|SEASON 12 EPISODE 5|
|Pitch||foam party hats|
|Entrepreneur||Manuel Rojas and Grace Rojas|
|Asked For||$100,000 for 15%|
|Deal||$100,000 for 25%|
|Shark||Mark Cuban and Lori Greiner|
What is Foam Party Hats?
Foam Party Hats, as the name describes, makes fun-themed foam hats for literally every occasion. A family-run business, their primary market is for weddings, birthday parties, and corporate events.
They can also do hats for festivals, plays, sports events, cruises, etc. You can choose from over 600 models of pre-designed hat styles or instead just design your own. They’ve even got COVID-themed hats!
Who Owns Foam Party Hats?
Foam Party Hats LLC was co-founded by mother and son duo Grace and Manuel Rojas, Venezuelan immigrants to the US back in 2010. Manuel comes from a chemical engineer background, which he studied in Houston, Texas. Grace worked solely on designing her hats to support them, which she sold to family, friends, and at local community events — most of the proceeds going towards her son’s studies.
Today, both remain active in the company as executives, Manuel working part-time at his chemical engineering job. They manage a small team and sell their hats online through their website. As well as through online retailers like Amazon. They hope to continue increasing production while still focusing on quality, which they have set high standards for.
The idea for the company came when the family still lived in Venezuela, at the wedding of Manuel’s older sister. Grace designed some funky and stylish hats for the guests to wear, which proved to be a big hit. While living in the US, Grace set up a website, selling her hat designs for between $ 12 – 100. And she also sold her hat designs through local retailers.
Slowly but surely, the online demand increased; Grace was soon shipping foam hat orders not only across the US but globally too. Once Manuel graduated in 2017, he decided to come on board to help his mother. Focused mainly on the production side of the business. Sales continued to double year on year under the duo’s leadership, with 2019 seeing $145,000 in total sales.
Even despite the pandemic, the company saw an increase in sales in 2020. It was around this time, late 2020, that they decided to start looking for investors. With the intention and desire to expand the business, employ more staff, and keep up with production demands.
Foam Party Hats Shark Tank Update
Did Foam Party Hats Get a Deal on Shark Tank?
On Shark Tank Season 12 Episode 5, Manuel Rojas and Grace Rojas came into the Shark Tank looking for $100,000 for 15% of their foam party hat business and accepted an offer of $100,000 for 25% ($400,000 valuation), from Mark Cuban and Lori Greiner.