Long Wharf Supply Co Net Worth Shark Tank Update 2025 

Plastic pollution is a big problem for our oceans, with over 8 million tons of plastic entering the water each year. This harms marine life and disrupts ecosystems. To address this issue, Mike and Lauren Lamagna started a company called Long Wharf Supply Co., which focuses on sustainable fashion. 

They make sweaters using materials like recycled oyster shells and plastic bottles, which not only creates eco-friendly clothing but also helps to restore marine habitats. When they appeared on Shark Tank in its 13th season, they sought $375,000 in exchange for 15% of their company. 

Although their mission to help the environment is admirable, the sharks were worried about the price of their sweaters, which ranged from $128 to $158, and the high costs associated with gaining new customers. One of the sharks, Peter Jones, proposed a deal of $375,000 for a larger share of 45%, but the Lamagnas turned it down. 

Long Wharf Supply Co Net Worth Shark Tank Update 2025 

Mike and Lauren were looking for an investment of $375k in exchange for 15% equity in the company. At the time of the episode, they valued their company at $2.5 million. Mike and Lauren did not secure a deal with any of the sharks. The highest offer came from Peter Jones for $375k in exchange for 45% equity, but they turned it down. After the show was aired, Long Wharf Supply Co. saw a big increase in website traffic, sales, and social media exposure. As per my rough estimate, the current net worth of Long Wharf Supply Co is around $3 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Peter Jones	$375,000 for 45% equity	$375,000 for 25% equity	No
Lori Greiner	Out	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Mike and Lauren Lamagna Backstory + Their Initial Pitch 

Mike and Lauren Lamagna are a couple who grew up by the ocean and noticed that pollution was hurting marine life. In 2016, they decided to do something about it by starting a company called Long Wharf Supply Co. Their goal was to create an eco-friendly product while helping the environment.

They gather discarded oyster shells, which are beneficial because they help clean the water. They also recycle plastic waste from the ocean, like bottles and fishing nets. They use these recycled materials to create high-quality sweaters.

Each sweater they produce is made from 50% recycled materials. Additionally, purchasing one sweater directly contributes to reintroducing 30 oysters back into the ocean, helping to restore marine ecosystems. The cost to make each sweater ranges from $22.50 to $33.50, but they sell them for much higher, between $128 and $158.

By 2020, their sales reached nearly half a million dollars ($495,000). However, they faced some challenges. Sustainable materials can be costly, making it expensive to produce their sweaters. Attracting customers was pricey, impacting their overall profitability. Many potential customers felt the sweaters were too expensive.

To overcome these challenges, Mike and Lauren appeared on the show Shark Tank to seek financial support and retail partnerships.

Queries + Shark’s Responses, and Final Deal

Kevin O’Leary: He felt the business was valued too highly despite being untested, so he chose not to invest.

Daymond John: He appreciated the business’s commitment to being eco-friendly, but thought the product was too expensive, leading him to also decline.

Mark Cuban: He wanted to know if cheaper versions of the product could be made. When the pitch team couldn’t commit to that idea, he decided not to invest.

Lori Greiner: She suggested the team expand their product line beyond just sweaters to include other affordable items, but since they didn’t have such a plan, she opted out.

Peter Jones: He was interested in investing but was unhappy with how ownership equity was divided (one sibling owned 100% while the other owned none). He offered to invest $375,000 for a 45% ownership, but the siblings tried to make the deal sweeter by offering the less-owned sibling 10% equity. However, Peter wouldn’t change his offer, so they all walked away without a deal.

What Went Wrong With Long Wharf Supply Co On Shark Tank?

Long Wharf was facing several challenges that affected its business. Their sweaters were priced at $150, which many potential customers thought was too expensive. This made it hard for them to sell to a broader audience. They targeted eco-conscious shoppers, which is a specific group of consumers. Unfortunately, this group is not very large, limiting their customer base.

The sustainable materials they used to make their sweaters were costly, which drove up their production expenses. They depended mainly on selling directly to customers instead of having a well-thought-out retail strategy. This limited their reach and sales options.

When they presented their business to the sharks, the sharks wanted them to either lower their prices or offer a wider range of products. However, the founders, Mike and Lauren, were committed to their original vision and did not want to change their approach, even if it meant facing these challenges.

Product Availability

Long Wharf offers a variety of products that you can purchase directly from their website. They are available in select boutiques across the country. 

Their product range includes:  

– Fisherman sweaters – These cozy sweaters range in price from $128 to $158.  

– Accessories – They also sell items like hats and scarves.  

– Home goods – You can find blankets and towels among their offerings.

Additionally, Long Wharf is committed to environmental efforts, as they donate to projects focused on restoring oyster populations, which is beneficial for marine ecosystems.

What Happened To The Long Wharf Supply Co After Shark Tank?

Long Wharf is a small business that, despite not making a deal or agreement with anyone, has achieved significant progress in several areas. Their net worth has reached $3 million, meaning they have built a solid financial foundation. They have introduced new types of products, which help attract more customers and keep the business innovative.

They have grown their following on Instagram to over 49,000 people, indicating they have a strong online presence and community engagement. They have teamed up with organizations focused on cleaning the oceans, showing their commitment to environmental sustainability. Even though Long Wharf is still considered a small business, they continue to believe in and work towards their core mission and goals.

Conclusion 

Long Wharf, a company that makes eco-friendly sweaters, pitched their business on Shark Tank but did not secure a deal with the sharks there. Despite this setback, the company is doing well and has built a loyal customer base. They focus on creating sustainable products while also working to reduce ocean pollution.

During their pitch, the sharks wanted them to lower their prices or grow their business faster, but the founders, Mike and Lauren, decided to stick to their mission. For them, making a profit isn’t the only goal; they are passionate about protecting the oceans and believe they can make a difference through their sweaters. So, their approach is not just about selling products but also about contributing positively to the environment.