On Sept. 30, The Woobles — a DIY crochet kit company, co-founded by Adrian Zhang and Justine Tiu — landed a deal with Mark Cuban and Lori Greiner of ABC’s Shark Tank.
The husband-and-wife duo earned a $450,000 offer from Cuban and Greiner in exchange for a 6% stake in the company after initially requesting $250,000 for a 5% stake. The deal puts a $7.5 million valuation on the company.
The Woobles was founded in 2020 after Justine discovered a new passion for crocheting and wanted to teach other people how to learn the skill. The step-by-step kit is intended for beginners but can be enjoyed by anyone who takes pride in the hobby. Cuban and Greiner’s investment in the company will be used towards expanding The Woobles online learning platform, its licensing program, and potentially increasing staffing within the company.
Justine and Adrian have even created a limited-edition shark beginner kit, named “Tank” to pay homage to the show that offered them this opportunity.
“We have built a solid foundation for The Woobles in the e-commerce space and know that tapping into Mark’s proven business acumen, along with Lori’s unparalleled network of retail partners, will open up new channels and allow us to continue scaling growth,” says Justine Tiu, co-founder of The Woobles.
