Yellow Leaf Hammocks Net Worth 2021
When you need to unwind or just want some peace and quiet, one of the best ways to do so is by sitting in a hammock. Yellow Leaf Hammocks has made this easier and more affordable by creating their company.
Rachel Connors and Joe Demin founded this company, which sells colorful cotton hammocks handmade by members of Thailand’s Mlabri tribe. Their mission is to spread relaxation around the world while giving artisans an opportunity to break free of poverty.
The company’s products have been featured on Shark Tank, and the founders were fortunate enough to secure a deal with Daniel Lubetzky. Moving forward, the business plans to expand its reach by partnering with organizations that promote social impact.
On Shark Tank, the founders sought $400,000 for a 7% stake in their business. They were able to secure that amount from Daniel Lubetzky, who had previously invested in another venture.
Before filming, they had $860,000 in sales and were about to sign a deal with Virgin Cruise Lines that would mean many people would be buying their hammocks.
On vacation in Thailand, Joe Demin encountered the endangered Mlabri tribe and was inspired to start a business. Initially, his plan was to bring home as many hammocks as possible for personal use; however, eventually he decided to launch his own company and sell them.
At their launch event, they collaborated with local weavers from the Mlabri community to craft stunning hammocks made from soft fibers. These hammocks boast a three-way weave design made of cloth soft fibers for extra support, plus they feature a cocoon-like no wobble design and soft rope to prevent rope burns.
Since their founding, they’ve had an immense effect on the community. Through partnerships with multiple charities, they’ve helped create jobs for those from disadvantaged backgrounds.
Yellow Leaf Hammocks is managed by Rachel Connors and Joe Demin, who are married and hail from Los Angeles, California. Since 2012 they have been successfully growing the company into a profitable enterprise.
They’ve also collaborated with organizations that support social impact, like KIND snacks and Aids Against AIDS. Furthermore, they launched a project to provide free hammocks to a school in Mexico.
At present, the company boasts a stunning net worth of 5.7 million dollars. This amount is significant and it’s expected that their wealth will increase significantly by 2021.
After one year of filming, Yellow Leaf Hammocks co-founders appeared on Shark Tank to present their product and seek investment. They requested $400,000 for a 7% equity stake in their business – valued at $5.7 million – which was ultimately approved.
The Sharks were impressed with the company and sales it had generated. They offered them a range of equity stakes, with Lori Greiner offering $200,000 for 7%, Robert Herjavec offering $400,000 for 15%, and Daniel Lubetzky providing $1 million for 25%. After negotiations between all parties involved, it was agreed that Daniel Lubetzky’s offer should be accepted.