Wrapping gifts can be a frustrating experience. Many people struggle with cutting paper evenly. The tape does not always hold properly. The corners often look messy. For people who are not good at wrapping gifts, it can be a stressful process. Some people even take their gifts to professionals just to avoid the hassle.
Jeffrey Miller saw this common problem and wanted to make gift wrapping easy for everyone. He created CoolWraps. This was a special kind of shrinkable gift bag. People could simply place their gift inside seal the bag and use a hairdryer to shrink it perfectly around the gift. This product was designed to be simple and stress-free.
Jeffrey pitched his idea on Shark Tank in Season 4. He was looking for a deal to help him bring his product back to the market. The entrepreneur requested $100,000 for 40% equity. Did the entrepreneur get a deal on Shark Tank? Check out our CoolWraps update to find out!
CoolWraps Net Worth Shark Tank Update 2025
Brett Goodstein went on Shark Tank asking for $100,000 for 40% of his company. This meant he thought his business was worth $250,000. He did not make a deal with any Shark. The episode was aired on March 22, 2013. The self-adhesive gift wrap company later shut down. The current net worth of CoolWraps is $0 in 2025.
The company did not last long after the Shark Tank episode aired. Mark Cuban initially offered to buy the company but the deal never closed. At the time of the pitch, CoolWraps was not available anywhere. Mark wanted to rebuild the business from scratch but it did not work out.
By 2015, Jeffrey was able to restart the company and sell the product online. However, this comeback was short-lived. CoolWraps quickly ran out of stock and was never restocked again. As of today, CoolWraps is no longer available for purchase. The company is considered to be out of business.
Yes, CoolWraps did get a deal on Shark Tank. Mark Cuban offered to buy 100% of the company for $250,000. He also added a 3% royalty on every unit sold. Jeffrey quickly accepted the deal.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Lori Griener | $150000 for 100% equity | N/A | No |
| Robert Herjavec | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | $250000 for 100% equity + 3% royalty | N/A | Yes |
CoolWraps Shark Tank pitch
Jeffrey Miller had a simple goal. He wanted to make wrapping gifts easy for everyone. His idea for CoolWraps came from his own struggles with wrapping gifts neatly. He wanted to create a product that would save time and effort.
CoolWraps was not a brand-new idea. Jeffrey had launched it about ten years before coming to Shark Tank. He and his partners had even made deals with big retailers like QVC and CVS. However, they did not have the money to keep up with demand. Their bank refused to give them a loan. The only way to get funding was to use their homes as collateral. Not all partners agreed, so the deal fell apart.
Over time, all of Jeffrey’s partners left the business. He was left as the sole owner of CoolWraps. He never gave up on the idea and came to Shark Tank looking for a second chance.
Jeffrey walked into the Shark Tank full of excitement. He asked for $100000 in exchange for 40% equity in CoolWraps.
He started his pitch by demonstrating how easy CoolWraps were to use. He placed a gift inside the shrinkable bag, sealed it, and used a hairdryer to shrink it perfectly around the gift. It was quick and simple.
After the demo, Jeffrey was so excited that he struggled to explain his business properly. He stammered and left the Sharks confused. Mark Cuban had to step in and tell him to focus on the business details.
Jeffrey explained that CoolWraps had been sold in the past but failed due to funding issues. He shared how his partners left and he was now the sole owner. Keep reading our CoolWraps update to see what happens next!
Robert Herjavec: He asked why the bank refused to give a loan. Jeffrey explained that the bank wanted them to use their homes as collateral but not everyone agreed.
Lori Greiner: She wanted to know if Jeffrey had been demonstrating the product at trade shows. Jeffrey admitted he did not have a proper booth due to a lack of money. He was just walking around handing out business cards.
Daymond John: He asked if CoolWraps had any direct competitors. Jeffrey said no. He had a utility patent that made his product unique.
Robert Herjavec: He did not see a market for CoolWraps so he decided to go out.
Lori Greiner: She saw potential but thought the product needed some changes. She offered $150,000 to buy the company.
Daymond John: He liked the idea but believed it needed a strong distribution partner. He suggested licensing it but Jeffrey had never considered that before. Daymond decided not to invest.
Mark Cuban: He saw an opportunity and made a quick move. He offered $250,000 to buy 100% of the company. He also added a 3% royalty per unit sold. However, he wanted an answer right away. Jeffrey agreed immediately.
Product Availability
From our CoolWraps update research, the product is no longer available for purchase.
CoolWraps was once sold online but went out of stock in 2015. It was never restocked. The official website and social media pages are inactive. As of today, CoolWraps is out of business.
Conclusion
CoolWraps had a great idea behind it. It solved a real problem and had no direct competitors. The product was easy to use and had potential in the market. However, due to financial struggles, the business could not succeed.
Jeffrey had a second chance when he appeared on Shark Tank. He managed to impress Mark Cuban, who offered to buy the company. However, the deal never closed. Although CoolWraps returned briefly in 2015, it did not last long.
As of today, CoolWraps is out of business. The product is not available anywhere. This is the final CoolWraps update.
While this business did not work out, Shark Tank continues to help many entrepreneurs achieve their dreams. Who knows what the next big success story will be? Stay tuned for more updates!
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
