The motto of Wad-Free, an innovative laundry detangling gadget is: “Saves time, saves money, saves energy, saves sanity”. The owner and inventor of Wad-Free Cyndi Bray appeared on Shark Tank and got herself a deal from Mr. Wonderful in no time.
Wad-Free is a laundry gadget whose main function is to prevent flat and fitted sheets from wadding/balling up in the dryer and washer. The small square securely holds the four corners of any blanket/sheet/towel that you want to be washed and dried. The plastic contraption is a simple solution to the issue of twisted, tangled, and wet sheets.
By securing these four corners of the sheet, the item can wash and dry quickly meaning that less time, energy, and electricity are consumed in the long term. As of 2022, Wad-Free is estimated to have a net worth of $5 million. With more clients interested in the product, analysts believe that it will grow to higher net worth.
Who Is Cyndi Bray?
Cyndi Bray was a woman who detested laundry day whenever she had to do her bed linen. These sheets would come out tumbled, twisted, and not entirely dry. Mid the Covid-19 lockdown in 2020, she sat down and educated herself everything on the physics of the way sheets move in the washer and dryer. Furthermore, she taught herself CAD, and researched injection molding.
Within 14 months, Bray managed to design her logo, set up her website, make her packaging, develop instructional videos, and launch her product. You can watch her product videos here. Wad-Free got a stamp of approval from Grommet.com which gave Cyndi Bray a lot of confidence to apply to Shark Tank.
What Happened In The Tank For Wad-Free?
Cyndi Bray went to Shark Tank quite confident in her product and her pitch since she is a mega fan. She asked for a $200,000 investment in exchange for a 5% stake in the business.
Interestingly, Kevin “Mr. Wonderful” O’Leary was thoroughly impressed by her aptitude, ambition, and presentation. He made her an offer of $200,000 for 10% equity and a $1.50 royalty fee for products sold until he recouped $1,000,000.
Lori Greiner, QVC Queen, came on board instantly as she saw the potential in the product and the ability to market it with another bedroom product she already invested in. she offered a whole $200,000 in exchange for 25% equity in the firm.
Bray countered Greiner’s offer requesting her to lower the equity stake to 10%. In the end, Greiner dropped her offer to 20% instead of 25%. Nonetheless, simultaneously, Mr. Wonderful earned his name. O’Leary dropped his offer from 10% to 5%.
According to Cyndi Bray, the voluntary drop in equity meant that O’Leary was confident in the product and was the ideal partner for her company. O’Leary and Bray sealed the deal.
Wad-Free is available online on their website and via Amazon and Walmart. Bray continues to promote her brand and link with other entrepreneurs via social media. More clients appear to be interested in her product which keeps pushing demand higher increasing the value of her company.