What Exactly Are Bala Bangles?
Bala Bangles is a firm that makes a device that protects your hands and wrists while working with sensitive electronics. It’s made of elastic looped steel wire that wraps around your wrist tightly, minimizing any damage from accidentally breaking the project’s wires. It is not only practical but also fashionable.
Bala Bangles was founded by Maximilian Kislevitz and Natalie Holloway. They formerly worked at 72and Sunny, a marketing firm in Los Angeles. In addition to being engaged in the management of their business, Natalie is a daily practitioner and yoga instructor, while Maximilian continues to work full-time.
Bala Bangles Founder:
Bala Bangles was founded by Maximilian Kislevitz and Natalie Holloway. They formerly worked at 72and Sunny, a marketing firm in Los Angeles. In addition to being engaged in the management of their business, Natalie is a daily practitioner and yoga instructor, while Maximilian continues to work full-time. Max Kislevitz and Natalie Holloway, a husband and wife team, are searching for a Shark to invest in their startup, Bala.
Max and Natalie are both yoga enthusiasts seeking a method to increase the intensity of their workouts. They knew that adding weights to their wrists and ankles would help them achieve their goal, but the products on the market lacked the movement required for yoga and were also appealing.
Bala Bangles was born when the two resolved to take action. Their ankle and wrist weights are unlike anything else on the market right now. Bala Bangles look to be stylish, yet they are rather huge. They come in a variety of colors and weights ranging from one to two pounds. They are made of cast iron that has been silicon-coated and is sweat- and dishwasher-safe. During a six-month trip around Asia, they came up with the concept and decided to fund the initial manufacture through a Kickstarter campaign.
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In February 2018, they raised $50,448. Over 500 retail sites throughout the country, including Nordstrom and Amazon, now stock the items. A pair of one-pound bangles will set you back $49, while a pair of two-pound bangles would set you back $65.
Bala Bangles’ Shark Tank Pitch:
Despite the fact that the products are immensely popular among yoga and Pilates aficionados, the couple is likely seeking Shark’s help in negotiating offshore production and boosting retail distribution.
Max and Natalie want $400,000 for a 10% interest in the company, which is worth $4 million. They tell their own tales and hand out free samples.
The Sharks like the bangles’ design and are particularly delighted with their sales statistics of $2.5 million.
Their problem is with inventories. They can’t keep up with demand, which stops them from expanding. The Sharks start bidding right away.
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Kevin is the first to commit, with a $400,000 loan at 7.5 percent interest and a 5% stake in the company. Maria offers $200,000 for a 30% part in the company, but she prefers to work with another Shark.
She also indicated that she wanted more shares because she would be the product’s spokesperson. Lori tries to work with Maria, but Daymond offers her $200,000 for the same piece of the pie.
Lori’s makes a fresh $500,000 offer for an 18% share in the company. Mark and Maria, on the other hand, step in and offer $900,000 for a 30% ownership in the company. Max and Natalie agree to the contract and sign it.
After Shark Tank, What Happened to Bala Bangles?
After all, Sharks wanted to invest in the Bala Bangles company, and the purchase went through, and Bala is flying off the shelves.
Lori and Daymond have also put money towards this project. Their inventory issues are almost definitely rectified.
Because people were unable to utilize the gym as a result of the lockdowns at Covid-19, the business benefitted.
They’ve sold millions of dollars in items and are rapidly expanding. As of June 2022, they produce $3 million in sales yearly.
Bala Bangles’ Net Worth:
The firm was valued at $4 million during the Shark Tank presentation, $3 million when the two Sharks bought it, and they’ve made sales since then with yearly revenue of $3 million. This demonstrates that the company’s net worth has grown by 2022.