Yellow Leaf Hammocks Net Worth – Update after Shark Tank!

One of the best ways to calm down during stressful times is to get outside, meditate, and relax your body. Yellow Leaf Hammocks, woven by the Mlabri tribe of Thailand, are perfect for these situations. Founders Rachel Connors and Joe Demin pitched their product on Shark Tank and landed a deal with Daniel Lubetzky. As of 2024, Yellow Leaf Hammocks is valued at $4 million.

Founder Background

Rachel Connors and Joe Demin are a married couple from Los Angeles, California. Joe attended DePaul University, graduating in 2006 as a finance major with a concentration in real estate.

After graduating from college, Denim was hired by a real estate development company and worked there for a few months, but was forced to resign when the 2008 financial crisis hit.

Previously, his partner graduated from the University of Florida with a degree in public relations and political science. In 2007, she worked as a development intern at a public relations firm called Girl About Town Communications.

Founding of Yellow Leaf Hammock

Denim and Connors traveled to Hawaii with the goal of helping the underprivileged, and later the couple traveled to Thailand, where they rode a motorcycle to visit the best hammock weavers of the Mlaburi tribe.

When they returned home, they decided to start a business for those with fewer opportunities, so they founded the Yellow Leaf Hammock Company in 2011, producing handmade cotton hammocks in a variety of colors.

To help artisans, the duo cut out the middleman in their business model. Their product has steadily gained traction in the market, thanks to rave reviews for its quality and affordability. By 2018, the company reported annual sales of $860,000.

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Shark Tank

Joe and Rachel appeared on Shark Tank Season 11 in 2019. They asked for $400,000 in exchange for a 7% stake in the company. The founders then explained the goals and details of their hammock product to Shark Tank.

Billionaire Daniel Lubetzky was impressed with the product and offered them funding, but asked for 33% equity. Lori Greiner and Robert Herjavec were also interested, so they set their own price.

The three investors were very enthusiastic about investing in the hammock company, so they kept changing their bids. Finally, Daniel offered $1 million for a 25% stake, which the entrepreneurs couldn’t refuse.

Post-Shark Tank Updates

Prior to Shark Tank, Joe and Rachel worked with Virgin Cruises on an overseas deal. Additionally, the founders had a successful deal with Daniel Lubezki, a celebrity investor who was very keen to help the startup.

However, due to restrictions on domestic and international travel in various countries, the company’s cruise sales have fallen to the lowest point, and the epidemic has also dealt them a heavy blow.

The company sells its products through Amazon, and their hammocks consistently receive five-star reviews for comfort. Now that the economy is steadily recovering, so is Yellow Leaf Hammocks. The company currently has annual revenue of $1 million, and the business is estimated to be worth $4 million.

Categories: Shark Tank
Source: dut.edu.vn

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