Grease Bags Net Worth: $500,000
Have you ever thought about what to do with leftover oil after frying food, or experienced blocked pipes from pouring the oil down the drain? Grease Bags were created to address these issues and provide a solution to all your deep-frying problems.
The entrepreneur behind Grease Bags, LaTangela Newsome, pitched the product on Season 8, Episode 13 of “Shark Tank” and received an offer, as reported by Shark Tank Tales. What is the current status of Grease Bags?
Insider reports that excess cooking grease poured down the drain causes clogs in the sewer system because water and oil don’t mix. As the grease solidifies, it picks up other chemicals along the way, creating a “fatberg” that can cause significant damage to the environment by polluting waterways, harming plants and wildlife.
To address this issue, LaTangela Newsome introduced Grease Bags on “Shark Tank.” These non-toxic, compostable bags absorb cooking oil and offer an environmentally friendly solution to dispose of grease.
During her pitch, Newsome highlighted the bags’ ability to decompose cooking oil. The Sharks were impressed, and after some negotiation, Barbara Corcoran offered to invest $75,000 for 50% ownership of the company, which Newsome accepted.
Despite its admirable mission to provide a safe solution for disposing of cooking oil, Grease Bags faced challenges related to manufacturing and material issues, which had a negative impact on its sales.
Insignia SEO reports that LaTangela Newsome’s deal with Barbara Corcoran ultimately fell through due to an inability to lower the cost of the company’s materials to meet the required retail price point set by Corcoran’s conditions.
Despite the challenges, LaTangela Newsome made efforts to fulfill the rise in demand that came with the exposure of appearing on “Shark Tank.” But, she faced a shortage of funds to fulfill all the orders.
Newsome was able to address this issue by raising the prices and relocating Grease Bags to a different assembly center in Texas, which was affiliated with Mark Cuban, one of the Sharks on “Shark Tank.” Newsome shared this development on Facebook in 2017.