Justine Tiu, a former Google Classroom software engineer, started crocheting to unwind after work. After realizing its appeal, she and her ex-Wall Street director husband, Adrian Zhang, launched The Woobles, a crochet kit company.
On Friday’s “Shark Tank,” the two explained the hobby’s vast appeal. The firm made $3.1 million last year and $5.3 million since launching two years ago.
All five Sharks quickly decided they wanted a piece of the company, and they showed they were willing to betray their business partners to get it.
The Woobles is a crafting kit company that offers patterns, step-by-step video tutorials, and all the materials needed to do amigurumi crochet, a Japanese fiber art form, even if you are a complete beginner. Once your kit arrives with all the materials, a login code gives you step-by-step written and video instructions to make your craft and helpful hints when you get stuck.
Tiu and Zhang ultimately received a $450,000 investment offer from sharks Mark Cuban and Lori Greiner. In exchange, the company, which at the time of filming was on pace to generate $7 million in yearly sales, gave Cuban and Grenier a split of 6% equity.