Nonwovens News

Dude Wipes Gain Investor on Shark Tank

Mark Cuban spends $300K on 25% stake in company

Dude Wipes has a new investor. The company, which took home a Visionary Award for consumer product innovation from INDA, Association of the nonwoven fabrics industry in 2013, appeared on Shark Tank last week and convinced Mark Cuban to invest $300,000 for a 25% stake in the company. Cuban, a U.S.-based investor and regular on SharkTank, initially declined the deal saying he didn’t see himself as a wipes kind of guy.

The founders—Sean Riley, Ryan Meegan and Jeff Klimkowski—then nearly secured a deal with investors Robert Herjavec and Kevin O’Leary before Cuban jumped back in with his offer.

Dude Wipes, which the trio founded shortly after college graduation, are designed for multiple roles. Men can use them as an adjunct to toilet paper in the bathroom (“the second to last wipe,” Klimkowsi said) or as a wipe for faces armpits, or any other area of the body. They’re made with aloe and are flushable and biodegradable. 

So far, the company has sales of $300,000—but they anticipate that they’ll raise $1.5 million this year, now that they’ve secured a contract to go nationwide with retail food chain Kroger. Each pack costs $6.49 at Kroger and the products are also sold online

The founders said they needed the initial investment to land deals with more major retailers.

 

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