Adrian Zhang and Justine Tiu, the founders of the burgeoning crochet kit company Woobles, have achieved remarkable success in a relatively short period. Starting with just a few hundred dollars, the couple has transformed their passion for crocheting into a thriving business now valued at $7.5 million. In this comprehensive blog post, we’ll delve into the story behind Woobles, explore the key factors contributing to their impressive net worth, and uncover the future of this innovative brand.
Who is Woobles?
Woobles is a company that sells kits designed to teach beginners the art of crocheting. The company offers a range of kits, from simple starter projects to more complex creations, with step-by-step instructional videos to guide users through the process. The Woobles kits have gained a loyal following among aspiring and experienced crocheters thanks to their high-quality materials, adorable designs, and user-friendly approach.
Who Is The Founder Of Woobles?
Woobles was founded by Justine Tiu and Adrian Zhang, a married couple from Apex, North Carolina. Tiu, with a background in electrical and computer engineering, previously worked as a UX designer and instructor at Google and Kenzie Academy. Zhang, on the other hand, had a finance career, working as an associate at JP Morgan and a director at Deutsche Bank.
| Aspect | Details |
|---|---|
| Founders | Justine Tiu and Adrian Zhang |
| Founding Year | July 2020 |
| Valuation (as of 2024) | $7.5 million |
| Sales Channels | TheWoobles.com, Amazon, Etsy; aiming for retail expansion (Target, Joanne) |
| Revenue | $3.1 million in 2021; forecasted $7 million in 2022 |
| Notable Achievements | Kits include step-by-step instructional videos; expanded to international markets (USA and Canada) |
How Was The Shark Tank Pitch Woobles?
In 2022, Justine Tiu and Adrian Zhang took their business to the popular TV show Shark Tank, seeking a $250,000 investment in exchange for 5% equity. The couple impressed the sharks with their impressive sales figures, strong profit margins, and well-thought-out business plan. After a bidding war, Tiu and Zhang ultimately accepted a $450,000 offer from Sharks Lori Greiner and Mark Cuban in exchange for 6% equity.
| Entrepreneurs | Adrian Zhang and Justine Tiu |
|---|---|
| Business | Crochet kits for kids |
| Ask | $250,000 for 5% equity |
| Deal | $450,000 for 6% equity (from Lori Greiner and Mark Cuban) |
| Sharks | Lori Greiner and Mark Cuban |
| Accepted? | Yes |
Woobles Shark Tank Update:
Despite the successful Shark Tank appearance, the deal with Lori Greiner and Mark Cuban ultimately fell through. However, the show’s exposure has been a significant boon for Woobles, driving a massive increase in orders and prompting the company to secure a manufacturing deal with a Chinese supplier to scale production and improve profit margins.
What Happened To Woobles After Shark Tank?
After their Shark Tank appearance, Woobles has continued to experience remarkable growth. The company has expanded its product offerings, introduced new crochet kits, and made its products available through various online platforms, including its website, Amazon, and Etsy. Woobles has also set its sights on expanding into traditional retail stores, with plans to partner with major chains like Target and Joann.
Woobles Net Worth:
As of 2024, Woobles is valued at a staggering $7.5 million. This impressive net worth is a testament to the company’s rapid growth and the savvy business decisions made by Justine Tiu and Adrian Zhang. The couple’s ability to scale the business, secure lucrative manufacturing deals, and capitalize on the exposure from Shark Tank have all contributed to Woobles’ remarkable financial success.
Woobles Growth and Operations:
Woobles has experienced exponential growth since its inception in 2020. The company initially started with six crochet kits but has since expanded its product line to include many adorable designs. In 2021, Woobles generated $3.1 million in revenue, and the company is forecasting $7 million in annual sales for 2022. To support this growth, Woobles has secured a manufacturing partnership to streamline production and improve profit margins.
| Milestones and Strategies | Details |
|---|---|
| Pandemic Inspiration & Launch | Started during the pandemic as a side hobby turned business |
| Sales Growth | Reached $1 million in sales in under a year; $5.3 million in lifetime sales |
| Post Shark Tank Growth | Increased orders and prepared for scale with a manufacturing deal in China |
| Future Expansion Plans | Looking to expand product line beyond crochet kits; exploring licensing and wholesale opportunities |
Woobles Marketing and Sales:
Woobles has adopted a multi-pronged marketing strategy to drive sales and build brand awareness. The company maintains a robust online presence, selling its products through its website, Amazon, and Etsy. Additionally, Woobles has leveraged its Shark Tank appearance to generate significant media attention and attract new customers. The company’s focus on creating high-quality, user-friendly crochet kits has also been a critical factor in its sales success, with the brand boasting an impressive 5-star average rating from over 2,400 Etsy users.
Woobles Social Media Presence:
Woobles has a robust social media presence, with active accounts on platforms like Instagram, Facebook, and YouTube. The company uses these channels to showcase its latest product offerings, share inspiring crochet projects, and engage with its growing community of crafting enthusiasts. Woobles’ social media strategy has been instrumental in building brand loyalty and driving customer engagement.
Woobles Interesting Facts:
- Woobles was founded with just $200 as a side hobby for Justine Tiu and Adrian Zhang.
- The company reached $1 million in sales in under a year after its launch.
- Woobles’ bestselling product is its beginner crochet kit, which has been in high demand since the company’s Shark Tank appearance.
- The Woobles brand has been featured in numerous media outlets, including Forbes, Buzzfeed, and Good Morning America.
What’s Next For Woobles?
As Woobles continues to solidify its position as a leading crochet kit provider, the company has its sights set on further expansion and diversification. In addition to exploring licensing and wholesale opportunities, Woobles is also considering developing new product lines beyond its core crochet offerings. With its strong financial position, innovative spirit, and dedicated customer base, the future looks bright for this enterprising duo and their thriving business.
Final Words:
Justine Tiu and Adrian Zhang’s journey with Woobles is a true testament to the power of passion, perseverance, and intelligent business insight. From humble beginnings to a $7.5 million valuation, the Woobles story inspires aspiring entrepreneurs everywhere. As the company continues to evolve and explore new avenues for growth, it’s clear that Woobles is poised to remain a dominant force in the crochet kit market for years.
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