Cooking grease can lead to significant issues in households and urban areas. It obstructs pipes and damages the ecosystem. Latangela Newsome recognized this issue and chose to address it. She developed Grease Bags which is a solution for safely managing grease disposal. Grease Bags are environmentally friendly and capable of breaking down naturally. They assist individuals in disposing of grease in an eco-friendly manner.
Latangela stepped into Shark Tank seeking backing for her concept. She aimed to expand her business and assist more individuals in utilizing her product. Her presentation demonstrated how Grease Bags could prevent grease from contaminating the environment. Latangela felt assured and prepared to demonstrate the worth of her product. Will the entrepreneur get a deal on Shark Tank? Check out the Grease Bags update!
Grease Bags Net Worth Shark Tank Update 2025
Latangela Newsome asked for a $75k investment in exchange for 25% equity in her company. This meant she valued her company at $300,000. She made a deal with Barbara for $75k in exchange for 50% equity. This new deal valued her company at $150,000. After the show aired, Grease Bags saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Grease Bags is about $241,500.
Latangela struck a deal on Shark Tank with Barbara Corcoran. Barbara consented to invest $75,000 for a 50% stake. However, the agreement did not materialize. Latangela was unable to reduce her production expenses as Barbara had asked. This represented a significant setback.
Even in the absence of the deal, the visibility from Shark Tank benefited Grease Bags. Numerous individuals made pre-orders on her website. Nonetheless, she faced difficulties in completing these requests. By the close of 2017 clients were dissatisfied with the hold-ups. Latangela expressed regret and made efforts to resolve the issues.
In 2021 Latangela reestablished her business. The item was featured on sites such as Amazon and Zulily. However, obstacles persisted. In 2022 Grease Bags sold out once more. Starting in 2024 the product is available again. Latangela continues to advance her environmentally conscious mission.
Yes Grease Bags got a deal on Shark Tank. Latangela asked for $75,000 for 25% equity. Barbara Corcoran liked her idea but had concerns about the cost. After some negotiation, they agreed on $75,000 for 50% equity. Barbara wanted Latangela to reduce the price of Grease Bags to $6.99. This was possible only if manufacturing costs went down. Latangela accepted the offer. However, the deal fell apart after the show. Latangela could not meet Barbara’s cost-reduction conditions.
| Shark(s) Name | Offer & Demand | Counter Offer | Accepted? |
| Lori Greiner | Out | N/A | N/A |
| Barbara Corcoran | $75,000 for 50% equity | N/A | Yes |
| Kevin O’Leary | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
Grease Bags Shark Tank pitch
Latangela Newsome drew inspiration from her passion for cooking. She frequently encountered the issue of getting rid of used cooking oil. She understood that this wasn’t solely her issue. Numerous individuals experienced the same problem. Fat would obstruct pipes and damage the environment. Latangela sought a solution that was secure and environmentally friendly. This prompted her to develop Grease Bags.
The trip was challenging. Latangela lacked experience in developing products. She needed to acquire all her knowledge from the beginning. She encountered difficulties such as sourcing appropriate materials and maintaining low expenses. Several individuals questioned her proposal. However, she had faith in her product. She aimed to assist households and eateries in managing grease safely.
Latangela put in a lot of effort to develop a prototype. She utilized secure organic materials to create the bags. Her aim was to ensure they were both affordable and effective. In spite of numerous challenges, she remained focused. She was convinced her product could significantly impact the environment.
Latangela delivered a compelling pitch on Shark Tank. She described the issue of grease disposal and how her product addressed it. Grease Bags were environmentally friendly and capable of degrading. They might convert toxic grease into compost. Latangela demonstrated how her product operated through a live showcase. The Sharks were amazed when the grease vanished into the bag.
Latangela disclosed her pricing information. Every bag was manufactured for $2.34 and sold at a price of $12.99. She requested $75,000 from the Sharks in return for 25% equity. She intended to utilize the funds to increase production. The Sharks were curious about her intended audience and the expenses of production. They were interested in finding out if individuals would spend money on her product.
Latangela stated that her product was distinctive. No other business provided an environmentally friendly option like Grease Bags. Barbara Corcoran appreciated the concept but wished to reduce the price to $6.99. Following a discussion they reached an agreement on a $75,000 deal for 50% ownership.
The Sharks had numerous inquiries regarding Grease Bags. Kevin O’Leary inquired about the packaging. He believed it could be enhanced. Mark Cuban inquired about the intended audience. He had doubts about whether people would purchase the product. Lori Greiner stated that she avoids frying food, which is why she wasn’t interested.
The Sharks were also interested in understanding the production process. Is it possible for Latangela to lower the expenses? Would individuals change their normal ways of disposing of grease? These questions held significance. Latangela responded with assurance. She clarified that Grease Bags were safe and environmentally friendly. She mentioned that individuals were concerned about the environment and would invest in an effective solution. Barbara Corcoran was impressed by her responses.
The Sharks received varied reactions. Kevin O’Leary and Robert Herjavec believed there were excessive uncertainties. Lori Greiner felt there was no necessity for the product. Mark Cuban believed the market was limited. Barbara Corcoran recognized the possibilities in the concept. She appreciated the environmentally friendly feature of Grease Bags. She proposed a bid of $75,000 for 50% ownership.
However, she desired a reduction in the production cost. Latangela accepted her condition. The agreement was thrilling. Latangela felt pleased to receive Barbara’s backing. However, after the performance the agreement collapsed. Latangela was unable to meet the cost requirements set by Barbara.
What Went Wrong With Grease Bags On Shark Tank?
The agreement with Barbara fell through. The primary cause was the elevated production expenses. Barbara aimed to reduce the price to $6.99. However, Latangela was unable to lower the expense. Other Sharks had worries as well. Kevin O’Leary believed the product was not prepared. Mark Cuban believed the market was excessively limited. Lori Greiner did not recognize a necessity for it. These uncertainties made it difficult for Latangela to gain additional support.
Product Availability
Grease Bags are environmentally friendly and capable of decomposition. They are crafted using organic materials. The product converts detrimental grease into compost. This ensures safety for households and is beneficial for the environment. Starting in 2024 Grease Bags can be purchased online. You can purchase them on Amazon and the official website of the company.
The cost is reasonable for the majority of families. Latangela intends to increase the product’s accessibility. She aims to sell in shops and connect with more buyers. Despite obstacles, she persists in advocating for her product.
Conclusion
Grease Bags had a tough journey after Shark Tank. The deal with Barbara Corcoran didn’t work out. But the show gave the product exposure. Latangela faced many challenges but stayed determined. As of 2024 Grease Bags are back in stock. Latangela is working hard to grow her business. Her story shows the power of persistence. She continues to make a positive impact on the environment.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
