Pillow Fort Net Worth – Why the Company Failed!

We all loved building pillow forts as kids. Building a pillow fort is every child’s dream, but the cleanup can be a nightmare for parents. That’s why Conor Lewis founded Pillow Fort, a company that sells pillows that can be assembled into forts. He pitched the company on Shark Tank, but no deal was struck. In 2024, Pillow Fort is worth $0 because they went out of business in October 2023.

Conor Lewis’ Background

Conor Lewis currently lives in St. Louis, Missouri. Prior to his marriage, he earned a degree in Fine Arts with a concentration in Graphic Design from Western Kentucky University, graduating in 2012.

After college, he worked in digital media at advertising agency OBATA and spent three years as a director at Alton Encore. In 2016, he led the digital marketing and video production division at Simmons Hanly Conroy LLC.

How a father’s love inspired a brilliant idea

Connor lost his job during the pandemic, so he spent more time at home with his daughter, who loves to build forts with couch cushions and always makes a mess in the living room.

This gave the unemployed father a business idea. He created magnetic pillow sets that form adorable forts. The pillows are water- and stain-resistant, and fit nicely on top of a regular sofa.

Lewis founded Pillow Fort in 2020 with a private business partner who owns 5% of the company. They launched a Kickstarter campaign and raised more than $3.1 million in 2021.

Pitch to the Sharks

Connor Lewis didn’t expect success, which led to a lot of problems. He needed help from the Sharks and showed up in Season 13, asking for $500,000 for a 10% stake.

The Sharks loved the presentation and appreciated the entrepreneur’s candor about the company’s problems. However, it also made them hesitant to invest.

The Sharks were most concerned about Connor’s partners, who had the right to buy 40% of the company if it reached $30 million in gross sales. This was a big problem because it limited their future returns. The Sharks were sadly out, but they liked Connor’s personality.

Pillow Fort’s challenges after Shark Tank

The additional publicity on national television after Shark Tank further exacerbated supply chain issues. The Kickstarter comments section was dominated by disgruntled customers complaining that they never received their products.

In October 2023, the U.S. Consumer Product Safety Commission announced a recall of 13,250 units because magnets could pose a choking hazard to children. Seventeen cases of loose or broken magnets were reported, resulting in injuries to two adults and one child.

Connor didn’t have enough money to fix the problem, so he shut down the company. That meant Kickstarter backers lost money. Before the recall, the company was already struggling and customers were losing patience.

Categories: Shark Tank
Source: dut.edu.vn