Nature is undeniably beautiful, but it can also be unpredictable. For instance, a sudden downpour can catch you in a sudden moment of surprise, leaving you soaked within minutes. While an umbrella can provide some protection, it isn’t always enough. Often, it does not cover you entirely, and the situation becomes trickier if you are sharing the umbrella with a friend or family member. Managing the umbrella’s handle while trying to keep both of you dry can be a real challenge, especially in windy or heavy rain conditions.
Nathaniel Wellen, the young owner of The Duo, has come to the rescue. He has introduced an umbrella that not only has wide coverage but also an extra handle to be secured by your partner. It comes with a hidden handle and a 54-inch large canopy that helps partners remain dry while the rain is pouring. It also comes in a compact size that can fit in bags easily.
The owner came on Shark Tank to request $100K in exchange for 10% of her company. He also demonstrated how his umbrella is safe to use compared to other traditional ones with the help of his mother and sister. Let’s see if he got the deal or not.
The Duo Net Worth Shark Tank Update
Nathaniel was looking for an investment of $100k in exchange for 10% equity in the company. At the time of the episode, he valued his company at $1 million. Nathaniel successfully secured a deal with Robert Herjavec for an investment of $100k for 18% equity in the company. The investment adjusted the company’s net worth to around $556k. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of The Duo in 2024 is around $2.5 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Robert Herjavec
$100K for 10% equity
$100K for 18% equity
Yes
Lori Greiner
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
The Owner’s Backstory
According to a website, When Nathaniel was seven, he got caught in the rain on his way to school with his dad. This gave him the idea for a new invention. Together, Nathaniel and his father worked on different versions of the idea in their garage. For Nathaniel’s 10th birthday, his dad, Alex Wellen, got him a patent for it. Nathaniel also won a prize at the Invention Convention. By 2022, they teamed up with Shed Rain, a weather accessories brand that now owns 49% of the company.
The owner came on the show to seek $100K for a 10% equity stake. His product is a unique umbrella that comes with an extra pop-up handle. The product is still at a prototype level and so his company is a pre-revenue based one.
The 15-year-old owner also highlighted the reasons behind his million-dollar valuation of the business. He got one utility patent on the two handles scheme when he was just nine years old and one more is pending for the locking mechanism of the handles. Then he was invited to the Henry Ford Museum to compete in the National Invention Convention and got the Most Original Inventors award as well.
Queries about the Product
Corcoran asked the first question about his development from the original idea to the current stage. Nathaniel highlighted that he has a partnership with Shed Rain, the number one US market leader for umbrella volume and sales, and they own 49% of the company. The best part is that they sell over 15 million umbrellas every year.
Herjavec asked about the nature of his deal with the Shed Rain. The 49% deal was finalized because they agreed to help him in making the prototypes manufacturing, distribution, and introduction into Walmart, Target, Kroger, and Costco. Thus, they have equity and the profit will be shared with them from the sales.
Corcoran was curious to know about how they contacted him. The young owner related that he himself made a cold call to them. He emailed them and also reached out to different companies. He then made a very good connection with Shed Rain’s CEO too.
Herjavec asked about his selling price for the product after it was launched in the market. Nathaniel highlighted that he has two individual SKUs. For the compact, the cost will be $4 landed and he will sell it wholesale for $10. Moreover, he will sell it in D2C (Direct to Consumer) for 25$.
The umbrella will cost $8 to make and its selling rates wholesale will be $20 and D2C will be $50.
Thus, Shed Rain will be responsible for manufacturing and distributing it.
Shark’s Response and Final Decision
Corcoran was the first shark to drop the deal as she thought that Nathaniel did not need a shark as he already had a partner.
Kevin then backed out too because he didn’t like the fact that the owner is still a school-going entrepreneur and hence, he won’t be able to contact him anytime he wants.
Cuban appreciated his efforts at a very young age but he didn’t want to take part in his remaining 51% shares in the business. Thus, he passed the deal as well.
Herjavec then offered him $100K for 20% of his 51% remaining equity stakes.
Lori also thinks that Nathaniel didn’t need a partner and thus dropped the deal.
The owner then counter-offered Herjavec $100K for 15% of his business.
Robert then revised his offer to $100K for an 18% equity stake.
Finally, the young owner accepted Herjavec’s revised offer and left the set with a deal on his hands.
Product’s Availability
After getting a deal from Herjavec, the business is expanding in the market. The product can now be pre-ordered on the Shed Rain website for $55, with shipping expected to start in the summer of 2024. The company is producing 10K units and has secured deals with major retailers like Target, REI, Nordstrom, and Macy’s. The umbrella will also be available on Amazon.
Nathaniel, the young entrepreneur behind The Duo, successfully got a deal with Herjavec on Shark Tank, receiving $100K for 18% equity in his business. With the support of Shed Rain, the umbrella is now moving toward full-scale production, with 10K units available for pre-order on the Shed Rain website for $55. Shipping is set to begin in summer 2024, and the product will also be available at major retailers like Target, REI, Nordstrom, Macy’s, and Amazon.
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.
