NightCap is a device, creatively hidden in a scrunchie, that prevents anyone from putting any sort of drugs or harmful content into your drink. This drink-spiking defense device is very convenient to use and also serves a dual purpose as a hair tie.
NightCap usually comes in either purple or black color, easily matching any outfit. It contains a fabric cover for the drink cup or the glass to cover. Though, there is a tiny hole through which a person can insert a straw to drink the drink. Apart from that, all nefarious substances are prevented from entering the drink.
NightCap Net Worth
In 2022, the net worth of NightCap is estimated to be around $500,000.
The founder of this product is Shirah Benarde. She had come up with the idea when she was sixteen years old after she had heard numerous horror stories about alcohol spiking from her friends. Thus, she became worried and racked her brain to find a solution to prevent such an alcohol spiking on her.
One night, Shirah Benarde dreamt of NightCap, which presented to be a clever solution to the problem. The next day, she made a prototype of the product using various materials from her mother’s stockings. The prototype was viewed and analyzed by her brother, Michael Benarde, who was very impressed by the idea.
After rectifying several parts of the prototype, Shirah Benarde and her brother created their website in September 2019. Through that website, the siblings have sold more than ten thousand NightCaps across the United States of America.
NightCap During Shark Tank
As Shirah and Michael Benarde, were relatively young at the time, they did not have much knowledge about marketing and had trained themselves in Search Engine Optimization and social marketing. However, they direly needed the help of a Shark who would help the siblings expand their business in a more professional way.
Shirah and Michael sought $60,000 in exchange for a 20% stake in their business. This implied that the siblings valued their business at $300,000. The Sharks were impressed by the hard work and teamwork of Shirah and Michael.
Lori Greiner offered $60,000 in exchange for a 25% stake in NightCap. The rest of the Sharks did not participate much in offering deals to Shirah and Michael, but they tried to convince the siblings to agree to Lori’s deal. In the end, they both agreed to Lori’s deal.
NightCap After Shark Tank
After the deal with Lori Greiner at Shark Tank, Michael and Shirah not only received the investment from Lori Greiner but also a vast knowledge of marketing and online retailing, which helped in promoting and marketing NightCap.
NightCap currently sells its products to individuals around the United States of America and some other countries through its online website. The business also handles bulk orders or wholesale orders. In addition to that, NightCap’s products are available in more than fifty stores around the United States of America and Canada.
The net sales of the business have increased by 68% and the business has made about $8.6 million in sales in September 2021. This has greatly increased the net worth of the business to what Michael and Shirah Benarde had valued at Shark Tank.