What Happened to Grease Bags after Shark Tank?
What is Grease Bags?
Grease Bags is a company that produces environmentally friendly bags that allow users to decompose excess cooking oil.
Rather than throwing used oil down the drain and then spending money to unclog it, users may pour the grease onto these non-toxic, absorbent bags, which breakdown the oil and protect the environment.
Grease Bags was founded by Latangela Newsome, a single mother from Texas who adores cooking. She worked as a marketing major and author at Peak City Publishing before beginning her own business.
She created a book for Peak City Publishing about kids who have been cyber bullied. Green Bags is now owned by her.
Customers may use the bags to properly dispose of grease rather than pouring it down the drain and paying a lot of money to unclog clogged pipes.
Who is the originator of Grease Bags?
Latangela Newsome, a single mother from Texas who likes cooking, invented Grease Bags.
Ms. Newsome studied marketing and was an author at Peak City Publishing before venturing into business, where she wrote a book about the effects of cyber bullying on children. She is the current CEO of Green Bags.
Latangela’s drive derives from her desire to make the earth a better place for animals and plants by removing pollution and rubbish.
She aims to educate people about the negative environmental implications of improper grease and oil disposal. She was upset by some people’s practice of pouring wasted grease and cooking oil down the drain.
She made the proper decision in order to provide a better example for her child, for whom she adores cooking. Latangela had a Kickstarter effort that failed in December 2016, garnering only $75 of a $25,000 goal.
Latangela says her difficulty is teaching people about the need of proper grease disposal and how simple the solution is, in addition to acquiring financing for her company.
What Happened to the Grease Bags During the Shark Tank Pitch?
After her Kickstarter effort failed, she proceeded to pitch her idea to Shark Tank investors in the hopes of securing a partnership.
On the pitch, Latangela asks for a $75,000 investment for a 25% ownership in her firm, valued at $300,000, at a valuation of $300,000.
She showed the goods and handed out samples with apprehension after some coaxing from Robert.
She then offered him and the other Sharks some fried chicken wings she’d cooked for demonstration purposes.
When challenged about the grease-absorbing substance, she replied it was safe and comparable to bio remediation solutions used to clean up oil spills.
She claimed to be the owner of a patent on the bags. Grease Bags are still in the prototype stage, and she has set a price of $12.99 to minimize financial difficulties. Her price is $2.34.
Lori also states that she never fries food, never eats, and that she is no longer in the company. Barbara claims that she likes to eat fried bacon for breakfast.
Mark feels that a green product does not usually fare well among folks who eat fried foods, so he ventures out.
Kevin has some reservations about the bundle, but he admits that he seldom uses it, so he’s out as well.
Robert is interested in Latangela, but there are too many unknowns because she is still at the prototype stage, so he backed out of the deal.
Barbara is fascinated, but she would want the price to be decreased to $6.99. Latangela feels she is capable of accomplishing this.
Barbara offers $75,000 for 50% equity shares and a price reduction if costs and prices are decreased. Latangela accepts the offer.
What Happened to Grease Bags Following Shark Tank?
Latangela continued despite the fact that the deal with Barbara never materialized. She encountered production and delivery issues in December of 2017, leading in a huge number of unsatisfied customers.
Grease Bags selected Selery, a fulfillment facility in Dallas backed by Mark Cuban, to distribute the product. They were eventually delivered, however, the website is no longer up and running as of February 2019.
The bags will be available for purchase on Zulily in April 2021. Pre-orders were made available on the company’s website in May of the same year, and the company has been growing since the Shark Tank episode.
Beginning in August 2021, customers will be able to purchase the bags on the company’s website and Amazon.
Grease Bags’ Net Worth
During the Shark Tank pitch, the firm was valued at $300,000, and they have made a lot of sales since then, implying that the company’s valuation will increase in 2021.
Grease Bags FAQs
What are Grease Bags?
Grease Bags are environmentally friendly bags that help users dispose of excess grease and oil in the most efficient manner possible. Their green bags dissolve grease, and they may be disposed of in a trash can like regular garbage, reducing the costs associated with clogged drains.
How do they work?
Grease Bags are made from reclaimed materials that have no negative impact on the environment.
Are Grease Bags safe for pets?
Yes, Grease Bags are perfectly safe for pets, so there is no need to worry about accidentally feeding your pets greasy scraps of food if the customer is planning on using them.
Where can I buy Grease Bags?
Grease Bags may be purchased directly from the company’s website or Amazon in 2021.
How much does Grease Bags cost?
Grease Bags are still in the prototype stage, and they will be for sale for $12.99 each beginning in 2021.
What is Grease Bags made of?
Grease Bags are made of recycled materials, but not to the same extent as other similar products on the market. Grease Bags have a very low environmental footprint, they are extremely durable and they are biodegradable.
The company believes that Grease Bags will be around for a much longer time than many other greasy-related products because the bags will break down naturally in landfills over time.
What is Grease Bags return policy?
Grease Bags have been designed to last a very long time, but they will eventually break down and need to be replaced. If a customer finds that the bag is not holding up or it has broken down before it is due for replacement, they should contact the company for assistance.
What is the delivery period of Grease Bags?
The delivery period for Grease Bags is currently unknown because the bags are still in production.
How long do Grease Bags last?
Grease Bags have been designed to last for a very long time, and there are no signs of them breaking down any time soon. They should last a long time, even if they are used frequently.