CoolWraps is a line of shrink wrap gift bags. You put the gift in the bag, seal it, and then blow a hairdryer on the bag which will it to shrink. The founder of CoolWraps, Jeffrey Miller, pitched his business on Shark Tank in 2013. He was seeking an investment of $100,000 in exchange for 40 percent equity. Instead, investor Mark Cuban offered Miller $250,000 for the whole company with a three percent royalty for Miller, and he accepted.
[Related: 27 Favorite ‘Shark Tank’ Products at Amazon — New List]
After Shark Tank, in 2015, CoolWraps became available on Amazon and presented at the 2015 New York National Stationery Show where it was nominated as one of the best new products. However, the brand is currently not available on Amazon and the CoolWraps website is not equipped for e-commerce. Update: 2paragraphs heard from a representative from CoolWraps who reported: “Our product in now available in Europe and Middle East for sale. We have distributors working for us over there. We have decided to discontinue the e-commerce sales strategy to focus on distributors/retailers sales’ channel.” CoolWraps has not yet found the right partner for the US market.
