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11 July 2018 - Media Release - The Daily Mail

Most of us are guilty of binning our mouldy fruits and wilted vegetables.

But a savvy Sydney mother has come up with a genius grocery solution that will keep your refrigerated produce fresher up to 'four times longer'.

Peita Pini decided to launch her own business The Swag selling reusable storage bags after she was getting fed-up with throwing out rotting fruits and vegetables.

The fridge bags hold moisture to allow fruits and vegetables to breathe and hydrate, helping them to stay fresh, crisp and nutrient-rich for much longer - naturally.

Appearing on Shark Tank on Tuesday night, the businesswoman sealed a $150,000 deal after pitching her clever money-saving hack.

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Peita Pini, from Sydney, launched her own business The Swag selling reusable storage bags after she was getting fed-up with throwing out rotting produce

Peita Pini, from Sydney, launched her own business The Swag selling reusable storage bags after she was getting fed-up with throwing out rotting produce

Appearing on Shark Tank on Tuesday night, the savvy mother sealed a $150,000 deal after pitching her clever money-saving hack

Appearing on Shark Tank on Tuesday night, the savvy mother sealed a $150,000 deal after pitching her clever money-saving hack

 

'I knew in my heart that there had to be a safer, better, natural solution to this worldwide problem and I set out and invented The Swag.

'The Swag is 100 per cent natural, reusable bag that enables your fresh produce to stay alive and nutrient rich two to four times longer in the crisper of the fridge.

'Our customers tell us on average they'll get two weeks of life out of their fresh produce so it saves you money and it's saving the planet as well.'

The fridge bags hold moisture to allow fruits and vegetables to breath and hydrate, helping them to stay fresh, crisp and nutrient rich for much longer - naturally

The fridge bags hold moisture to allow fruits and vegetables to breath and hydrate, helping them to stay fresh, crisp and nutrient rich for much longer - naturally

So far, she has already sold 60,000 bags, with the company turning over an impressive $320,000 revenue after making $83,000 profit in its first financial year

So far, she has already sold 60,000 bags, with the company turning over an impressive $320,000 revenue after making $83,000 profit in its first financial year

Ms Pini was seeking $300,000 for a 10 per cent of The Swag after getting her business 'valued' at $3 million. 

'Do you think it's a little cheeky having a valuation of $3 million?' Boost Juice founder Janine Allis asked.

Ms Pini insisted she 'got it independently valued and those two companies came back and said that's fair', as RedBalloon founder Naomi Simson chimed in: 'Did they put their money in?'

The businesswoman then based her valuation on the 'IP, the trademarks, the systems, the processes, manufacturing'. 

Ms Pini explained her bestseller starter pack, which includes four individual bags, costs $17 to make, but she sells them at $40 for wholesale and retails for $72.95.

So far, she has already sold 60,000 bags, with the company turning over an impressive $320,000 revenue after making $83,000 profit in its first financial year. 

'I haven't focused on [retail strategy] yet. It's just growing organically through retails reaching out to us. We've got 100 retailers now,' she explained.

'But obviously, this is a product that a lot of people don't know exists and when they see it in-store, there's a really good uptake for the product in a lot of stores and we've become their bestseller.'

Appearing on Shark Tank on Tuesday night, the woman sealed a $150,000 deal after pitching her clever money-saving hack

Appearing on Shark Tank on Tuesday night, the woman sealed a $150,000 deal after pitching her clever money-saving hack

Despite her brand taking off online, Ms Pini said she wanted the Sharks to help her expand the business in the US market 

Despite her brand taking off online, Ms Pini said she wanted the Sharks to help her expand the business in the US market 

Despite her brand taking off online, Ms Pini said she wanted the Sharks to help her expand the business in the US market. 

Investor Andrew Banks, tech entrepreneur Steve Baxter and Ms Simson decided not to make an offer.

Greencross founder Glen Richards said he was interested but offered $150,000 for 25 per cent of the company, valuing it at just $600,000.

Ms Allis also made an offer of $100,000 for 25 per cent, as well as a $200,000 loan to be repaid on five per cent of sales every year.

'In my opinion you've been ill-advised on the valuation dramatically,' Ms Allis added.

'In some respects it's insulting. It's a difficult one for me because I do like the product, but I can't make the $300,000 work without taking 60 per cent of your business and I'm not going to do that.'

Ms Pini decided to take Mr Richards' deal after he told her about his retail experiences, including the 'deep ties' he has with supermarket giants Coles and Woolworths.

'I'm happy with the outcome. I could really do with the mentoring of Glen, so I'm stoked,' she said.



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