Shirah and Michael Benarde have spent the last year fine-tuning their business, NightCap, after it became an overnight success on ABC's hit show "Shark Tank."
On April 1, the sibling duo is heading back to the tank to fill in America on what they've been up to.
"I actually wrote it down in my journal that, "I want to get an update [segment on 'Shark Tank']'; so it was very cool they asked it," Shirah said.
"If you do the math, less than 20% of companies get an update, so even getting one is a big accomplishment," Michael added.
The co-founders originally appeared on the startup pitch show in February 2021, which they said brought them more sales in two months than their entire previous year. But despite the inevitable fading of show fanfare, the company continued to innovate.
The NightCap lineup has expanded from a scrunchie-turned-drink cover and now includes a keychain option, as well as one-time-use "stop top" disposable option with a patented glue to stay on the glass. The latter comes from a partnership where NightCap serves as the distributor, versus the creator of the product.
"We’re open to looking at products that fit into the model," Michael said. "We don’t see it as a competing product and bars want them on every cup, so this is much more cost-efficient."
But perhaps the largest differentiator between NightCap and other "Shark Tank" companies, Shirah said, is its use of TikTok and Instagram to continuously tap into their key audience.
"In the past, I guess it's not as common for other companies to do that," she said. "When we first started the whole TikTok thing, it went a thought process of, 'Let's try this.' They’re scrolling on their TikToks and say, 'What's this?' and then realize what it is, and it's something people are concerned about [avoiding] so they purchase it."
The company hit $2.1 million in revenue in the last year and 175 million views on its TikTok page. It now has a full-fledged office in West Palm Beach, where the Benardes' parents also reside. It is not seeking any funding or institutional investors.
Shirah, who was a freshman at the University of Tampa during the first segment of the show, has put school on the back-end as the business continues to boom.
"I felt like I was putting 100% of my effort into school and 0% into the business," she said. "If I was going to be there for two and a half more years, it would continue to be like that. And especially since NightCap is in its prime, I thought, 'I'm going to have to keep on with the business full-time.'"
One thing the co-founders have learned: They're prepared this time once the show hits.
"It's exciting; we have insane amounts of inventory," Michael said. "Last time, we couldn't even take all the orders. Now we’re primed."
