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Entrepreneur Cyndi Pedrazzi came with her kid's lunchbox company, Yubo, on Shark Tank season 5, which concluded its run in May 2014. Yubo had three Sharks fighting for it. However, the firm is now out of business and has shut down its operations since 2019, according to a post made on Yubo's pages on social media.
Yubo was the perfect example of a quintessential Shark Tank deal, with all three sharks trying to catch Cyndi's already successful company. Today, even though Cyndi decided to shut it down, Yubo's lunchboxes are still available on Amazon.
Deals like Cyndi's fuel the Shark Tank fire, inspire thousands watching and provide important insights into business for emerging entrepreneurs.
What did Yubo write in their post about shutting down the company in 2019, 5 years after their Shark Tank visit?
The social media post that announced Yubo's exit from the market gave explicit details about the reasons Cyndi might have taken the step. In a post made on January 17, 2019, Cyndi said that after all the joy and love she and her husband have received working at Yubo, they've decided to move on to new ventures.
In the post, Cyndi also reflected back on how she fulfilled her dream with Yubo, which is a clear indication of the company's success prior to its wrap-up from the market. The post read:
"My husband and I started yubo with a passion for making kids lunches fun and eco-friendly by reimagining the lunchbox. I am happy to say we have fulfilled that dream and yubo brought us more joy than we could have imagined."
Running for more than 5 years after they commenced with Shark Kevin O'Leary in 2014, Yubo became a favorite among parents for its functional facets. It also caught kids' attention with its innovative design.
The exit post on Facebook also announced a giveaway of all products at 50% off, an indication of the company wanting to clear its inventory.
Cyndi Pedrazzi's Yubo's journey to Shark Tank Season 5
Cyndi appeared on Shark Tank with her husband and business partner, Paul. They introduced Yubo as a more functional lunchbox brand, with necessary compartments that are easy to clean. The prices of Yubo's lunchboxes started at $22 per piece and went up to $40.
Yubo already had a footing, as it was selling in over 100 stores across the globe. In their run time of four years before pitching for Shark Tank, they had already made $250,000 in sales. Their hold on the market and design sensibilities piqued the interest of the three remaining sharks, as Mark Cuban and Barbara Corcoran were already out.
Yubo had come in asking for $150,000 for a 15% stake in their company. Lori Greiner came in with $150,000 for a 15% stake, if the loan was paid back within 15 months. On the other hand, Robert Herjavec countered it with $150,000 for a 15%, saying he didn't want the money back at all.
Kevin, whose offer was initially declined by Cyndi and Paul, came back to the tank offering $150,000 for 20% that would drop to 10% if it was paid back within 18 months. Grabbing the opportunity, Robert jumped on it. Seeing two sharks in one, Cyndi and Paul immediately accepted the deal.
Watch the new episodes of Shark Tank season 15 every Friday on ABC, at 8 pm ET.
