Ice Beanie, which was on Shark Tank Season 12 Episode 13, is a company that makes cold therapy hats for people with headaches. Nic Lamb, who started Ice Beanie, asked Shark for $50,000 in return for 20% of his business. Migraines affect 10 per cent of the world’s population.
Most people with migraines are between 20 and 50 years old. Nic Lamb, a professional surfer and business owner, devised a simple but clever way to keep his head cool when he had painful migraine headaches. Read about the pitch for Ice Beanie on Shark Tank and the current net worth of the enterprise.
What exactly is an Ice Beanie?
The Ice Beanie is a cold compression cap that can help with migraines, headaches, fevers, and stress without medicine. It also claims to help people heal from concussions, chemotherapy, traumatic brain injuries (TBI), inflammation, and sports injuries.
The cold compression cap is a soft polyester microfiber and goes around the head. It has gel packs that cover acupressure points on the head and keep the wearer’s head cool. It has a flexible Velcro belt to fit heads of different sizes.
Founder of Ice Beanie
Nic Lamb, an entrepreneur, created the idea for Ice Beanie. Nic Lamb has been surfing since he was five years old, and since he was nine, he has joined different competitions. In 2016, he had an injury to his head. after which he got a headache.
He puts an ice pack on his back to help it heal from the shock and migration. All the things that happen to him give him the idea for Ice Beanie.
How do you use the Ice Beanie?
To use it, just put it in the freezer for an hour, and then you can put it on to feel cool. It will shape itself to the head as it warms up from the wearer’s body heat. The cap can be washed, worn again, and carried with you.
Ice Beanie Net Worth Before Shark Tank
Ice Beanie is a proven, drug-free way to reduce inflammation, swelling, headache and migraine pain using cold treatment. Estimates put Ice Beanie’s net worth at $600,000.
Shark Tank Update of Ice Beanie
Nic Lamb, the founder of Ice Beanie, pitched the idea on the show “Shark Tank.” He rode a skateboard barefoot like he was riding a wave on a surfboard, full of great energy.
Lamb asked the Sharks, “Who’s ready to get cool and invest in Ice Beanie?” He was looking for a $50,000 investment in exchange for 20% of the company.
He told Mark Cuban, Daymond John, Robert Herjavec, Lori Greiner, and Kevin O’Leary about his past. He even showed a video of himself falling off the big wave that gave him a headache.
Lamb said that in the United States alone, more than 40 million people have headaches and migraines that are so bad that they make them sick.
Each Ice Beanie costs $7 to make, and they sell them for $39.95 on their website and on Etsy and Amazon, which are online marketplaces.Mark Cuban made the first offer to buy Ice Beanie.
Then, in an unexpected turn, Robert Herjavec and Daymond John wanted to make their offers, but the founder of Ice Beanie had already agreed to Cuban’s.
Lamb asked Cuban if he would be willing to reduce the stock he wanted from 30% to 25%. Cuban didn’t have any doubts. Nic Lamb, who started Ice Beanie, chose to close the deal with Shark Mark Cuban, who is worth a billion dollars.
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What is Ice Beanie worth right now?
After considering Mark Cuban’s offer, Ice Beanie is now worth $200,000. This is slightly less than the $250,000 that Ice Beanie’s founder asked for when he first pitched the business on Shark Tank.
Since sales began in the fourth quarter of 2020, Ice Beanie has already made $100,000 in total sales, which is already half of Cuban’s value. This makes Cuban’s valuation seem low, as per PinoyMoneyTalk.
|IceBeanie’s Net worth before appearing on Shark Tank||250,000 USD (business valuation)|
|IceBeanie’s Current Net worth (2022)||1 Million USD|
After Shark Tank, Nic’s pitch on Shark Tank went well, he made a deal with Mark Cuban. They finished the deal in late 2021. IceBeanie is now worth $200,000 and has been doing very well in business, with a total of $550,000 in Ice Beanie sales over the past year. Geena Davis, an actor, and Brooke Ence, a social media star, bought them.
Even though it hasn’t been confirmed yet, it seems likely that Nic is working with Mark to grow the Ice Beanie market to reach more people, like chemotherapy patients.
As of 2023, you can buy the product on Amazon, Etsy, and the company’s website, icebeanie.com. One Ice Beanie costs $39.95, two beanies cost $71.91, and four beanies cost $127.84.
FAQs on Ice Beanie Net Worth
Q1: What is Ice Beanie, and what is its primary purpose?
Ice Beanie is a company featured on Shark Tank Season 12 Episode 13, specializing in producing cold therapy hats designed to alleviate headaches. These hats offer relief from migraines, fevers, stress, and other conditions without the need for medication.
They also claim to assist in the recovery from concussions, chemotherapy, traumatic brain injuries (TBI), inflammation, and sports injuries.
Q2: Who is the founder of Ice Beanie, and what inspired the creation of this product?
Nic Lamb, a professional surfer and entrepreneur, is the founder of Ice Beanie. The idea for Ice Beanie arose after Nic suffered from a painful migraine headache following a head injury. He used an ice pack to alleviate the pain and found the experience inspiring, leading to the creation of Ice Beanie.
Q3: How does one use the Ice Beanie product?
Using Ice Beanie is straightforward. Place the cap in the freezer for approximately an hour. Afterward, you can wear it to experience a cooling effect. As the cap warms up from the wearer’s body heat, it molds to the shape of the head. The cap is reusable, washable, and portable.
Q4: What was the estimated net worth of Ice Beanie before appearing on Shark Tank?
Prior to its appearance on Shark Tank, Ice Beanie was estimated to have a net worth of $600,000. This estimation was based on the value of the business at that time.
Q5: How did Ice Beanie’s pitch go on Shark Tank, and did they secure a deal with any of the Sharks?
During their pitch on Shark Tank, Nic Lamb, the founder of Ice Beanie, received offers from multiple Sharks, including Mark Cuban, Robert Herjavec, and Daymond John. Ultimately, Nic Lamb decided to close a deal with Mark Cuban, who offered to invest in the business.
Q6: What is the current net worth of Ice Beanie after making a deal with Mark Cuban?
Following the deal with Mark Cuban on Shark Tank, the current net worth of Ice Beanie was set at $200,000. This valuation was slightly lower than the initial $250,000 valuation when the business was first pitched on the show.
Q7: How has Ice Beanie been performing since its appearance on Shark Tank?
Ice Beanie has shown promising growth since its Shark Tank appearance. It reported total sales of $100,000 within the first year after its launch in the fourth quarter of 2020. Additionally, notable figures like Geena Davis and Brooke Ence have shown interest in the product.
Q8: Where can I purchase Ice Beanie products, and what is their pricing?
As of 2023, you can buy Ice Beanie products on Amazon, Etsy, and the official company website, icebeanie.com. The pricing is as follows: one Ice Beanie costs $39.95, two beanies are priced at $71.91, and four beanies can be purchased for $127.84.
Q9: Are there any plans for Ice Beanie to expand its market or collaborate with specific individuals or organizations?
While not confirmed, there are indications that Nic Lamb, the founder of Ice Beanie, may be working with Mark Cuban to expand the Ice Beanie market and reach more people, including chemotherapy patients. This suggests potential growth and outreach plans for the future.
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