In this exciting episode of Shark Tank, we are introduced to the Long Wharf, a supply company founded by Lauren and Mike. They are a couple of young siblings from New England who were concerned about waste in the ocean.
Long Wharf is a company that recycles plastics and oyster shells like waste from waterways to make sustainable sweaters, which would positively impact the environment. The founders joined the show in Season 13, Episode 02. Let’s see if they can get a deal from investors.
Lori Greiner, Mark Cuban, Kevin O’Leary, Daymond John, and Peter Jones were the sharks involved. Did the entrepreneurs inspire the sharks? If you’ve missed the episode somehow, give this article a quick read, and you’ll be able to immerse yourself fully in the whole scenario!
Long Wharf Net Worth
Lauren and Mike asked for a $375k investment in exchange for 15% equity in their company. This meant they valued their company at $2.5 million. They did not make a deal on the show. Peter Jones offered $375k in exchange for 45% of their company, which valued their company at approximately $833,333. After the show aired, Long Wharf Supply Co. 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 Long Wharf Supply Co. is about $1.11 million.
Long Wharf Shark Tank Update
Plastic is a huge problem; people worldwide are tossing it into the ocean. Long Wharf Supply Co. is on a mission to tackle this plastic issue. Their whole deal is all about reducing the impact of plastic and oyster shell waste on the environment. They’re making money while doing it.
They devised this genius idea to use those waste materials to create awesome products. The founder launched a campaign on Kickstarter back in July 2020. Their goal was to raise $20,000, but guess what? They blew past that target! By August 19, 2020, they had raised $75,009 from 482 backers. The founder seeks more investment to take the company to the next level. That’s why they planned to hit up Shark Tank.
What happened to Long Wharf after Shark Tank?
The entrepreneurs had to leave the show without any deal, but the viewers of Shark Tank loved this product. It received tons of positive comments on social media. The founder, Mike Lamanga, is juggling running this business part-time while working at another company. However, in October 2022, the industry experienced a significant decline in growth.
Did the Long Wharf get a deal on Shark Tank?
Long Wharf failed to get a deal on the show. Peter Jones made an offer of $375,000 for a 45% equity. The entrepreneur countered and made an offer of 25% equity. But the deal did not happen because Peter rejected the offer.
| Shark(s) name | Offer | Demand | Counteroffer | Accepted? |
| Peter Jones | $375,000 | 45% equity | $375,000 for 25% equity | No |
| Lori Greiner | Out | N/A | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A | N/A |
| Daymond John | Out | N/A | N/A | N/A |
| Mark Cuban | Out | N/A | N/A | N/A |
Founder and Backstory
The founder and CEO of Long Wharf Supply Co is Mike Lamagna, and his childhood was all about those sandy beaches and boats in New Hampshire. After college, Mike headed to the big city and studied finance at Merrimack College in New York City. But get this: he didn’t stop there! In October 2014, he joined Harlem Lacrosse as an advisory board member and is still rocking it there.
Mike and his sister, Lauren, started Long Wharf Supply Co in 2016. They had this genius idea to use oyster shells and plastic bottles to make top-quality yarn, which they then turned into these amazing sweaters. They wanted to create stylish sweaters and contribute to cleaning up the environment.
It’s amazing how their family background in the sweater industry inspired them to make a positive impact by using waste materials. They’ve successfully created their unique clothing brand with a strong focus on sustainability. Now, Mike is running this business part-time while also working at another company. It’s impressive how Mike is handling everything.
Pitch and Deal
Lauren and Mike went on Shark Tank with their company, Long Wharf Supply Co., and asked for $375K for 15% of the business. They showed off their awesome sweaters made from reusable plastic material. The sharks were impressed with the softness and weight of the sweaters. The entrepreneurs explained that they use 10% lambswool and 50% of their recycled material in the sweaters.
The remaining 40% comprises 20% nylon and 20% plant-based viscose. Each shirt has a gross margin of 80%, costs between $23.50 and $33.50 to make, and sells for $128 to $158. They’ve had sales of $495,000 in the past year, but their customer acquisition cost is a bit high at $41.
Kevin O’Leary and Daymond John decided not to invest due to valuation concerns and personal reasons. Mark Cuban suggested selling t-shirts with the material, but Mike believed they could sell 5 million sweaters instead. Lori Greiner opted out, but Peter Jones told giving shares to Lauren, who wanted a 10% stake, and Mike agreed.
Then Peter Jones offered $375,000 for a 45% equity. The entrepreneur countered and contributed 25%, but Peter said no. So, this deal did not happen in Shark Tank, and that’s how the company left the show without getting a deal.
Product Availability
Long Wharf Supply Co. is an awesome apparel brand that specializes in sweaters. But get this: they are not just sweaters but made from seriously unique materials like oyster shells, recycled water bottles, and even cotton or natural lambswool. It is all about making a positive impact on the environment. They’re using plastic in a reusable way through their company, which helps reduce the effect of plastic on our planet. It’s such a clever and innovative approach.
The eco-friendly sweater price ranges from $128 to $158. It’s worth getting the most out of it, especially if you enjoy boating and fishing. The durability and quality of the materials used in the sweater make it perfect for outdoor activities. If you’re interested in buying this product, you can check out the official website of Long Wharf Supply Co. They have all the details and options available for you to make a purchase.
Conclusion
Long Wharf Supply Co. didn’t secure a deal on the Shark Tank. The guest shark made an offer, but Mike did not like it, so they left the show without closing a deal. However, the exposure through their pitching worked, and entrepreneurs received an amazing response from the viewers. This led to a boost in sales and ultimately fueled the growth of the business.
Hi, I’m Izza Habib, a Nutritionist and an avid writer. My focus? Crafting captivating blogs and articles on the exhilarating episodes of Shark Tank. I love unraveling the unique stories of aspiring individuals navigating the high-stakes world of Shark Tank— from groundbreaking products to pitch-perfect presentations. As a blogger, I’m committed to sharing the excitement behind each episode, highlighting the ingenuity, passion, and strategic negotiations that shape the entrepreneurial landscape. Join me on this thrilling journey into the dynamic world of Shark Tank! Read more About me.