Kids all over the world use pacifiers to overcome their high levels of anger and excitement. Moreover, the tingling sensation when the baby is growing teeth and continuous hunger can be overcome by pacifiers too. However, they usually fall out of the mouths of babies and result in irritation and dirty pacifiers. Even if they are attached to their neck, the pacifier tilts to one side which becomes hard for the baby to find it.
Julie Thompson, the owner of PullyPalz, is here to the rescue. Her innovative pacifiers are in the form of toys that make them unique and more interactive for kids. PullyPalz works like a seesaw, where two pacifiers are hanging above the baby. If one pacifier hangs high in the air the other can still be in contact with the baby.
The owner came on Shark Tank to request $100K for 20% of her company. She also gave samples to the sharks with a name for every toy like Puddles and Momo to make an impression. Let’s see what she is up to.
PullyPalz Net Worth Shark Tank Update
Julie was looking for an investment of $100k in exchange for 20% equity in her company. At the time of the episode, she valued her company at $500k. Julie successfully secured a deal with Lori for an investment of $100k for 28% equity in the company. The investment adjusted the company’s net worth to around $357k. After the show was aired, the company experienced some exposure. However, as per my rough estimate, the current net worth of PullyPalz in 2024 is $0, as the business shut down in 2017.
Julie asked the judges to invest $100K for 20% in PullyPalz. Her product is a unique toy like a pacifier which gives an extra hand to parents. It is like a pully system where any one of the two pacifiers hanging above a baby can be used alternatively. This product is not only entertaining but also helps in the development of the child.
Queries about the Product
Herjavec asked the difference between her product and the pacifiers which are basically clipped above the baby. Julie accepted that although the pacifier won’t fall out it still has the chances of getting out of reach for a kid to use.
Herjavec also asked about her sales. She pointed out that for the last 12 months, it has become $97K.
Kevin inquired about the source of selling the product. The owner answered that it is selling on Amazon and around 350 stores across the U.S.
Lori wanted to know about the cost of the product. Julie highlighted that it retails for $19.99-$24.99. She is also making more sales from trade shows.
Herjavec then asked the amount it takes her to make the product. She replied that it costs her $4.50 to make.
Lori asked about the developmental effects of PullyPalz. She answered that it helps in right and left-brain coordination by helping them grab any side of the pacifier, making the system balanced.
Julie also pointed out their new product teethers that can be used in the holders as well to give the pacifiers more versatility. Moreover, her company also makes mini PullyPalz which comes in pairs.
Kevin then asked about the age groups that can still use a pacifier. Julie answered that it can be used by three years old kids too. Every year over 4 million babies are born in the U.S. and so 8 million are targeted for the product.
Cuban asked about Julie’s investment in the company so far. She has invested $175K up until now. Out of that investment she has used some in safety testing and also invested $100K in inventory. Moreover, she has collected the investment from her parent’s retirement, college funds, and credit cards.
Shark’s Response and Final Decision
Herjavec was the first one out as he was still stuck with the traditional clipped pacifiers so, he can’t see the difference in her product.
Cuban highlighted that he didn’t like the idea of storing inventory as her product still needs revisions. So, he dropped out too.
Kevin pointed out that the product is too costly compared to other plush toys and traditional pacifiers combined, resulting in his backing out.
Daymond was not satisfied with the hanging part of the pacifiers and thus he was disinterested in the deal.
Lastly, Lori offered a deal of $100K but for 30% equity. Julie then counter-offered $100K for 25% of her company. Lori then asked to increase the equity to 28%. Finally, Julie accepted the offer.
Despite grabbing a deal from Lori Greiner on Shark Tank, Julie was unable to develop her company on a wider horizon. The deal was finalized but in 2017, Julie announced that the business had been shut down.
Conclusion
Julie made an impression on Shark Tank with her company PullyPalz, which combined pacifiers with plush toys to innovate the pacifier industry. She also got a deal from Lori, but unfortunately, the business didn’t progress further.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
