The maker of a space-saving measuring spoon set became the latest New Jersey-based business to score big on ABC’s “Shark Tank.”
During the Oct. 14 episode of the reality competition series, Polygons Design founder Rahul Agarwal accepted a joint offer from investor Lori Greiner and guest Shark Mindy Kaling for $350,000 in exchange for 8% equity. The deal also calls for 2% in advisory shares, as well as a $500,000 line of credit.
He originally sought $350,000 for 7% equity in a deal that valued his company at $5 million.
While pitching his product, Agarwal told the Sharks that Polygons have generated $4 million in lifetime sales – including $1.25 million in the previous year. However, manufacturing challenges have made it tough to keep up with demand, according to Agarwal.
He described his venture as “the business of making products invisible when you don’t need them.”
What is it?
Polygons consist of two thin, flexible spoons that fold into six measuring sizes for dry and wet ingredients, ranging from ¼ teaspoon to two tablespoons. The product also flattens for easy cleaning and storage and can attach magnetically to a refrigerator.
By the company’s calculations, a single set of Polygons uses about 70% less material than a conventional six-piece plastic set, takes 87% less shipping space and cuts freight carbon dioxide emissions by about 80%.
Agarwal plans to use the $350,000 investment from Greiner and Kaling to expand distribution, boost marketing and develop other foldable kitchen tools, such as measuring cups and funnels. The $500,000 line of credit will go toward financing inventory, he said.
Kaling, a writer, producer, director, actor and author, praised the product as “really ingenious.” Guest Shark and jewelry designer Kendra Scott called it “one of the best-designed products I have ever seen in Shark Tank history.”
However, Shark Robert Herjavec passed on investing in Polygon amid concerns about the challenges of selling a premium product in a low-cost category.
“There’ll be a market for it, but you’re going to compete with something that costs a dollar, so it’s not for me,” he said.
Reinventing the spoon?
Agarwal said he came up with the idea for Polygons in 2014 while studying at India’s National Institute of Design. After being challenged to redesign an everyday object, Agarwal developed a concept for a measuring spoon that folds flat for storage.
Turning the idea into a market-ready product took nearly three years of development, more than 1,000 prototypes and seven manufacturers, according to Agarwal.
Polygons launched a Kickstarter campaign in 2016 that attracted 36,863 backers and raised more than $1 million, far exceeding its $10,000 goal. But manufacturing challenges led to lengthy fulfillment delays, leaving some early supporters waiting years for their orders.
What design and innovation did was channelize my rule-breaking tendencies into something very, very productive. – Rahul Agarwal, Polygons Design founder
Shipments to backers began in December 2019 and then paused just months later amid pandemic-related supply chain disruptions. Polygons resumed fulfilling orders in March 2022.
Despite those early difficulties, Polygons says it has sold more than 250,000 units in 120-plus countries and generated more than 500 million organic video views.
‘A 3,000-year-old category’
A set retails for $29.99 at getpolygons.com and the official Polygons store on Amazon.com. The patented product has also been selected by and sold through the MoMA Design Store, part of New York’s Museum of Modern Art.
“What design and innovation did was channelize my rule-breaking tendencies into something very, very productive,” Agarwal said, adding, “We entered a 3,000-year-old category and walked out with 20+ international design awards.”
A company spokesperson told NJBIZ that Polygons has been headquartered in Jersey City for “a few months.”
Several other New Jersey-headquartered brands such as Mad Mutz, Scrub Daddy, RoboBurger, Rinseroo and Like Air Puffcorn have also found success on “Shark Tank.”