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Jiggy Puzzles founder Kaylin Marcotte pitched her art-focused puzzle company on Shark Tank season 12 episode 22, seeking $500,000 for 5% equity at a $10 million valuation. The company generated $2.25 million in sales from November 2019 to July 2020, selling puzzles at $28-40 with female artists earning $3,000-5,000 per production run.
After Marcotte presented her growth figures and explained the eco-friendly packaging in reusable glass jars, Robert Herjavec responded,
"First of all, you're a supernova. I'm trying to remember if we've ever had somebody go from zero to your kind of numbers. This is a great business but at the 10 million value that you're implying, I have to believe that your sales are going to be tens of millions for me to recoup my investment. I don't see it continuing at that trajectory. I think people will move on to other things. I'm out."
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In the end, Jiggy left Shark Tank with Mark Cuban’s offer.
Jiggy Puzzles gets praise but no investment from Robert Herjavec on Shark Tank season 12
The Jiggy Puzzles story began in November 2019 when Marcotte used puzzle-solving to manage work stress during her time at The Skimm media company. She saw potential in merging art with puzzles, creating a premium product line featuring female artists' work. The manufacturing cost stood at $10 per unit, with retail prices ranging from $28 to $40.
The Shark Tank company emphasized environmental responsibility through reusable glass jar packaging. Each featured artist received substantial compensation, earning between $3,000 and $5,000 from initial production runs. The business model combined direct-to-consumer sales through their website with Amazon marketplace presence.
March 2020 brought unexpected momentum as COVID-19 lockdowns increased puzzle demand by 550%. The sales surge emptied inventory stocks by April, forcing quick manufacturing adaptations.
Marcotte responded by creating Jiggy Originals, a premium line where artists painted directly onto blank puzzles. These special editions commanded auction prices up to $4,000 each.
Sharks' responses
Herjavec noted the company's rapid revenue achievement, describing the growth pattern as remarkably fast. He focused on future revenue requirements, stating the business would need annual sales in the tens of millions to support its $10 million valuation.
Guest Shark Tank investor Daniel Lubetzky raised concerns about COVID-19's influence on sales figures. He questioned the sustainability of pandemic-driven demand, suggesting the valuation needed adjustment to reflect normalized market conditions.
Kevin O'Leary structured an alternative proposal, offering $100,000 for 15% equity combined with a $400,000 loan at 10% interest. Mark Cuban showed strong interest, proposing $500,000 for 15% equity. During negotiations with Cuban, Marcotte secured an additional commitment to match the company's charitable donations.
Post-show business performance
Despite reaching preliminary terms, the deal with Cuban never proceeded to closing, per Shark Tank Blog. However, Jiggy Puzzles maintained significant business momentum following the show. The Shark Tank company reached $4 million in lifetime revenue by November 2021.
The brand expanded distribution channels, securing placement in major retailers including Bloomingdale's, Nordstrom, Anthropologie, and Macy's. Local gift shops and specialty stores added the puzzles to their inventory mix.
The company diversified revenue streams through strategic initiatives. The Jiggy Puzzle Club subscription service created recurring revenue opportunities. Corporate partnerships emerged as a new market segment, with custom-branded puzzles serving as promotional items.
Financial performance of Jiggy Puzzles stabilized by November 2023, with annual revenue reaching $2.5 million. The company added complementary product lines, including frames for completed puzzles. The expansion into retail locations and development of corporate partnerships demonstrated successful adaptation beyond direct-to-consumer sales.
Shark Tank season 16 episode 12 is set to air on ABC network on February 28, 2025.
