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FridgeFronts (Fridge Fronts) is a magnetic skin and decorative skin that you can apply to any appliance to change its look & feel. For under $100, you can change the appearance of the appliance to any look. The company was started in 2005 which is patented. They sold $40,000 in sales through Skymall which they paid $18,000 to. The company was founded by Jane Augunstein and has been funded by her brother to-date to the tune of $250,000. The product is built overseas. In early traction, Rachael Ray used her product on TV and their servers crashed and also had more issues.
Which Angel Investors Said No
Kevin O’Leary found that the product was not differentiated. Although the angels did feel there might be some value in the product’s utility patent. O’Leary felt it was a product but not a company and hence declined to invest. Robert Herjavec felt the business was too small and also passed. Daymond John wasn’t sure of the value he could provide so he also opted out.
Who Invested in Fridge Fronts?
Barbara Corcoran agreed to provide half the funding she requested if she limited the designs to just three. Kevin Harrington echoed that sentiment saying she doesn’t need to develop new product. They ultimately offered $100,000 for 50%.
Check out how we analyzed Shark Tank investment data for seasons 1 and 2. We also highlighted that Mark Cuban has written the largest checks in season 2 and that Daymond John has invested the most money and that Barbara Corcoran has invested the most. And we’ve also discussed whether Shark Tank TV is realistic to the real world.