The Matte Shark Tank Updates: What Happened After $100,000 Lori Greiner Shark Tank Deal?

the matte shark tank

What Exactly Is the Matte?

The Matte makes makeshift foldable and extended cosmetic counters for women who need to keep their cosmetics on a small bathroom counter. The Matte was founded by Melissa Clayton, a businesswoman who previously founded Tiny Tags in 2012 to make jewellery.

She earned a bachelor’s degree in philosophy from the University of Massachusetts, Amherst, with honours. She is the CEO of The Matte and Tiny Bags at the moment. It makes the most of the little area available by carrying up to two pounds of cosmetics and other cosmetics. It now comes in two different colours: black and pink.

What Is the Name of The Matte’s Founder?

The Matte was founded by Melissa Clayton. She is an entrepreneur who founded Tiny Tags, a jewellery company, in 2012. Melissa came up with the concept for the Matte while putting up her own cosmetic booth at a trade event. She created a prototype of The Matte with the aid of a friend who is a product designer, which she presented to her husband and friends for feedback.

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Newsmakers Daily interviewed Melissa Clayton, the founder of The Matte, about her entrepreneurial path. She earned a bachelor’s degree in philosophy from the University of Massachusetts, Amherst, with honours.

She started the business in 2014 to solve a difficult problem: how to organise all of your make-up in a small bathroom. She was sick of knocking things down on the floor while doing make-up with her closed toilet seat and the edges of her little sink. There must be a more efficient method of doing things.

She conceived a folding mat the size of an iPad that could be folded down and unfolded to cover a bathroom sink, thereby creating a “countertop.” After employing a freelance industrial designer, they went through a number of prototypes before agreeing on a final design.

It’s a fantastic option for small sinks and travellers. She bought the first batch of 500 pieces in 2015 and hasn’t looked back since. She launched it as a way to celebrate the birth of her first child with a one-of-a-kind, personalised piece of jewellery. Melissa is now on the lookout for a Shark to help her with her new business.

What Happened to Matte During the Shark Tank Pitch?

Following the discovery of the Matte, Melissa hopes to work with a Shark to help her design and launch a marketing strategy to boost her sales. The Matte’s only marketing now consists of word-of-mouth, influencers, and organic searches.

Melissa’s Shark Tank pitch asks for $100,000 in exchange for 20% interest in her company, increasing the total value to $500,000. She went on to explain that her method has been a success, with $20,000 in items sold in the 30 days leading up to the shoot. Melissa recognises the need for a well-defined marketing strategy in ensuring the firm’s long-term success.

The other sharks, however, were not as charmed by The Matte as Melissa was. The majority of folks were perplexed by the concept. Many others believed the product was too narrow for an already tiny market. Another criticism was that The Matte did not fully define the nature and application of the product.

Fortunately for Melissa, Lori Greiner saw The Matte’s worth. She did, however, seek a percentage of the profits that represented the value she provided to the product. As a result, she asked for $100,000 for a 33.3 per cent stock stake in the company, and Melissa replied with $100,000 for a 25% equity stake, but Lori refused to listen to any counter-proposals.

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Melissa accepted Lori’s offer of $100,000 in exchange for 33.3 per cent of the company’s stock and walked away from the Shark Tank with a contract after some deliberation.

After Shark Tank, What Happened to The Matte?

There is no confirmation that Lori’s contract was fulfilled. This show’s initial re-run is only three months after it first aired, so they may still be doing their homework. The firm is doing well in terms of sales, and revenue is increasing since sales are expanding on their own. Since the episode aired, the firm has already sold over 48,000 devices.

The Matte’s Net Worth:

During the pitch, the firm was valued at $500,000, but it has since made a lot of sales, causing the price to rise.

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