Whatever Happened To The Pop Pacifier After Shark Tank?
Entrepreneur Nicki Radzely managed to get "Shark Tank" star and investor Kevin O'Leary to take a bite of her retractable pacifier product, The Pop, with a deal for $250,000 in exchange for 10% equity. With her business, Radzely aimed to improve the lives of parents everywhere, but did the deal manage to do that for her own life?
O'Leary ended up being a great asset to the company. After their deal closed, the Canadian businessman joined the board and helped get some changes made to the company's branding and product line. Their name changed to Doddle & Co. and they brought in a wide variety of newly designed pacifiers, teethers, and bundle deals in an effort to expand. Along with their previously established retailers, O'Leary also helped the team get into other baby-specific chains such as Destiny Maternity and Pea in the Pod.
In April 2018, the company's bank, JP Morgan, froze its accounts. This left the team unable to provide payroll for employees nor be able to pay piling expenses for two weeks. The bank was able to fix the problem, explaining that it was the result of a mix-up. By the end of 2018, the company reached nearly $1 million in sales, with no major updates as to if that number has grown since.
Nevertheless, despite the challenges, Doddle & Co. has been able to prove itself in the business world. But first, Radzely had to prove herself in the tank.
The sharks went gaga for The Pop Pacifier, but not her valuation
Even before appearing on Season 9 of the hit ABC reality series, Nicki Radzely had made moves with The Pop over the company's four months of operation. Radzely and business partner Janna Badger took a year designing the bacteria-free, silicone-made pacifier before starting a successful Kickstarter to fund their business. From there, they were awarded the Juvenile Products Manufacturing Association Innovation Award and got their product on the shelves of Buy Buy Baby and Nordstrom.
Feeling confident about the trajectory of her business, Radzely appeared on "Shark Tank" seeking a $250,000 investment for 5% of the company — a $5 million valuation. While the panel of rich investors is impressed by Radzely and sees the potential in the product, they largely find her valuation too high, especially given that the company has only made $117,000 by this point. Daymond John doesn't see the growth potential and is out, while Mark Cuban believes he doesn't offer much value.
Kevin O'Leary makes the first offer, willing to give the $250,000 but requiring 10% equity. Lori Greiner and guest shark Sara Blakely go in together, proposing $250,000 for 20% equity. Radzely attempts to make a counteroffer, saying that she would be willing to give up the 20%, but only if Grenier and Blakely are able to raise the cash offer to $500,000 or more. The sharks don't budge from their stance and Radzely ends up going with O'Leary.