Umbrellas play a multitude of roles in our lives. From saving us from the rain to sheltering us in the scorching summer heat, they play a pivotal role. The traditional umbrellas are good only for a single person.
Nathaniel Wellen uses an innovative approach and introduces the Duo, which is a double-handled umbrella that easily fits two people inside. The umbrella business, the duo, is owned by a 15-year-old entrepreneur, Nathaniel Wallen.
The umbrella business aims to produce and sell dual-handled umbrellas that not only fit two people conveniently but also let them hold the handle at the same time. He pitches his product so that the Sharks can facilitate its launch in the market.
Neil managed to get the deal from Robert Herjavec on Shark Tank Season 15, Episode 11. The following Duo Shark Tank update will sum up everything that happened on the show. Did the entrepreneur get a deal on Shark Tank? Check out our The Duo Umbrella update to find out!
The Duo Umbrella Net Worth 2024
Nathaniel Wellen asked for a $100k investment in exchange for 10% equity in his company. This meant he valued his company at $1 million. He made a deal with Robert Herjavec for $100k in exchange for 18% equity. This new deal valued his company at $555,556. After the show aired, The Duo Umbrella 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 The Duo Umbrella in 2024 is about $740,741.
The Duo Umbrella Shark Tank Update
What Happened to The Duo Umbrella After Shark Tank?
Despite being at school (at the time the show aired) and young age, Daniel was enthusiastic about his business. He expanded his marketing strategy. This not only increased the revenue but also attracted an audience. The deal with Robert was closed in the next three to six months.
The enhanced product design was popular in its pre-order phase. The product is available at Target, Walmart, and Costco. After generating a revenue of $300 million, Daniel made his way to the list of the young entrepreneurs of the Shark Tank.
Did The Duo Umbrella get the deal on Shark Tank?
Yes, it did get the deal with Robert Herjavac. The young entrepreneur, Daniel demanded $100,000 for 10%. In the end, he sealed a deal for $100,000 with 18% equity with Robert.
| Shark(s) Involved | Offer made | Demand | Counteroffer | Accepted? |
| Kevin O’Leary | N/A | N/A | N/A | N/A |
| Barbara Corcoran | N/A | N/A | N/A | N/A |
| Lori Greiner | N/A | N/A | N/A | N/A |
| Mark Cuban | N/A | N/A | N/A | N/A |
| Robert Herjavec | $100,000 for 20% equity | $100,000 for 10% equity | $100,000 for 15% equity | Yes. $100,000 for 18% equity |
The Duo Umbrella products
Conventional umbrellas have only a single handle and less space. Nathaniel promises innovation while introducing the Duo, where he adds to the functionality of conventional umbrellas. The Duo umbrellas work perfectly for many heights. It has a huge 54-inch canopy and is made from high-quality polyester pongee fabric.
This umbrella’s inventiveness is evident in its special + button, which releases the extensible second handle for simple sharing. The second handle’s flexible shaft may be extended by up to 12 inches to accommodate users of different heights.
The Duo Umbrella also provides UPF 15 Sun Protection, which goes above and beyond its primary purpose and makes it a perfect companion for a variety of weather situations. Numerous double-handle umbrellas are currently being sold on Amazon.
The Duo Umbrella Founder
Nathaniel Wellen is a young entrepreneur who comes from Los Angeles, California. He is presently studying the business studies program. The Duo company is a subsidiary of the umbrella brand Shed Rain. The umbrella company, Shed Rain was founded in 1947.
For a quick The Duo Umbrella update, he is the grandson of one of the individuals who established Shed Rain. With this connection, he has substantial knowledge about how umbrellas are made. He is a co-investor along with his father, Alex Wallen. They both decided to launch his brand, which sells umbrellas with dual handles.
Nathaniel Wellen is a co-investor, along with his father, Alex Wallen. Alex Wellen is the CEO of the Motor Trend Group, along with the CEO of the Duo company. They understood that the conventional umbrellas needed to be redesigned for better functionality. Both of them worked hard to introduce the double-handled umbrellas.
Pitch and initial presentation
Nathaniel Well came along with his mother and daughter to give a demo about his company, the Duo. During his demo, he explained the functionality of the double-handed umbrella to the sharks.
Firstly, he presented an offer of $100,000 with a 10% equity stake in the company, and then he carried on with his presentation. During his presentation, he showed the difficulties one can face while sharing an umbrella with another person.
He then got her younger sister under the umbrella to demonstrate how the size and a single handle create discomfort. He then introduces the Duo and explains the design to the shark. The Duo covers a bigger space and comes with an adjustable handle so that everyone can hold the stand and stay dry under the umbrella.
Discussion on pitch and offer
The sharks were amazed by the energy of the younger entrepreneur, Nathaniel Well. He then asked the sharks to test the umbrella samples. Lori liked the size of the umbrella, and while the sharks were checking out the samples, Nathaniel stated that it was not a final product but a prototype.
He said that although Duo is a pre-revenue company, it was ready to launch in the market. The product had a utility patent with a double handle and another one with a locking mechanism intended for the second handle. The sharks were surprised to find out that Nathaniel was just 15 years old, and at such an age, he made a prototype, developed the design, and came up with a utility patent when he was 9.
He was invited to the Henry Ford Museum to compete in the National Invention Convention, where he won the most original invention in the country among 44,000 participants. The sharks were surprised to see how good Nathaniel was doing at such a young age.
Barbara Corcoran inquired about how he had reached such great numbers since the birth of this idea. At this point, he disclosed information about the partner company, Shed Rain. They make top-notch umbrellas and have huge numbers in production and distribution, selling over 15 million umbrellas every single year.
Kevin O’Leary asked if he had a deal with his manufacturer already, to which he replied yes. He disclosed that Shed Rain owns 49% of the company. Robert Herjavec asked Nathaniel about the deal he presented to Shed Rain, to which Nathaniel stated that they would help in the prototyping, manufacturing, and distribution of the project.
Not only that, but they will also help get these umbrellas into different markets like Target, Walmart, and Costco. The profits are shared among the companies. Barbara was curious about how Shed Rain discovered Nathaniel, and he said that he simply reached out to them.
He emailed them and made a phone call, during which he closed the deal with their CEO. The landed cost of a compact umbrella is $4. It will be sold wholesale at $10 and have a retail cost of $25. The stick umbrella, on the other hand, has a manufacturing cost of $8, a wholesale price of $20, and a retail cost of $50.
Barbara Corcoran said that he already has a perfect deal with Shed Rain and does not have a deal with a shark. Hence, she chooses to bail out. Kevin O’Leary pointed out that he is an entrepreneur along with a full-time student.
He would want a CEO whom he can call and who can answer back. For this reason, he was out. Mark Cuban highlighted that Nathalien had been a great example for all the young entrepreneurs out there and appreciated him for taking action and reaching out to the CEO of Shed Rain. He refused to invest in the business. Keep reading our The Duo Umbrella update to see what happens next!
Negotiation and final deal
As for a The Duo Umbrella update, Robert Herjavec admired the feedback from other sharks. He then proceeded to share how Nathelian has made a natural buyer. He made a deal of $100k for 20% equity. Nathelian made a counteroffer where he demanded $100k for 15% equity. Robert then took the equity down to 18%. Nathelian accepted the offer of $100k for 18% equity from Robert Herjavec.
The Duo Umbrella availability
From our The Duo Umbrella update research, after the appearance of Nathalien on the Shark Tank, the demand for dual-handle umbrellas has substantially increased. The business is officially based in Redondo Beach, California, United States, and its LinkedIn profile indicates that it employs between 2 and 10 individuals at its headquarters.
The Duo umbrella comes with a price tag of $55 and is available on Shed Rain’s official website. The umbrella is available in different colors so that customers can choose their preferences. They have increased their reach since they appeared on Shark Tank, and more people want the Duo umbrella now.
What Went Wrong With The Duo Umbrella on Shark Tank?
Regarding The Duo Umbrella update, the idea was attractive to the Sharks, but Kevin was doubtful. His concerns regarding his age and business passion were right, as he was too young to begin a business and focus on it along with studies. The presentation was impressive, and the pitch was interactive, too.
Hi! I’m Neha Chaudhary, and I hold a degree in electrical engineering. I am passionate about technology and work as a freelance AR artist and writer. I am profoundly fond of the show Shark Tank. Not only does it promote the entrepreneurial spirit, but it also helps younger people achieve their entrepreneurial dreams. It can also be considered the number one show to watch for anyone who wants to pursue business and pitch their ideas. Read more About me.