It might be fun to drink at a bar or a student party, but those places aren’t the safest. In the past few years, there have been a lot more cases of people adding drugs to drinks. This is what made Shirah Benarde and her brother Michael come up with NightCap. The item, which looks like a scrunchie, is used to cover a drink cup so that drugs or booze can’t be put in it by other people. They made a deal with Lori Greiner after being on Shark Tank. NightCap is worth about $2 million as of 2023.
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About the Founders
The Benarde kids grew up in Florida’s West Palm Beach. Shirah is one of the two younger girls. She is currently studying advertising and public relations at the University of Tampa. Michael went to Florida State University and got a bachelor’s degree in government and political science. He went back to the same school and got an MBA after college.
He started his own business while he was still in college, just like her little sister. Michael Benarde Consulting was another business he started besides NightCap. The business helps new businesses grow by making and selling things.
Founding NightCap
Shirah heard scary stories from friends in college when she was 16 years old about how young girls’ drinks were spiked. Even though her friends were fine, the young businesswoman was set on fixing the issue.
She wanted to make something that would keep girls safe without making them feel bad. She went to her mom’s closet and got some pantyhose and a scrunchie after drawing out a plan. She made the prototype by putting the two together.
Shirah and Michael helped each other start NightCap in 2019. Their parents gave them $18,000, IndieGoGo gave them $12,000. And pitch contests gave them $15,000. Sales hit $68,000 after almost a year in business.
Appearance on Shark Tank
The first time around, Shirah and Michael Benarde had a lot of trouble. When they got the formula in 2020, though, they were sure the Sharks would want to spend. They signed up for season 12 and wanted $60,000 for a 20% share in the show.
It was clear that Shirah and Michael had practiced their pitch a lot. The product was a hit with the Sharks, and business was going great. The person who was most interested was Lori Greiner because it spoke to her as a woman. Lori made an offer right away of $60,000 for 25%, and the owners took her up on it right away.
After Shark Tank
After the show, the deal with Lori was finalized, and her money was used to improve the company’s website and packages. The startups made $2.1 million a year after their TV show ran.
These guys’ brand has reached new heights since they were on Shark Tank, and college students love their product. You can buy the scrunchie that can be used as a drink cover on Amazon, Walmart, and Nighcapit.com, which is their main website.
They added a key chain to their list of products. NightCap made a deal early in 2022 to be the only company that sells StopTopps, a similar product that is sold in the UK.
There are thousands of items sold in over 40 countries because the business is doing so well. TikTok and Instagram have also helped them make more sales. NightCap is thought to be worth about $2 million right now.