RareForm is a company in California that makes stylish bags out of recycled vinyl billboards. The entrepreneurs behind the eco-friendly RareForm brand, brothers Alec and Aric Avedissian, pitched their business on Shark Tank in March 2017. They went into the Tank seeking a $300,000 investment in exchange for 10 percent equity. At the end of the episode, Kevin “Mr. Wonderful” O’Leary offered them exactly what they were looking for — but as a loan at eight percent interest over 36 months plus 10 percent equity of Rareform. The Avedissian brothers accepted.
After Shark Tank, the brothers wrote on their blog: “We think Mr. Wonderful is a crucial partner for us because he sees the value in getting press and is always highly enthusiastic about his businesses.” They also report that in order to work more efficiently, RareForm is reducing the number of surfboard bag sizes (a surfboard bag was the first RareForm bag they made!) to just eight sizes. Meanwhile RareForm continues to make smaller chic products including passport holders, laptop sleeves, iPhone cases, duffle bags, and backpacks, among other designs. New episodes of Shark Tank (Season 9) air Sundays at 9pm on ABC. [27 Favorite ‘Shark Tank’ Products at Amazon — New List]