Philadelphia-based Black Paper Party (BPP), a company specializing in Christmas holiday gift-wrapping paper and ornaments featuring Black characters, made a splash on the latest episode of ABC's "Shark Tank". The company secured a $250,000 deal with businesswoman and investor Barbara Corcoran.

Though the episode was recorded in June, CEO Madia Willis revealed that the details of the partnership with Corcoran's team are still being finalized before the official announcement.

"We were pleasantly surprised, and we feel blessed. We're looking forward to growing and learning with Barbara," Willis said.

The investment for staffing and inventory expansion will propel Black Paper Party to new heights. Willis, along with BPP's chief merchandising officer, Jasmine Hudson, and chief creative officer, J'Aaron Merchant, appeared on the show seeking a $250,000 investment for a five per cent equity stake.

The negotiations resulted in a $250,000 investment, with Corcoran acquiring a 10 per cent equity share.

"Barbara was unexpected. We expected three different sharks to make an offer. We were totally surprised she made one first," Willis said, reflecting on the episode.

Corcoran, known for her success in real estate, took charge of the deal after initiating an offer while fellow shark Daymond John explored a potential partnership. The negotiation took an interesting turn when Corcoran proposed teaming up with investor shark Mark Cuban, a suggestion that was declined by the BPP team.

"That was higher than we were willing to go," Willis said. "We ended up going with one shark without giving up too much equity."

Black Paper Party, established in 2020 amid the COVID-19 pandemic and the killing of George Floyd, offers holiday wrapping paper featuring Black Santas, gnomies (Black elves), and various characters like "Aunt Holly." Their products are available on their website, BlackPaperParty.com, and major retailers like Target, Walmart, Macy's, Family Dollar, CVS, and Dollar General.

BPP plans to launch a Black History Month product line at Kohl's and Dollar General, along with a series of birthday party kits on their website, in late spring or early July 2024. Dollar General will also continue to carry birthday party wares from Black Paper Party.