During Dermovia’s 2018 episode of “Shark Tank,” the Sharks, along with guest Shark and the mastermind behind the Skinny Girl empire Bethenny Frankel, giggled at the appearance of the Lace Your Face product. However, when it came time to talk business, they were largely impressed with Dermovia’s success. During the year the episode was filmed, Anita Sun and Mariella Scott claimed the company was on track to make $750,000. Lace Your Face was also already available in major department stores and had secured multiple patents.
This intrigued Frankel, who offered $350,000 for a 30% stake in the business, despite being concerned about the price of the product (four-piece packs retailed for $55 and single sheets were available for $15). The founders held off on accepting the offer, eventually sharing that Dermovia had recently secured an impressively large order from a beauty box supplier.
In the end, the entrepreneurs suggested a deal of $350,000 for 15% equity, and Shark Lori Greiner swooped in to accept, trumping Frankel’s first offer. “Lori was who we wanted to begin with, and we couldn’t be happier,” Sun exclaimed on the show after the deal was done.
Post source: The List
