The Matte is a business that creates a temporary makeup counter for women. This innovative counter can be folded and extended and is very useful for ladies who want to store their cosmetics on a tiny bathroom counter.
The makeup counter can hold up to two pounds of beauty goods and other cosmetics and makes most of the limited space. Currently, The Matte offers such makeup counters in two main colors i.e. pink and black.
The Matte Net Worth
The Matte’s net worth is estimated to be more than $500,000.
The Matte’s Founder
The founder of The Matte is Melissa Clayton. She is an entrepreneur who is also known for launching Tiny Tags in 2012 that produces jewelry. She attended the University of Massachusetts, Amherst, from where she graduated with a degree in Philosophy.
Melissa Clayton came up with the idea of The Matte when she was facing problems setting up her own cosmetic booth at a trade show. She was also growing tired of knocking items down on the floor when she would put on makeup as she had to utilize the small countertop of her bathroom.
At the time, Melissa Clayton fancied a folding mat that could be folded down to the size of an iPad and unfolded to cover a whole bathroom sink, making a countertop. Thus, she made a prototype of a makeup counter, which she called The Matte, with the help of her friend who is a product designer.
Later, she produced and went through several other prototypes after hiring a freelance industrial product designer. Eventually, she settled on a final design and founded the company in 2014.
The Matte During Shark Tank
Melissa Clayton entered Shark Tank hoping to find a Shark with whom she could create and implement a marketing campaign to increase sales of her company. She sought $100,000 in exchange for a 20% stake in the company. This showed that Melissa valued her company at $500,000.
In her pitch, Melissa Clayton presented her company and its products, and the importance of such an innovation. She claimed that thirty days before entering Shark Tank, the company had successfully sold $20,000 worth of merchandise.
However, most of the Sharks were not particularly impressed by Melissa’s pitch and her company. One complaint was that Melissa had not adequately described The Matte’s nature and how to use it.
Lori Greiner, though, saw the value in what The Matte was offering and offered $100,000 in exchange for a 33.3% stock in the business. Melissa Clayton counter-offered $100,000 in exchange for a 25% stake in the company, but Lori Greiner did not seem like accepting any counter-offers from Melissa.
In the end, Melissa agreed to Lori Greiner’s offer of $100,000 in exchange for a 33.3% stake in The Matte.
What Happened to The Matte After Shark Tank Deal?
After Shark Tank, there has been any contract reported between Lori Greiner and Melissa Clayton. Though, the company is performing pretty well with sales. An increase in revenue has been reported with The Matte selling more than 48,000 makeup counters after the deal at Shark Tank.