Nightcap is a temporary solution to the problem of drink spiking. This product functions as both a drink cover and a spike-prevention scrunchie.
According to LinkedIn, Nightcap was launched in 2019, with its headquarters currently located in Tallahassee, Florida.
The flexible Nightcap cover is made from a nylon/spandex blend, allowing it to fit all standard drinking glasses. Designed to be fashionable, it can be worn in the hair or on the wrist, adding a stylish touch.
This product is machine washable and features a small opening for inserting a straw, making it easy to drink. The included straw is made of stainless steel and comes with a specially designed cleaning brush.
Additionally, Nightcap is portable, making it convenient for college parties, picnics, canteens, and more.
However, Nightcap emphasizes that while their product can help, they cannot guarantee safety, and everyone should make or purchase their drinks with caution.
| Company Name | Nightcap |
| Founder | Shirah Benarde and Michael Benarde |
| Founded | 2019 |
| Product | Drink Cover and Spike Prevention Scrunchie |
| Asked For | $60k for 20% Equity |
| Final Deal | $60k for 25% Equity |
| Shark | Lori Greiner |
| Episode (Shark Tank USA) | S12 E12 |
| Air Date | Feb 5, 2021 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Tallahassee, Florida, United States |
| Lifetime Worth (Sales) | $2.7M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Nightcap?
Shirah Benarde is the Co-Founder and CEO of Nightcap, while her brother, Michael Banarde, serves as its President and Co-Founder.
At the age of 16, Shirah created the prototype for Nightcap. Currently, she is working full-time at the company while also studying Public Relations and Advertising at the University of Tampa.
Michael discovered the prototype when he was 21, recognizing it as a viable temporary solution to drink spiking. He earned his Bachelor of Science from Florida State University and later pursued an MBA from the same institution.
In addition to his role at Nightcap, Michael has launched Michael Banarde Consulting, where he assists startups and small businesses in scaling through strategic marketing, manufacturing, product development, and other creative strategies.
Did Nightcap Get a Deal on Shark Tank?
Shirah and Michael Benarde, founders of Nightcap Drink Cover, pitched their product on Shark Tank. They created a temporary solution to a significant problem.
During their pitch, they explained how the product works and its purpose. Shirah shared that 70% of their customers are in the 18 to 24 age group, with 98% of customers being women.
Before launching the business, Shirah distributed the prototype to 100 women aged 18 to 25, and 26% reported that their drinks had been spiked.
The Nightcap drink cover retails for $11.99, with a production cost of $2.82, yielding a good profit margin. By the time they appeared on Shark Tank in September, they had generated $68,000 in sales over 11 months, with $40,000 in sales within just six weeks prior to their pitch.
Michael noted that he initially lacked marketing knowledge, believing that simple Facebook ads would drive sales. However, after optimizing their website and improving social media marketing, sales began to increase. In May, sales reached $4,500, followed by $17,000 in June and $20,000 in July.
When they started the company, their parents invested $18,000, and they also raised funds through crowdfunding and pitch competitions, securing an additional $15,000.
Lori Greiner expressed her admiration for the business, stating she had not seen a product on Shark Tank with such a strong social mission. She offered $60,000 for 25% equity, which was only an additional 5% of the founders’ equity. Along with her investment, Lori promised to assist with social media marketing and create promotional videos to ensure the product reached women everywhere.
Shirah and Michael accepted Lori’s offer of $60,000 for 25% equity.
Nightcap Shark Tank Update
In Shark Tank, Lori Greiner invested in Nightcap, expressing her commitment to engage her marketing team to grow the business. She emphasized her desire to see this product in every woman’s hand.
The deal with Lori has been finalized, and she continues to be involved with the business as of July 2022. Nightcap is now listed on Lori’s website, and the company’s website underwent a complete redesign to achieve a more professional appearance following the Shark Tank episode.
After the episode aired, sales experienced significant growth, as the solution to the drink spiking problem had not been addressed before. This temporary solution provided by Nightcap resonated with consumers, contributing to a surge in sales.
In Shark Tank Season 13, Episode 18, it was reported that the company had achieved $2.1 million in sales as a result of their appearance on the show. To make the product more fashionable, they launched the NightCap Scrunchie Color Pack.
Additionally, Julia Michaels has invested in the business. Due to the drink spiking problem, 12% of their sales currently come from the United Kingdom. In 2022, they launched a new product, StopTopps: The Drink Spiking Prevention Sticker.
Nightcap products are exported to 46 countries, and consumers in the United States can purchase them through the Nightcap website. For international buyers, Amazon is the best option, offering the product at a good discount.
Given the increasing number of drink-spiking incidents reported by the police, it is crucial for individuals to remain vigilant and check their drinks before consuming anything. People should be cautious about accepting drinks from unknown sources.
With Lori’s involvement, Nightcap has improved its marketing strategy and successfully expanded internationally. The Nightcap product is now available through Amazon in popular markets, including the United States, United Kingdom, Canada, and the EU.
What Is The Nightcap’s Net Worth?
In 2022, Nightcap successfully achieved $2.1 million in revenue. Based on this revenue, we estimate Nightcap’s net worth to be around $350,000. The founders are currently focusing on expanding their business.
Two years ago, Nightcap participated in the FSU’s InNOLEvation Challenge Competition, where 50 startups competed. Nightcap won a prize of $10,000 by securing victory in this competition.
Yes, NightCap is still in business as of April 2024.
