Amazon Prime|
Another Shark Tank Pitch
Who Is The Founder Of Long Wharf Supply Co?
This is the founder and CEO of the company Mike Lamagna, his childhood was spent in New Hampshire with Sandy Beaches, Bots etc. For his college studies, he moved to New York City and there he studied finance from Merrimack College.
After his college studies, he joined Harlem Lacrosse in October 2014 as an advisory board and is currently working in it.
Long Wharf Supply Co Before Shark Tank
According to Mike’s LinkedIn profile, both brother and sister started the company in 2016 using oyster shell and plastic bottle material. The company produces top quality yarn from materials like Oyster Shell and Plastic Bottle and uses it to make sweaters.
Plastic is a big problem, knowing that there are many people all over the world, they are throwing things like plastic in the ocean. To solve this big problem of plastic, there is a company like ‘Long Wharf Supply Co’ which re-uses plastic.
This company’s mission is to reduce the impact of plastic and oyster shell waste on the environment. By using these waste materials, this company makes money.
The founder launched a campaign on Kickstarter on July 15, 2020. Their goal in this campaign was $20,000 but on Aug 19 2020, they raised $75,009 funding from 482 backers.
To grow their company, the founder needs more investment and also needs a good mentor. So that’s why they decided to go to Shark Tank.
How Was The Shark Tank Pitch Of Long Wharf Supply Co?
Lauren & Mike entered Shark Tank with their company, Long Wharf Supply Co, and asked the sharks for $375K for 15% equity. After that both of them told about their sweater product which is made of re-usable plastic material.
Shark checked out this sweater and loved its softness and weight. The entrepreneur also told that his product uses 10% lambswool and 50% his recycled material to make it. Apart from this, it uses 20% nylon and 20% plant based viscose in the remaining 40%.
Each of their products has an average gross margin of 80%, their cost of making ranges from $23.50 to $33.50 and is sold in the range of $128 to $158.
As of now, their customer acquisition cost is $41, and it is quite expensive. In the last 12 months, their sale was $495,000. Mike currently owns 100% of this company.
Kevin O’Leary said that the valuation of this company is not as much as it is asking for, so because of this it is out. Daymond John narrated the story of his daughter and got out of it.
Mark Cuban Asks Entrepreneur Will You Sell T-Shirts Using This Material, Because all these people can easily buy and this can lead to 5 million sales. But Mike said that he could sell 5 million even in a sweater, so Mark Cuban was out in the meantime.
Lori Greiner got out of this business deal. But Peter Jones is still there and he told Mike to give the company shares to his sister. Lauren wanted 10% share of the company and Mike gave that 10% share to him.
Peter Jones made an offer His offer was $375,000 for a 45% equity. The entrepreneur countered Peter 25% but Peter said no. This deal did not happen in Shark Tank.
Finalize: Long Wharf Supply Co didn’t get deal in Shark Tank.
What Happened To Long Wharf Supply Co After Shark Tank?
Long Wharf Supply Co did not get the deal in Shark Tank because of the valuation of the company. This business used to solve a real problem but the sales were not very good with its product being expansive.
The entrepreneur had to come from the empty shark tank stage. But this product was very much liked by the viewers of Shark Tank. Many users shared positive comments about this product on Twitter.
Founder Mike Lamanga is currently running this business part time and is also working in a company. In October 2022, the growth of this business has been significantly down.
Long Wharf Supply Co Shark Tank Update
After this episode of Shark Tank aired, the sales of this sweater product increased to some extent but not that much. The price of this product was so high that it is not so easy for everyone to afford.
On November 2022, this company has opened its physical store at 119 Newbury, St. Boston.
We’re following Lauren Lamanga and Mike Lamanga Jane along with their company for further updates.
What Is Long Wharf Supply Co Net Worth?
This information about the company’s annual sales report is not available yet. But the founder is still trying to grow this business. We expect Long Wharf Supply Co to have a worth of approximately $0.3 million to $0.5 Million.
Is Long Wharf Supply Co Still In Business?
This company has completed 7 years in 2022 and still this business activity is going on. But it has not been able to expand much.
We think if the founder had signed the deal with Peter Jones, perhaps Peter could have tried to grow this business and it would have happened.
The founder is currently running this business part time and their social media handle is also active.
Yes, Long Wharf Supply Co is still in business as of December 2022.