Corda Roy's - Shark Tank Update

Corda Roy's appeared on Shark Tank Season 4 as an innovative furniture company created by Byron Young, who developed convertible bean bag chairs that transform into comfortable beds by removing the inner foam core. The product originated from a happy accident in 1998 when Young was hand-making foam-filled bean bags and decided to make the inner liner square instead of circular to save time cutting fabric, discovering that the inner foam core could function as a standalone mattress for guests.

Young had been operating the business for over 15 years, starting from his garage and experiencing both dramatic expansion and near-collapse when they overextended with 23 mall kiosks that failed during the 2008 economic downturn, forcing them to close 22 locations and leaving only their Mall of America store operating. At the time of their Shark Tank appearance, the company had recovered to achieve $1.5 million in gross sales, with Young seeking investment to scale the business and reach mass market distribution.

The product addressed a real market need for space-saving furniture that could serve dual purposes, particularly appealing to college students, small apartment dwellers, and anyone needing flexible sleeping arrangements. Young's pitch demonstrated both the comfort and convenience of the convertible design, showing how the bean bag chair could quickly transform into a twin-sized bed.

Corda Roy's secured one of Shark Tank's most transformative deals when Lori Greiner invested $200,000 for 58% equity, though initially Young was hesitant about giving up majority control of his company. The partnership with Greiner proved to be extraordinarily successful, leveraging her QVC relationships and retail expertise to achieve explosive growth that exceeded all projections.

Within two years of the deal, the company had grown from $1.5 million to $7 million in retail sales, with projections to reach $20 million by 2015. The partnership enabled major retail expansion including distribution through Bed Bath & Beyond, QVC appearances that consistently sold out with over $3 million in purchase orders, and significant manufacturing expansion from 37,000 to 127,000 square feet of production space in Georgia.

The company also expanded their corporate operations from 1,600 to 8,000 square feet, featuring a concept showroom designed to facilitate further retail expansion into new markets. Young frequently appeared on QVC, selling out inventory 11 times and surpassing expectations with each appearance, validating Greiner's strategy of leveraging television shopping to build brand awareness and drive sales.

As of 2024, Corda Roy's continues to operate successfully with strong retail presence and ongoing innovation in convertible furniture design, representing one of Shark Tank's most successful furniture category investments and demonstrating how the right strategic partnership can transform a struggling small business into a multi-million dollar enterprise.