The idea for Jax Sheets came to its creator, Wenceslaus Muenyi, when he bought his first silk sheets set. Previously, he was sleeping on some $20 “high thread count” sheets he purchased on Amazon, but one day after learning quite a bit about materials, we decided to order a set of $400 silk sheets. These silk sheets were the most expensive set of sheets he had owned, and it was undoubtedly more expensive than his mattress, which he bought on Amazon in 2016 for $140.
Well, the moment he got naked and went to bed, he was instantly in love. The smoothness and luxurious feeling of silk were just too incredible. For months, he was always excited about getting to bed and started figuring out other ways to give more people this amazing sleep experience, and that’s when the idea for Jax Sheets came to him.
Using his vast knowledge of the material, he started creating different bed sheets that would give guys the silk experience for a lot less money. He also created a group with 1000 guys providing feedback on what would make the most comfortable sheets for them. So, after compiling all the feedback, material knowledge, and different product testing, a finalized version of Jax Sheets was born.
JAX in the Shark Tank
During his appearance on Shark Tank, Wen Muenyi, founder of Jax Sheets, sought a $212,000 investment for a 10% stake in his company, effectively valuing it at over $2 million. Muenyi’s pitch emphasized the product’s unique feature of lasting longer without getting stinky, aimed primarily at single men who may wash their sheets less frequently.
Muenyi also mentioned the success of his Kickstarter campaign for Jax Sheets, where he exceeded the $5,000 goal by raising $350,000. However, he had not made any additional sales beyond this crowdfunding success and was focused on catering to the initial backers first before expanding sales.
In terms of the financials, Muenyi disclosed a customer acquisition cost of around $33 and an average sale value of $148, yielding approximately $70 profit per order. Despite these promising figures, the Sharks expressed concerns. Kevin O’Leary and Robert Herjavec were skeptical about the scalability of customer acquisition costs outside Kickstarter. Mark Cuban, Lori Greiner, and Daymond John also had reservations, with Cuban fearing the need for significant changes in the business, Greiner feeling the business wasn’t fully ready, and John considering the company not focused enough for investment.
Ultimately, none of the Sharks made an offer, and Muenyi left the show without securing a deal.
|Stench-free bedsheets and clothes
|$212,000 for 10% equity
JAX Update After Shark Tank
After Shark Tank, Jax Sheets, now operating under the business name Hercleon, has expanded its product range. The website currently offers a variety of products including shirts, socks, underwear, masks, towels, pillowcases, and baby products.