GroupHug Makes Waves on Shark Tank with Custom Solar Chargers
GroupHug, a sustainable tech startup, is making waves in renewable energy. Founder Krystal Persaud pitched the company on Shark Tank, seeking investment for her innovative solar-powered products. Persaud launched GroupHug in 2019, initially raising funds through a Kickstarter campaign that generated $80,000. The company's flagship product is a compact, paper-sized solar charger that can be hung by a window. It consists of solar panels and a battery built into an eco-friendly bamboo frame. GroupHug's unique selling point is its customization. The company creates solar panels in the shape of company logos or mascots, making them perfect for businesses looking to go green. Moreover, these solar panels can charge multiple devices via USB ports, making them a practical and sustainable solution. On Shark Tank, Persaud sought $150,000 for a 10% equity in her company. Mark Cuban, impressed by the product's potential, offered $150,000 for a 25% stake. Persaud accepted the deal, and Cuban became an investor in GroupHug. GroupHug continues to operate as an active company, with Mark Cuban still on board as an investor. Their products, designed for anyone passionate about renewable energy, are a testament to the company's mission to reduce reliance on fossil fuels. Despite no recent updates on the collaboration between Persaud and Cuban, GroupHug's innovative and sustainable approach to solar power remains a promising force in the industry.
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