The Duo Umbrella Net Worth 2024 Update & Their Shark Tank Pitch!

The Duo Umbrella, a shareable double-handled umbrella founded by Nathaniel Wellen, aired on the 15th season of Shark Tank USA in 2024. The founder was seeking $100,000 for 10% equity for their business. However, they secured a deal with Robert Herjavec, $100,000 for 18% equity. In this article, we will explore The Duo Umbrella Net Worth in 2024, its Shark Tank pitch summary and more.

The Duo Umbrella Net Worth

As of 2024, The Duo Umbrella Net Worth is estimated at $700K, and its annual revenue is not disclosed. 

The Duo Umbrella Net Worth Timeline

Shark Tank The Duo Umbrella Update from Season 15

Nathaniel Wellen, a 15-year-old entrepreneur, introduced The Duo Umbrella on season 15 of Shark Tank. His invention offers a unique solution to the common problem of sharing an umbrella, especially between people of different heights. It offers a practical, user-friendly solution for those who often find sharing a traditional umbrella difficult.

The Duo Umbrella is large enough to cover two people with its 54-inch canopy comfortably. Its standout feature is an extendable handle that pulls down, allowing both users to hold it, regardless of their height difference. This design makes sharing the umbrella much easier. The Duo Umbrella is available in two versions, including the Compact Duo and the Stick Umbrella. 

While presenting his product to the sharks, Nathaniel brought his mother and sister to the Shark Tank. There, he explained issues that arise when using standard umbrellas for people of different heights. To illustrate, he showed how a single handle creates difficulties by getting under a regular umbrella with his younger sister. 

He initially offered the sharks $100,000 for 10% equity there, valuing his company at $1 million. The sharks were impressed with Nathaniel’s energy and enthusiasm, and he invited them to test the umbrella samples themselves. There, Lori liked the size of The Duo Umbrella. As the sharks examined the samples, Nathaniel explained that they were prototypes, not the final product.

There, Nathaniel mentioned that although The Duo hadn’t made any sales yet, it was ready for market launch. He further explained that the umbrella had a utility patent for its double-handle design and another for the locking mechanism on the second handle. At that moment, the sharks were surprised to learn that Nathaniel had developed the design at 15 years old, built a prototype, and secured a utility patent. In response, he said he started working on this product when he was only 9.

Nathaniel then also shared that he was invited to compete at the National Invention Convention at the Henry Ford Museum, where he won the award for the most original invention out of 44,000 participants. The sharks were further impressed by how much Nathaniel had achieved at such a young age.

Barbara Corcoran asked how Nathaniel had achieved such impressive numbers since coming up with the idea. He then shared details about his partner, Shed Rain, a leading umbrella company that produces and distributes over 15 million umbrellas annually.

Kevin O’Leary then wanted to know if Nathaniel already had a deal with a manufacturer. Nathaniel confirmed that Shed Rain owns 49% of The Duo. Then, Robert Herjavec asked what the deal with Shed Rain involved. At that moment, Nathaniel explained that Shed Rain agreed to assist with prototyping, manufacturing, and distributing The Duo Umbrella.

The founder further said Shed Rain will also help Nathaniel get The Duo Umbrella into major retailers like Target, Walmart, and Costco, sharing profits between the companies. Barbara Corcoran asked how Nathaniel connected with Shed Rain, and he explained that he reached out by email and followed up with a phone call, which led to a deal with their CEO.

When asked about the price details of the product, Nathaniel shared them with the Sharks there. He said the compact umbrella costs $4 to produce, will be sold wholesale at $10, and retail for $25. Also, he mentioned that the stick umbrella costs $8, wholesales at $20, and retails for $50.

Barbara Corcoran was the first to back out of the deal. Because she believed Nathaniel already had the perfect partner with Shed Rain. While impressed by Nathaniel’s pitch, Kevin O’Leary felt Nathaniel would need to communicate better with him when he went to school. Mark Cuban admired Nathaniel as a role model for young entrepreneurs. Still, he felt he didn’t want to take more from him since Nathaniel only owned 51% of the company, so he also decided to go out.

Robert Herjavec saw strong potential for Nathaniel to be bought out by the manufacturer, so he offered $100,000 for 20% equity. Then, like Barbara, Lori Greiner felt Nathaniel didn’t need a partner and decided to step out. However, Nathaniel countered Robert’s offer with $100,000 for 15% equity. But, Robert offered his final offer of $100,000 for 18% equity, valuing the company at $555,555. Then, Nathaniel finally agreed with Robert’s deal and left the Shark Tank show with a deal.

Summary of the Sharks’ Deal List!

What Happened to The Duo Umbrella after Shark Tank?

As of October 2024, The Duo Umbrella is still in business. After Nathaniel’s appearance on Shark Tank, the demand for The Duo Umbrella increased significantly. After its feature, the umbrella has gained much attention, boosting customer interest and engagement. Also, Robert Herjavec expected to close the deal within three to six months.

The Duo Umbrella, part of the ShedRain brand, known globally for over 75 years of expertise in umbrellas, stands out as a premium product. Priced at $55, it is available on ShedRain’s website in three colors which are black, retro blue, and stone, allowing customers to choose their favorite. Shed Rain’s partnership could help The Duo enter significant stores like Walmart, Costco, and Target.

The Duo could shake up the umbrella market with a 54-inch canopy and dual handles that extend, retract, and lock. This unique design breaks away from traditional umbrellas, significantly improving the everyday umbrella market. It reflects a long tradition of innovation aimed at improving the user experience and achieving greater success.

The Duo Umbrella Founder

Nathaniel Wellen, a Redondo Union High School student, co-invented The Duo Umbrella in 2018 when he was just nine years old and now serves as its president. His father, Alex Wellen, the CEO of MotorTrend Group, is the other co-inventor and also serves as Chairman of The Duo Umbrella’s Board of Directors. Together, they patented the dual-handle umbrella, a design that makes it easier for two people to share an umbrella.

Nathaniel Wellen and his father, Alex Wellen, saw a problem with traditional umbrellas, which have been around for over 3,000 years, dating back to ancient China and Egypt. While umbrellas work well for one person, they become difficult to use when sharing with someone, especially if the people are of different heights. This gap in functionality inspired their invention. Nathaniel Wellen’s net worth is 455,555.56 as of 2024.

The Duo Umbrella Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. The show featured the Duo Umbrella as one of the ventures. They made a deal with Robert Herjavec, showing that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.

Before you leave, check out the other company updates in Season 15, Episode 11.

• Poplight Net Worth 2024 Update & Their Shark Tank Pitch!
• The Table Tyke Net Worth 2024 Update & Their Shark Tank Pitch!
• Like Air Puffcorn Net Worth 2024 Update & Their Shark Tank Pitch!