Woobles: About, Name And Logo, Features, Co-Founders, Competitors, Investors, And Faqs

Introduction:

The Woobles is a crochet kits company that offers classes on how to use crochet to make unique gifts. Shark Tank Season 14 Episode 2 featured this company. Through videos, Woobles’ professionals instruct users on how to crochet a variety of handmade goods.

The majority of ladies enjoy crocheting, yet there are very few people who can utilize it. Crochet may be learned with the correct information, and there are numerous videos on YouTube that can help. However, the appropriate kind of crochet kites are required in order to learn this. The Wobbles therefore introduced Crochet Kits as a solution to this issue.

Numerous handmade items, including dogs, mice, cats, and other creatures, can be produced and marketed by crochet. Because of this, time is spent effectively and fresh information is gained.

When Justine Tiu was attempting to create handcrafted presents for her friends, she came upon this company. Though she lacks the skills, Justine wanted to create some new crochet items, such as adorable penguins.

She discovered from her investigation that he is not the only one with this problem; many other people also have it. With just a $200 investment, Adrian Zhang and Justine Tiu launched this firm, which is today worth $5.3 million.

Woobles Company Highlights:

Woobles About:

A company called The Wobbles sells kits for teaching beginning crocheters. Different kinds of penguins, dinosaurs, Tiny Baby Bees, Birds, Fox, Bunny, Lion, Elephant, Bear, and many more can be made by crochet.

It offers three different kits pack types, including Beginner, Intermediate, and Limited Edition, each with a different price. Additionally, it sells sets of crochet kits for making three to four different handmade products.

With each of its packs, the customer receives a variety of items, such as a yarn needle, eyes, easy-peasy yarn, pre-started yarn, a 4mm crochet hook, stuffing, a bag that keeps it all, and step-by-step video instructions. Each pack contains a variety of products, but they all come with pre-started yarn and a 4mm crochet hook. The colors also vary.

For those learning how to crochet, there are separate video and blog tutorials available. 75 percent cotton and 25 percent nylon were used to make this yarn. The cost of crochet amigurumi kits can range from $25 to $100.

Woobles Industry:

The Woobles was founded by Justine in July 2020. She spent weeks studying crochet blogs, YouTube videos, and diagrams in order to construct a handmade gift for her buddy.

What does a girl need to do to crochet a cute penguin, anyway? to provide the simplest approach for beginners like you to learn crochet. The Woobles genuinely covers topics other than just crocheting. It’s about demonstrating to yourself that there’s always something new you can learn. Changing your perspective on who you are and what you can become. and increasing your self-assurance that you can handle whatever comes your way.

Woobles Founder and Team:

(image source: wooble)

Justine Tiu debuted it on 2020. The co-founder is Adrian Zhang. Its corporate headquarters are in Cary, North Carolina, in the US.

Woobles Startup Story:

The founder of The Woobles, a beginner-friendly crochet kit company, Justine Tiu, stated in a recent interview with FOX Business that acquiring a new skill is a way to boost confidence in other facets of life. The Woobles have sold more than $5 million worth of merchandise worldwide since its formal July 2020 launch.

They have also made an appearance on the TV programme “Shark Tank” and introduced thousands of people to new pastimes. Tiu started crocheting to decompress after leaving her prior position as a designer for Google, she claimed.

The Woobles originally started selling crochet kits and designs on Etsy; it now has a separate website, TheWoobles.com. Kits come with everything needed to produce a crocheted creature (apart from a pair of scissors) and a QR code that can be scanned to access step-by-step video instructions for making the pattern.

To further assist beginners as they learn to crochet, each kit also comes with a pre-started project. On the dedicated website, prices start at $25 for a single project and go up to $100 for a bundle. The Woobles, for Tiu, is the result of his lifelong interests in design and online education.

Woobles Mission and Vision:

Mission: To spread happiness by teaching others to crochet.

Woobles Name, Tagline, and Logo:

We chose the Acherus family, a warm, contemporary typeface, to go along with the revised Woobles brandmark, which features bold but whimsically placed rounded letters. To improve the unpacking experience without having to add anything extra or pointless, we branded every component of the product inside the main packaging bag. Each component of the Woobling experience has been thoughtfully crafted, from the colorful yarn tape and stickers to the humorous instruction cards and envelopes.

(image source: wooble)

Woobles Business Model:

This company’s entire model is built on teaching individuals how to make enjoyable, handmade crochets from scratch. Justine claims that a woman by the name of Emily gave us the idea to create The Woobles.

The Woobles’ starter kits are intended solely for total beginners, and more than 100,000 individuals have learnt to crochet from them thus far. Over 100,000 customers have already received instruction from it, and it has sold 150 000 crochet kits. By offering crochet kits for 3-D animals and amigurumi, this couple’s business began expanding in 2020.

Every month, this business introduces a fresh crochet kit. With its website, it sells things on Amazon, Real Canadian Superstores, and Etsy. This company has been covered by numerous media outlets, such as USA Today, Business Journal, BuzzFeed, Modern Retail, and many others. The husband and wife that participated in the shark tank needed money and professional advice to expand their business. They firmly believe that sharks aid in the expansion of their business.

Woobles Revenue Model:

Couple Justine and Adrian entered Shark Tank with their business, Woobles, and requested $250k for a 5% equity stake at a $5 million valuation. Both of them explained to Shark how they came up with the idea for their respective businesses.

This item costs $3 to land, $15 to buy wholesale, and $30 to sell to consumers. They receive all of their direct consumer sales, which account for 90% of their total revenue, from their website. Since it was founded two years ago with $200 worth of yarn and a website registration, the company has grown to be worth $5.3 million. Hearing this definitely caught the sharks off guard. It is amazing, according to Kevin.

They have made $3.1 million this year thus far, and they anticipate growing to $7 million. Twenty percent of the revenue is used for advertising. They have a $57 average order value, an 86 percent gross margin, a lifetime net margin of 32 percent, and an overall net margin of 38 percent. This company has a very high margin, which is why $250K is required, according to Robert. Adrian claimed that he required mentorship, wholesale, and licencing.

Woobles Products and Services:

Kits for learning to crochet. Purchase crochet kits and patterns and learn to crochet with lessons that are suitable for beginners.

Woobles Funding and Investors:

• Woobles has successfully raised $450,000 in fundraising over 1 round. On October 3, 2022, this Angel round was funded.
• Two investors provide funding for Woobles. The most recent investors are Lori Greiner and Mark Cuban.
• In this, Kevin claimed that he could assist in lowering customer acquisition costs by between 8% and 10%. (2) Will assist with licencing and he will assist with fresh, intriguing concepts. At a valuation of $2.5 million, Kevin offered $250k for 10% shares.
• In exchange for a 10% ownership, Barbara Corcoran offered $300,000. Also highly interested in this company, Lori Greiner would submit an offer. She offered $300k in exchange for a 10% equity.
• Barbara countered for $350,000 in exchange for a 10% equity. Lori then countered with $300k in exchange for an 8% equity. Another counteroffer from Barbara is $350,000 for a 5% equity. Barbara asks Mark to join forces with her.
• With her offer of 8% equity, Lori is present. Adrian claims to have read her book and predicts that Lori will work with another shark.
• Together, Barbara and Mark offered $350,000 in exchange for a 6% equity. Together with Lori, Robert made an offer of $450,000 for a 6% equity.
• After a brief discussion, Justine and Adrian asked Mark and Lori for $450,000 for a 6% equity at a $7 Million valuation. This news totally shocked Barbara and Robert.
• raised for a $250K investment for a 5% equity. For a 6% equity stake, Mark & Lori contributed $450,000 to The Woobles.

Woobles Employees:

It has 50 employees.

Woobles Challenges Faced:

We wanted the name and packaging to represent the fact that the first products in the line—the DIY amigurimi kits—while very utilitarian, are by nature vibrant and entertaining. Although the old plain canvas packaging was ideal for internet sales, it lacked the distinctiveness needed for the product to stand out on the store. Before the company expanded too much, it was crucial to update the logo as well as the brand.

In keeping with The Woobles’ current aesthetic and their vibrant photos, Lemmy was tasked with coming up with something contemporary and entertaining. On the highly “handcrafted-feeling” shelf, we needed to make sure the new design jumps out. The fact that the new packets make it apparent that this is a DIY effort and not a finished good was crucial.

The pricing of this product is $30 too much, according to many Twitter users. To improve sales, the business will need to lower the price. It is anticipated that this company would generate millions of dollars in sales because both Shark and Shark Tank viewers enjoyed the product.

Woobles Acquisitions:

There is no acquisition yet.

Woobles Growth:

Tiu used the fact that the business had outgrown her in-laws’ garage as an example of how quickly it had expanded to show how The Woobles had moved into its first warehouse in March 2022. We moved into a 15,000-square-foot warehouse recently after expanding from one to four warehouses in only the past year, she added.

“Crochet Amigurumi For Every Occasion” by The Woobles, published on October 11, 2022, has 21 items with a majority of new patterns that weren’t previously offered as kits. Additionally, the brand started partaking in alliances and character licencing, which, according to Tiu, would grow in the future.

Along with a recently published kit starring the character Miffy, The Woobles also collaborated with PAC-MAN to produce kits for making PAC-MAN, Blinky the ghost, and cherries.

Woobles Partners:

There is no details of it.

Woobles Competitors:

Brooklinen, Caavo, and Pattern Brands of NYC are the main rivals.

Woobles Awards and Achievements:

In Shark Tank, all of the sharks expressed a strong preference for investing in the Woobles company. Barbara & Robert were shocked to learn that the businessman had a contract with Mark & Lori.

When the company’s $5.3 million in two-year sales was disclosed to the sharks, they were skeptical since this business was founded in 2020 and has generated so much revenue in only two years.

By September 30, 2022, they plan to make $3.1 million in sales. Entrepreneur anticipates making $7 million. For a small business, these are a lot of sales. Fans of Shark Tank believe it to be a successful venture. He believes that learning yarn is a positive thing and that Shark Tank viewers really loved his invention.

Woobles Future Plan:

The Woobles’ Shark Tank episode was successful in drawing viewers when it aired. The people who wished to use yarn to create handmade items like gifts will benefit from this company. Because they both are aware of the current trends, Mark and Lori make excellent business partners.

Sales for the company were $3.1 million as of September 30, 2022, and the owners anticipate making $7 million. Sales for this business are boomingly rising. On Instagram, they posted a video of them shipping their cargo, which included thousands of dollars’ worth of merchandise. The Woobles’ current net worth is estimated to be $2.1 million.

In addition to being chosen for Real Canadian Superstores, Justine is working to grow her company abroad. From this shop, Canadians can now purchase crochet kits. “Crochet Amigurumi for Every Occasion” is a new book by Justine that was published on Amazon in October 2022. This book costs $22.49 to purchase.

Small knitted or crocheted stuffed animals are known as amigurumi in Japanese. There are more than 60 retail and online establishments around the United States that sell Woobles products like books and crochet kits. The Match Factory, Great Lakes Yarn and Creations, STASH Needle Art Lounge, and Real Canadian Superstores in Canada are the places where you may buy the goods.

FAQs:

What does Woobles do?

offering kits for crochet on the internet. The business sells crochet kits with materials like stuffing, tapestry needles, stitch markers, crochet hooks, and plastic eyeballs. Additionally, the business offers PDF crochet pattern instructions and instructional videos.

When was Woobles founded?

It was established in 2020.

Who is the founder of Woobles Corporation?

Woobles was founded by Adrian Zhang and Justine Tiu.

Who is the CEO of Woobles Corporation?

The CEO is Justine Tiu.

Who are the main competitors of Woobles?

Pattern Brands of NYC, Caavo, and Brooklinen are the main rivals.

Conclusion:

The Wobbles debuted in the US in 2020, and after growing its client base and expanding its online sales, it was time to advance the company’s operations and begin offering it in real-world retail locations. Owners Justine Tiu and her business partner made sure that their concept had been tried out and was successful and that their product and production were in order. It was time to make the product work in the store environment after the first internal branding worked wonders to get them there.