"Oh, I've had it now!" — When Shark Tank's Barbara Corcoran lost The Woobles deal to Mark Cuban and Lori Greiner

Adrian Zhang and Justine Tu appeared on Shark Tank season 14, episode 2, which aired on September 20, 2022. The pair sought $250,000 for 5% of their DIY crochet animal kits, The Woobles. Hearing that they had $5.3 million in sales, all Sharks were interested. Barbara Corcoran paired with Mark Cuban hoping to sway the founders' decision, however, they asked Mark to partner with Lori Greiner instead, surprising Barbara.

When Barbara asked Mark if he would "abandon" her and team up with Lori, he answered in the affirmative. A frustrated Barbara said:

"Oh, I've had it now! My God, he threw me under the bus."

Adrian and Justine walked away with a joint deal from Mark and Lori, which offered them $450,000 in exchange for 6% of their company. Before Mark partnered with Lori, he was in on a joint proposal of $350,000 for a 6% stake with Barbara. Meanwhile, Lori was partnered with Robert Herjavec, whereas Kevin had presented his solo offer.

After receiving offers from all Shark Tank investors, The Woobles founders handpicked Mark and Lori's mentorship, claiming they were their "target Sharks." However, their deal with Mark and Lori failed to close after the show. Despite that, their company continued to grow. According to CNBC, they were set to end 2022 with around $7 million in revenue at the time of filming the episode.

As of November 2024, The Woobles reportedly makes $3 million in annual revenue and has an estimated net worth of $7.5 million, per Techie Gamers.

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Shark Tank investors go on a bidding war to finalize a deal with The Woobles

While demonstrating their product, Adrian and Justine explained that their DIY kits came with easy-to-follow step-by-step crochet videos that guided "complete beginners" on how to create "adorable" characters, including Felix, the fox, Sebastian, the lion, and more. The founders claimed their company served an educational purpose since it helped people learn a new skill.

Soon after their pitch, the Shark Tank investors began questioning the investors about their statistics and growth. Adrian then shared that each kit cost $3 to produce. Their wholesale price was $15, whereas their retail price was $30. He added that 90% of their sales came directly from customers who shopped from their official website.

While Justine previously worked at Google, Adrian worked at Wall Street as one of the youngest directors, trading billions of dollars in equities. Despite having high-paying jobs, neither were satisfied with their professions. After joining forces, the husband-wife duo created The Woobles to give their lives a fresh start.

The Shark Tank investors were shocked to learn that they had sold $5.3 million worth of products within two years of coming into business. Adrian added that they were projected to do $7 million in sales that year.

The founders revealed that they spent 20% of their revenue on advertising with a CAC (consumer acquisition cost) of $16 and an average sale of $57. When they disclosed that their gross margin was 86%, the Shark Tank investors wondered why they needed an investment from them. Adrian explained that they came to the show for "licensing, wholesale, and mentorship."

Impressed with their "cash flow," Kevin O'Leary claimed he could help them reduce their CAC rate and offered $250,000 for a 10% equity. Meanwhile, Barbara and Lori each offered $300,000 for 10%. Soon after, Barbara countered herself, saying:

"I'm gonna give you $350,000 for 10%."

Upon hearing that, Lori lowered her equity ask for 8% against the $300,000. Before the founders could get a word in, Barbara proposed $350,000 for 5%, saying she believed in their business.

When The Woobles creators asked Barbara to team up with another Shark, she brought in Mark at $350,000 for 6%. Meanwhile, Lori partnered with Robert offering $450,000 in exchange for 6% of their company.

After some deliberation, the entrepreneurs stated they wanted Mark and Lori to propose a joint offer. Mark and Lori offered $450,000 for 6% equity, finalizing the deal with the creators.

"We did not prepare for that scenario at all and we're just glad it worked out," Justine told the Shark Tank cameras.

Since their appearance on the show, The Woobles has expanded their product line, introducing stitchable snacks, safari-markable bundles, slow and steady bundles, and more. They even collaborated with multiple renowned shows and films, including Squid Game, Batman, Harry Potter, Beetlejuice, Barbie, Minecraft, and more.

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