Entrepreneur and skiing enthusiast Carlo DiMeo pitched his winter apparel business, Wildcoat, to the Sharks. Wildcoat is a brand that specializes in unique, animal-inspired winter coats designed for both functionality and fun. Carlo came up with the idea after using his bear-themed ski coat on snowy days in the Colorado Rockies.
This brand’s weatherproof, extreme cold-resistant, and oversized pocket animal-themed coats are perfect for skiing, snowboarding, and enjoying the winter season. Let’s see if the Sharks bite the deal or not.
| Company Name | Wildcoat | |
| Founder/Co-Founder | Carlo DiMeo | |
| Founded | Mar 2020 | |
| Product | Animal Themed winter coat | |
| Asked For | $350,000 for 10% equity | |
| Final Deal | $350,000 for 23% equity | |
| Shark | Robert Herjavec | |
| Episode | S16 E7 | |
| Air Date | Dec 13th, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Boulder, Colorado, United States | |
| Annual (Revenue) | $700,000 *estimated | |
| Worth / Valuation | $3.5 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
What Is the Background of The Founder?
Carlo DiMeo founded Wildcoat in March 2020. Before this, he was also a co-founder of a supplement company called Life Pure Recovery. He is primarily a medical engineer and completed his graduation from The College of New Jersey.
Additionally, he worked in the sales department of the gym management software company Wodify for several years.
Business Pitch Episode Recap
Carlo DiMeo entered Shark Tank with his friends, wearing animal-themed coats, and asked the Sharks for $350,000 in exchange for 10% equity, valuing the company at $3.5 million.
While presenting the use cases of the winter coat, he highlighted its features, including 7 oversized pockets, an adjustable hood, and much more.
The Sharks found the coat to be both fun and warm for winter. Carlo shared that the average cost of each coat is $449.
Carlo primarily uses online advertising for sales but has recently shifted focus to in-person events like ski gatherings and bear-themed events. During these events, 50%-70% of his total sales are generated.
In 2021, the company’s sales were $135,000, which grew to $375,000 in 2022 and $505,000 in 2023.
Carlo expects sales to reach $700,000 by the end of 2024. He revealed that in 2022, the customer acquisition cost was $150, which Kevin considered too high.
When Robert Herjavec inquired about the current available inventory, Carlo shared that they currently have 1,200 coats in stock, valued at $500,000.
According to Kevin O’Leary, the customer acquisition cost was too high, and the business lacked free cash flow. Hence, he is out.
Lori Greiner said it’s a niche market, and while she would buy a Wolf Coat, she cannot invest in the business. So, she is out.
Mark Cuban said it’s a niche market and, in his opinion, not an investable business. However, he suggested Carlo should raise the price of the coat for better profits. So, he is out.
Daymond John was interested in Carlo’s winter coat business and offered $350,000 for 30% equity. Robert Herjavec, who has experience in the market after investing in Shark Tank company Tipsy Elves, offered $350,000 for 25% equity.
Carlo countered with $350,000 for 20% equity, but Robert declined. Carlo then made another counteroffer of $350,000 for 23% equity, and both Daymond and Robert said they would accept the offer.
Ultimately, Carlo decided to go with Robert’s offer of $350,000 for 23% equity.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Robert Herjavec | $350k for 25% equity |
| Kevin O’Leary | No Offer |
| Mark Cuban | No Offer |
| Daymond John | $350k for 30% equity |
| Lori Greiner | No Offer |
| Founder’s (Countered) | $350k for 23% equity |
| Final Deals | $350k for 23% equity (Robert) |
Wildcoat Shark Tank Update
After the episode aired, we checked the website’s server load speed and discovered that the website experienced a significant increase in visitors, which caused a slight slowdown in loading speed. This indicates that there is a strong possibility of the company’s sales doubling during the show.
On December 17th, 2024, Carlo updated the official Instagram handle @wildcoat by posting a story that the Christmas orders were ready to be shipped.
Here, you can find more updates on businesses from Season 16.
