Hugo's Amazing Tape - Shark Tank Product Update
Hugo’s Amazing Tape is an ingenious product that holds without adhesive. It was presented to the Shark Tank on Feb. 18, 2018 (Season 9, Episode 23) by Katherine Saltzberg and Lauri Fraser, who were seeking an investment of $50,000 for a 50 percent equity stake in the product.
Their father, Hugo Maisnik was the inventor of Hugo's Amazing Tape. He sought to create a roll or tape that involved no adhesive, but that had tremendous holding power. This would allow a variety of items to be secured without damaging adhesive. The self-clinging, durable tape has many applications from wrapping posters to rugs.
It is quite unusual for presenters in the tank to offer such a high equity stake in their company and it is also unusual to see such a low ask. In earlier seasons, a $50,000 or lower ask was common, but now most presenters are asking many multiples of that number for a lower equity.
The women put on quite a show in their Shark Tank appearance, but product sales had not been encouraging. Sales were $68,000 in the best year and in the last 12 months, sales only amounted to $27,500. The product has been patented, but the patent has expired. The duo accepts a deal with Lori Greine and Mark Cuban for $100,000 for the entire company.
Find Hugo's Amazing Tape here on Amazon:
Hugo's Amazing Tape is affordable and resuable.
SHARP TANK PRODUCT UPDATE
The deal between the sharks and the (previous) owners of Hugo's Amazing Tape appears to have finalized. Lori Greiner is promoting the product on her facebook page.
Check back to see what happens to sales since powerhouse Lori Greiner and billionaire and tech guru Mark Cuban have taken over.