Cool Wazoo Net Worth Shark Tank Update

Sometimes  parents face challenges when trying to protect their babies from hot surfaces and germs. Children are often fond of swings. But during hot summer days, swing surfaces become more harsh and cause rashes to children.

When Ginelle Mills became a mother and her daughter was younger, she also faced such problems. She used to hold a large bag to carry different products to keep her daughter safe, including diaper changing pad, restaurant high chair cover, grocery cart cover, car shade and bucket swing seat insert. She searched for products that protect her daughter from heat at swing but she couldn’t find one.

Recognizing this situation, she made a Cool Wazoo. Cool wazoo is a 5 in 1 product that holds the facilities of all above mentioned gadgets. This product not only eases parenting on the go but also promotes cleanliness and comfort for infants.

She told Sharks that the cost of a Cool Wazoo is $30 per unit, retailed at $64.95 and was sold wholesale at $32.5. Ginelle was in search of $65000 for 25% equity in her business so that by production overseas she could reduce the price to $11.36 per unit.

Cool Wazoo Net Worth 2024 Shark Tank Update

Ginelle Mills was looking for an investment of $65,000 in exchange for 25% equity in her company. At the time of the episode, she valued her company, Cool Wazoo, at $260,000. Ginelle successfully secured a deal with Lori Greiner for an investment of $65,000 for 25% equity in the company. However, the deal was never finalized after the show. Despite this, Ginelle continued to work on her business and secured licensing agreements with Babies R Us and Kids 2, Inc. As per my rough estimate, the current net worth of Cool Wazoo in 2024 is around $500,000, considering the ongoing demand and expansion of the product under Cheerful Child, LLC.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N/A	No
Robert Herjavec	Out	N/A	N/A
Lori Greiner	65,000 for 25% equity	N/A	Yes
Daymond John	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Founders Backhistory-Initial Pitch

Ginelle’s inspiration behind this product was her daughter’s situation. When her daughter was younger, she used to swing during harsh summer days that caused germs and rashes on her body. And like every mother in this situation, Genilli also tried to protect her daughter with different products, but it was not an easy task for her to carry these in her bag. Hence, she made this cool wazoo to make parenting easy and to secure the children from such conditions.

One of the primary issues she faced was high cost, which was $30 per unit. Despite the product retailing at $64.95 and wholesaling at $32.50, she couldn’t make enough profit. Moreover, she faced challenges with defective products from her initial production facility, which resulted in 85% of her products being unusable.

Ginelle presented her product to sharks, highlighting its benefits and why she created such devices for ordinary people. She explained to sharksWhat was the inspiration behind this product and what are the challenges she faced without this product as a mother. Additionally, she highlighted how this product can ease the lives of the parents.

Ginelle was seeking $65000 for 25% equity in business. She was in search of a shark partner for contribution to expand her company. After some queries that she cleared, Lori Grenier agreed for funding of exactly $65000 for 25% equity in Ginelle’s business.

Queries, Shark’s Response, & Final Deal

Sharks asked several questions about the cool wazoo from Ginelle. They question the cost of this device and is it capable of meeting the market demand. Furthermore, they were interested to know how this product is above other baby products. They were also curious about the versatility and efficiency of the product.She answered all these questions.

Sharks were confused and discussed about the feasibility and profit of the company.After further discussions, Ginelle shared that she already invested $96000  on her business and in the last year she generated $20000 in sales. She added that if they invest in her business she will reduce the price of the product and upgrade her business to international level.

Although, Sharks were impressed by the idea of Ginelle but they were concerned about the challenges of the competitive market. Sharks appreciated Ginelle for her product .Robert Herjavec was first to go out because he was concerned about the profit and growth potential of the product.Kelvin and Daymond didn’t accept and gave the reason that the business is not investable.

On the other hand, Cuban was concerned about the market demand and excused for investment. Grenier refused first but then because of focusing on Ginelle’s hardwork and she got emotional, Grenier came back with exactly $65000 for 25%equity in business.

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Grenier accepted and offered $65000 for 25% of equity in Ginelle’s business. Daymond, Kelvin, Herjavec and Cuban refused to Ginelle for contribution due to numerous reasons which includes the company’s growth potential, low profit margins, market demand and competitors of these kinds of products in the market. While in the last year Ginelle generated a sale of $20000 yet these factors became a question mark for their contribution in the business and hence, they rejected.

Sharks found out that baby product companies are in competition in today’s era. So, they were concerned about whether this product can stand out with other products in the market more efficiently. Additionally, as Ginelle mentioned about her defective products and 80% of her products being unusable, this factor also made the Sharks doubtful to contribute their investment for cool wazoo.

Except Grenier, all the Sharks opted out because of profit issues, growth potential, market competition,They were also concerned about the efficiency, feasibility and scalability of this product. These questions made the contribution too risky for the Sharks.

Product Availability

Cool Wazoo  is available on the company’s website. This site provides the latest information of the products highlighting its benefits and price.

The price of the product is $39.99, decreased from $59.99. Cool Wazoo is also available on Amazon too. But currently, there is no offline store for cool wazoo, which may result in reduced accessibility for some people.

What Happened to the Company After Shark Tank?

Grenier’s deal was not finalized after the show. But Ginelle remained consistent for her work and her business is still active. She faced many challenges but she succeeded. She finalized the license agreements with Babies R Us and Kids 2, Inc. Now, the product is available on the official website and at several Toys R us locations. Moreover, under cheerful child, LLC she introduced new products Blew Bubble and Ginovate. In 2024, on Amazon, Cool Wazoo has a star rating of 4 from 66 customers.

Conclusion:

Ginelle Mills, the founder of Cool Wazoo, introduced her product to Shark tank. Cool Wazoo is a safe product for children that secures them from rashes, germs and heat during summers. Cool wazoo serves 5 purposes in one, including diaper changing pad, restaurant high chair cover, grocery cart cover, car shade and bucket swing seat insert. She requested Sharks to contribute so that she could make life easier for mothers and children everywhere.

Ginelle was seeking $65000 for 25% equity in her business requesting the Sharks for funding to expand her company. Due to a number of factors including market saturation and competition, growth potential, etc, Cuban, Kelvin, Herjavec, and Daymond felt a loss of profit, so they declined to contribute. However, Grenier agreed to contribute but somehow after the show her deal was not finalized. Despite this, Cool Wazoo is in great demand in the market and It can be seen that Ginelle will continue to enhance her sales and expand her market in future.