VestPakz is a combination of a vest and a backpack that helps in distributing the weight evenly, VestPakz net worthis around $500,00. It was invented by then eleven years old Christen Bell in 1998 when she had a school project in grade six to solve the issue of having a heavy vest and backpack.
It is also said that she invented VestPakz as she was searching for a practical way to carry her school materials. VestPakz has front and back pockets.
|VestPakz Net Worth||$500,000|
|Invented by||Christen Bell|
|Founded by||Michael Woolley and Arthur Grayer|
|Business status||Out of business|
|Company Full Name||VestPakz|
VestPakz Net Worth
VestPakz is estimated to be $500,000.
VestPakz Before Shark Tank
The founders of VestPakz are Michael Woolley and Arthur Grayer. Michael is the chief financial officer, while Arthur is the largest licensee. VestPakz was invented by Michael Woolley’s daughter, Christen Bell, in 1998 in a school project.
It is deemed fashionable, convenient, and comfortable to wear. VestPakz is a bag pack and vest hybrid that has a design to distribute the weight evenly. Michael states that he has been in the bag pack industry for thirty years but has not encountered such a design and idea.
Before appearing in Shark Tank, VestPakz made sales worth $10,000 in about 75 Walmart shops. However, the Sharks point out that this is not enough.
VestPakz During Shark Tank
The founder of VestPakz, Michael Woolley, and Arthur Grayer appear on Shark Tank, searching for $50,000 for a 10% stake. The samples are shown to the Sharks, who are impressed by the product but disappointed by the sales made as they considered it to be too less.
The Sharks think that the valuation of the firm is too high. Apart from that, they also feel like the entrepreneurs are not experienced and skilled enough. In the end, Michael and Arthur fail to reach a deal with the Sharks.
VestPakz After Shark Tank
After the failure at Shark Tank, it seems that the two founders have done nothing regarding VestPakz, proving that the Sharks were right about the founders and entrepreneurs being ‘horrible’.
Although many customers want to purchase the product, the official VestPakz website is poorly made, and making an order is extremely inconvenient and almost impossible. It seems like it has been out of business after the disappointment at Shark Tank.