CordaRoy’s – A Shark Tank Update
Cordaroy’s made its first appearance on Shark Tank during season 4 episode 19 in March 2013 where founder Byron Young showcased their revolutionary chair/bed combo to impressing them all with its practical use and appeal.
CordaRoy’s convertible bean bag serves both as an inviting sofa-style chair and comfortable full-size bed, boasting polyfoam filling that’s safe for children, machine-washable corduroy cover with cotton/poly lining, as well as a lifetime warranty. Invented while working for a liquidation firm, its creator wanted a more comfortable alternative than an overly stiff and uncomfortable sofa.
Byron began the business in his garage, quickly turning it into a profitable operation in just three years. Since then, it has expanded to include warehouse space and an online store, as well as an exclusive distribution deal with QVC that extends the reach of his organization even further.
When Byron appeared on Shark Tank, all five sharks showed an interest in his product; however, there were some hurdles to be cleared before proceeding with their investment. Kevin O’Leary challenged Byron during the pitch, asking whether or not his product really deserved its worth of $1 Million dollars, along with any sales figures or utility patent awards which supported such claims against much larger competitors. Byron did not appear upset by O’Leary’s challenge and boasted to them of two successful defense cases and multiple patent awards awarded to his company by overtaking much larger opponents during court cases defending such patents against much larger rival companies defending these costs twice successfully as evidence of credibility in court against much larger firms than their product value was supported.
Lori Greiner quickly saw potential in CordaRoy and offered to invest $200K for 58% ownership of CordaRoy’s. After seeing how well CordaRoy performed at the show, her investment proved vital in meeting demand and continuing its expansion. Byron successfully negotiated an agreeable agreement. CordaRoy continued its growth even with such heavy traffic as following it.
CordaRoy’s has proven itself an incredibly successful business since appearing on Shark Tank, and their popularity continues to increase steadily since. They serve as an inspiring example of what hard work, determination and a little luck can achieve – it’s no secret why celebrities like Kourtney Kardashian and Kim Zolciak use their products. Recently they updated their website to more than triple production capacity! So make sure to visit them if you need new bean bag seating!