With the increase in population and the development of cities, the environment has faced severe degradation leading to soil erosion, and floods. This is the direct result of global warming that leads to flooding of homes and our offices, leaving us with no roof on top. People deal with floods by carrying heaps of sandbags to create a wall in front of the flood to keep their belongings safe. However, this is a difficult task as it leads to back problems.
Maurice Huffman and Miles Huffman, the owners of Stormbag, are here to the rescue. They have designed a bag that uses a very small amount of absorbent polymer that can absorb 300 times more water than its weight. It works by adding water and then in a matter of five minutes it will weigh 30 pounds.
The owners came on Shark Tank to request $200K in exchange for 10% of their company. Miles also demonstrated how the bag works by putting it into water on the set. Let’s see if they got the deal or not.
Stormbag Net Worth Shark Tank Update
Maurice and Miles were looking for an investment of $200K in exchange for 10% equity in their company, Stormbag. At the time of the episode, they valued their company at $2 million. Maurice and Miles successfully secured a deal with Mark Cuban and Lori Greiner for an investment of $200K for 30% equity in the company.
The investment adjusted the company’s net worth to around $667K. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Stormbag in 2024 is around $6.5 million.
Maurice is into the business of importing military and vintage clothing. He added that he helps with emergency types of equipment like gas cans and fuels. His son, Miles, on the other hand, has studied graphic design. After studies, he joined the family business and came to the realization that his father had done no marketing and he was just selling the bags to his regular customers. Then, he took the bags to a trade show and it went viral on TikTok with 7M views.
They also related that in an accident their houses and warehouse completely burned out so Miles completely left his work and jumped in with his dad to help him in the business.
Initial Pitch
The father-son duo came on the show to seek $200K for a 10% equity stake. Their product allows any physical trait person to make a wall in front of a flood to keep their family safe. It helps people to avoid shoveling and carrying heavy sandbags, making life easier.
Queries about the Product
Daniel asked the first question about the material of the product. Miles replied that it is an absorbent polymer that absorbs 300 times more than it weighs.
Kevin was curious to know if the product goes back to its original state after being triggered to 50 pounds. Maurice pointed out that it flattened again when avoiding any water contact. It can be reused three times after sun drying.
Kevin then inquired about their sales. Miles replied that they have made $90K without any marketing.
Lori questioned the price of one bag and their way of selling them. The son highlighted that the selling rate of one bag is $5.50. However, a sandbag is free of cost compared to their product.
Kevin then asked about the cost of one bag. He answered that it costs them $2 to make and with better equipment, they can make it for $1.75.
After hearing about the confusion Kevin is facing regarding its tough competition with a free sandbag, Maurice replied that although it is basically made for floods the product can also be used to suck water that leaks from our pipelines and also to carry water around in a dry area to provide water for the plants. One bag lasts two to three weeks when used to hydrate the plants in very hot weather.
Shark’s Response and Final Decision
Kevin still was not convinced as their product competes with a free sandbag. Thus, he was the first shark to back out of the deal.
Daymond and Daniel decided to make a combined offer of $200K for a 40% equity stake.
Then, Lori and Cuban became partners and offered them $200k but for 30% of their company.
After highlighting their abilities, Daniel and Daymond revised their offer and pitched a deal of $200 for 30% equity, just like Lori and Cuban.
Finally, the father-son duo accepted Lori and Cuban’s offer.
Product’s Availability
After getting two sharks on their side, Stormbag is still in business. Their products are non-toxic and made in the USA. You can buy them on Amazon or directly from the company’s website. A 10-pack costs $79.99. If you need larger quantities, wholesale options are offered in 250-pack bundles. These products are officially recognized and approved by the Department of Homeland Security, FEMA, the Salt Lake City Bomb Squad, and the National Guard.
Stormbag with its non-toxic and human-friendly content proved to be a beneficial product for not only plants but also to save human belongings from flood. The company made an impression by not only introducing a revolutionary product but also securing a deal from two sharks at a time. The best part is, that the company is still in business with a safety approval from well-known institutions.
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.
