Nail Pak Shark Tank Update - Net Worth, Pitch & Deal - Shark Tank Insights (2024)

Managing nail care can be a hassle, especially with all the tools and products scattered around. Barbara Lampugnale from Avon, Connecticut, saw this as a problem. She created Nail Pak to solve this problem. It was an all-in-one manicure system that combines nail polish, a nail file, and pre-soaked remover pads in one compact bottle. Her goal was to make nail care simpler and more convenient.

Barbara entered the Shark Tank seeking $50,000 in exchange for a 20% stake in her company. She believed that her innovative product could change how people approach nail care. Would the Sharks see the potential in Nail Pak and invest? Find out in our Nail Pak Shark Tank Update!

Nail Pak Net Worth

Barbara Lampugnale asked for a $50,000 investment in exchange for 20% equity in her company, Nail Pak. This meant she valued her company at $250,000. She made a deal with Lori Greiner for $50,000 in exchange for 40% of her company. This new deal valued her company at $125,000. After the show aired, Nail Pak quickly sold out on QVC but eventually struggled and rebranded to Grace Nail Company before shutting down. The company is no longer in business, so the current net worth of Nail Pak is $0.

Nail Pak Shark Tank Update

What Happened To Nail Pak After Shark Tank?

The company is no longer in business. It eventually rebranded to Grace Nail Company but ultimately shut down.

Did Nail Pak Get a Deal On Shark Tank?

Robert began by acknowledging that he wouldn’t be able to contribute effectively to the business. His decision to step out signaled his lack of expertise. Mark also decided to exit along with Robert. He believed he wasn’t the right fit to help Barbara’s business. Lori saw potential in the business and offered $50,000 in exchange for 51% of the company. Kevin countered her by offering $50,000 for 40% of the company. Barbara asked Lori to reduce her demand from 51% to 40%. Lori agreed, and a deal was made for $50,000 for a stake of 40%.

Founders Backstory

Barbara had a background in interior design and the cosmetics sector. Her weekly nail parties with her six daughters were a cherished tradition. They gathered every Sunday night to paint each other’s nails. However, the clutter of nail polishes scattered across the dining room table during these sessions sparked the idea for a more organized solution. She envisioned a compact container containing all the necessary supplies for a manicure. Barbara came up with Nail Pak to make it easier to enjoy these bonding moments without the mess. Additionally, her key motivation for starting her own company was the financial difficulties she was facing. These challenges pushed her to turn her innovative idea into a business opportunity.

Initial Pitch

Barbara entered the tank with a clear and confident vision. She was seeking a $50,000 investment in exchange for a 20% stake in her business. She demonstrated its functionality and explained the inspiration behind its creation. Barbara focused on how the Nail Pak could change the nail care business. The product was easy and convenient to use.

Each bottle of Nail Pak included nail polish, nail file and pre-soaked nail polish remover wipes. It was all contained in a package the size of a regular nail polish bottle. The all-in-one manicure system was designed to simplify the process. It aimed to reduce the clutter and hassle often associated with it. The sharks appreciated the product’s practicality. They even took their time to examine it up close.

Queries About the Product

Kevin began by asking about the cost to produce each bottle and the retail price. Barbara responded that it costs $3 to manufacture a bottle. She sold each bottle for $14.99. Kevin was impressed on hearing the potential profitability of the product. Robert then questioned whether her product was considered expensive within the cosmetics industry. Barbara asserted that given that it combined three essential tools into one compact package, its price was suitable.

Lori inquired whether any other companies were offering a similar product. Barbara confirmed that Nail Pak was unique. The product had no direct competitors producing a comparable all-in-one manicure system. Mark asked how much she had personally invested in the venture. Barbara revealed that she had invested approximately $300,000 of her own money. The sharks were surprised by the significant amount. He then asked whether she had any outside investors. Barbara replied that she had not yet secured external funding. He further inquired about her professional background and learned that Barbara was a stay-at-home mom.

Robert was curious about whether any sales channels had agreed to carry her product. Barbara admitted that she had only started discussions with potential partners the previous month. She emphasized that the true appeal of Nail Pak became apparent when people could physically hold and feel the product. Kevin expressed his skepticism as an investor. He wanted assurance that the product truly worked as promised.

Shark’s Response and Final Deal

Robert was the first to make his decision. He admitted that he couldn’t add any meaningful value to her business. His expertise didn’t align with what Barbara needed to succeed. Robert decided to step out of the deal. Mark followed with a similar sentiment. He acknowledged that Barbara would need a robust support team to scale the business. Mark felt that he wasn’t the right person to provide that level of support and expertise. Consequently, he also chose to opt-out.

Kevin turned to Lori to explore a partnership. However, Lori declined to partner with Kevin. She made her own offer and proposed $50,000 for 51% equity. She assured Barbara that her extensive connections in television and QVC would drive massive sales for the product. Kevin made a counteroffer of $50,000 for 40% equity. However, Lori quickly reminded Barbara that Kevin lacked powerful TV connections. Kevin then turned to Daymond, asking if he wanted to partner up.

Lori interjected and pointed out that Daymond had no experience with nail polish. Mark encouraged Barbara to negotiate. She admitted that the idea of giving up 51% equity was intimidating. She countered Lori’s offer with an equity of 40%. Lori agreed to the revised terms. The two women ultimately struck a deal for $50,000 in exchange for 40% equity.

Product Availability

Nail Pak quickly sold out on QVC after appearing on Shark Tank. However, by 2016, Nail Pak’s website had disappeared and the product was no longer available at Ulta and on Amazon.

Conclusion

Barbara entered the Shark Tank seeking $50,000 for a 20% stake in her company, Nail Pak. Her innovative all-in-one manicure system caught the attention of the Sharks, but not all of them were ready to invest. Robert and Mark felt they couldn’t add value and decided to step out. Lori saw potential and offered $50,000 for 51% equity, which Barbara negotiated down to 40%. Kevin also made an offer but lacked the connections Lori had in the TV space. Ultimately, Barbara chose to partner with Lori.

After the show, Nail Pak saw quick success on QVC but eventually struggled to maintain momentum. The company rebranded to Grace Nail Company but ultimately shut down. Despite the initial excitement, the business couldn’t sustain long-term success.