Shark Tank’s famous investors have noticed and supported everything from Santa artists to hire and lighted beard ornaments to little turkey carvers with chainsaws and dried mushrooms. on the screen fruitful with massive success. Forbes analyzed around 380 companies that have left the tank with a deal in the last 6 years. We also scoured beyond Forbes’ reports on 319 other companies, tracked news articles and websites, and spoke to Shark Tank judges. Looking for the most sensible artists. Of the twelve, seven stood out based on corporate value, revenue, or expansion from Shark Tank.
Some of the big winners are a little surprising: Four friends introduced the Dude Wipes disposable bathroom wipes logo from their Chicago apartment in 2013, and claimed to release it to “have fun, make jokes, and kick your ass. “Marketing made its logo look like an MMA fighter’s butt and trended on Twitter. Today, Dude Products, which claims to have been No. 2 in holiday stockings this holiday season, expects sales of $100 million by 2022. The husband-and-wife team Allison and Stephen Ellsworth mix fruit juice with apple cider vinegar in their kitchen to help with weight loss. Today, its healthy Poppi soda logo has a turnover of around $50 million.
“Getting a million-dollar investment from Mark Cuban in Shark Tank validated [the brand] for those who had questions about what we were doing,” said Justin Fenchel, co-founder of Beatbox, boxed cocktails, another Shark Tank winner. “It solidified us as entrepreneurs, solidified us as a viable business. “
According to Forbes’ analysis, the most valuable Shark Tank-backed company of all time is Everly Health, a diagnostic testing and telehealth company that allows consumers to test everything from STDs to food sensitivities directly in their homes. It raised $54 million for a valuation of more than $3 billion in 2021, according to Pitchbook. It’s probably worth less now, given the market recession and nervousness about unicorns, but it still has the right to boast of being the only unicorn found.
At least a couple of the most successful companies ever to appear on Shark Tank walked away with no deal. Jamie Siminoff pitched his video doorbell company, DoorBot, to the judges in 2013. Shark Kevin O’Leary reportedly offered him a $700,000 loan in return for a 10% royalty and 5% equity stake, which Siminoff rejected. Five years later, he sold his then smart-home security tech outfit Ring to Amazon for a reported $1 billion.
The founders of Kodiak Cakes, a line of whole grain and protein-packed pancake and waffle mixes, went on Shark Tank in season 5 looking for $500,000 in return for a 10% stake. They turned down Sharks’ offers that asked for 30% or more in equity, but still emerged as winners. The publicity from their 2014 TV appearance helped double sales that year to nearly $8 million. It raised outside money from Sunrise Strategic Partners in 2016, and by 2020, sales had reportedly jumped to $200 million. Kodiak Cakes, which now sells everything from granola bars and oatmeal to all sorts of flapjack mixes at retailers such as Target and Amazon, is ending 2022 with an estimated $500 million in retail sales, according to cofounder Cameron Smith.
Of course, even those who are first and foremost a wonderful good fortune can have problems. The Comfy brand, known for its comfortable, portable blankets, has become an almost instant hit after appearing on the show, winning over Barbara Corcoran and millions. of customers. Since then, things have fallen apart and Corcoran has sold out. Lately, its co-founder is looking to pay off his debts and revitalize the brand.
Here are seven Shark Tank good luck stories.
Play Julia
Julia Cheek founded Everlywell in Austin, Texas in 2014 to sell simple, affordable home lab tests directly to consumers. Shark Tank in November 2017 and were delivered by Lori Greiner. Since then, the company has expanded its component offering by acquiring two other physical diagnostics companies and Natalist, which manufactures pregnancy and ovulation tests as well as prenatal supplements. Everly Health, which now sells more than 30 at-home lab tests through Amazon, Target, CVS and others for everything from food sensitivities to STDs, has raised a Series F investment round estimated at $154 million, according to Pitchbook, at a subsequent valuation of $3. 45 billion in December 2021. This valuation has probably fallen with the markets but, still, it is a notable winner. (EverlyWell declined to comment. )
Sean Riley (left), Ryan Meegan (center), Jeff Klimkowski (right)
Four friends started Dude Wipes in their Chicago apartment in 2013. In October 2015, they threw the wipes at Shark Tank and won a $300,000 investment from Mark Cuban in exchange for 25% of the company. Today, Dude Products has been cleaned up. According to the company, it sold $80 million worth of products in the 12 months ending November 2022 at 15,000 retail outlets nationwide, adding Target, Walmart and Best Buy. Meanwhile, Cuban remains the sole investor. When asked about his big investor, Sean Riley, who says the company is now worth $300 million, he said the biggest advantage is their “mentorship” and the fact that it prevented them from making “big mistakes. “
drum machine
Friends from the University of Texas at Austin business school Justin Fenchel, Aimy Steadman and Brad Schultz founded BeatBox Beverages in 2011, touting it as the world’s tastiest party punch (flavors come with Peach Punch and Blue Razzberry ) and promoting it in packaging that first of all looked like a boom box. Huge Shark Tank fans, they went to the show in 2014, hoping to find someone who could help them with distribution and marketing. “We had a lot of doubts and a lot of enemies, and other people were like, ‘This is the dumbest concept I’ve ever heard, it’s never going to work,'” Fenchel said. Everything replaced when Mark Cuban bet on them. “We were doing dances, jumping up and down,” he added. Cuban personally helped sell boxes at South to Southwest and attended a launch event at his alma mater, Indiana University. Sales doubled in 2017 when they began promoting eco-friendly single-serve cans and working with beer vendors to reach convenience stores. Beatbox made $18 million in sales in 2021 and expects to end 2022 with just $40 million in sales. In September, the company raised $15 million from private investors led by Concentric Equity Partners for a valuation of $200 million, according to the Pitchbook and Beatbox website.
Sara Paji Yoo
Co-founded in April 2019 through Sarah Paiji Yoo, whose noble purpose is to make single-use plastic packaging in homes, Blueland only began promoting its line of eco-friendly cleaning products a month before appearing before Shark Tank judges. They won over Kevin O’Leary and negotiated a deal with him; Since then, “Mr. Wonderful” has made the impression on the brand’s promotions, adding an ad where he scrubs the toilet. Another fan: Kim Kardashian, who watched the episode and then tweeted twice about the request to Blueland. (The concept: Buy a bottle of Forever once and fill it “forever” with water and special cleaning bars or soap. ) Before moving on to Shark Tank, Yoo said his plan for Blueland was primarily aimed at the consumer. Costco, The Container Store and Bed Bath and Beyond, which account for the majority of its sales.
Eric Goodchild (left), Jake Slatnick
Arizona State graduates Jack Slatnick and Eric Goodchild discovered Aira in 2017 for wireless charging. Two years later, they brought Shark Tank, a freeform wireless generation that can power multiple devices anywhere on its surface; they went with a 3 shark deal with Herjavec, Greiner and O’Leary. Although the due diligence took another year, all 3 of them moved forward as investors. “Two is greater than one and 3 is greater than two,” Slatnick said. After the show, he partnered with tech lifestyle logo Nomad to create products for the client. Now called FreePower, it holds 150 patents for its generation. Tesla recently announced a home charging station that uses FreePower generation. “After the screen aired, that’s when an organization of other people found out about us. Almost everyone I work with. . . they’re all screen enthusiasts, all over the world, all these various manufacturer resolution builders. of auto and product companies. Slatnick was listed in Forbes Under 30 in December and says FreePower is now worth more than $150 million. The CTO and electrical engineer Goodchild left in March to become CTO through Graff Golf.
pumps
David Heath and Randy Goldberg introduced Bombas in 2013 to help the homeless. It was built around the concept of buying a pair of socks and giving one as a gift. By the time the founders got into Shark Tank, Bombas, derived from the Latin word for bumblebee and symbolizing its “better bee” purpose, at one position had $400,000 in revenue. While Robert Herjavec dismissed the concept, saying a $9-a-pair sock business wouldn’t do it (they charge upwards of $12 a pair now), Daymond John signed on. Sales rose to $3. 7 million in the 12 months after the episode aired, and John gave them a strong recommendation on how to grow. “We felt we were in a position to expand into other product categories in particular, but Daymond advised that we remain focused on what we know well: socks,” Heath said. “Focusing on one category of singles in our early years. . . helped us remain targets long-term. ” It began promoting jerseys in 2019 and underwear in 2021, honoring their 1-for-1 donation. Customers can buy Pumps directly from the company (apparently still the majority of its sales) or from a few retailers, adding Amazon, Dick’s Sporting Goods, and Nordstrom. . Bombas, which has raised $150 million from investors, says it had $300 million in sales in 2021 and has donated 75 million pieces of clothing so far.
Allison and Stephen Ellsworth
The husband-and-wife team of Allison and Stephen Ellsworth began selling Mother Beverage, their healthy alternative to soda, at their local farmers’ market, where it was successful. In late 2018, when Allison was nine months pregnant, she was cast in Shark Tank season 10; Rohan Oza, a guest shark and Coca-Cola veteran who has been concerned with marketing the Glaceau and Bai brands, invested but pushed the founders to rebrand. Sales increased more than 8 times in a year after Shark Tank. Now called Poppi, the prebiotic bubbly drink comes in colorful colors and fruity flavors ranging from watermelon and orange to cherry lemonade and raspberry pink, and is available from Target and Walmart to Amazon. Array “It’s disruptive and new,” says Ellsworth. “If you think about it, soda hasn’t been discontinued since… Coke, Dr. Pepper, and Pepsi, right? Oza is still a big believer, having invested in each and every investment round, adding a recent $13. 5 million lead through his CAVU Ventures and is subsidized through celebrity investors including singer Halsey, basketball player Russell Westbrook and Norwegian DJ Kygo. According to the company, revenue now exceeds $50 million. Dollars.
Additional reporting via Conor Murray and Jemima McEvoy.