Shark Tank is one of ABC’s most popular reality shows, where entrepreneurs pitch their business ideas to investors. Some businesses struggle, but other unlikely products become huge successes. Below we present the ten most successful companies, taking into account their lifetime revenue and most recent valuation.
10 Most Successful Shark Tank Companies
1. Bomb
Thanks to Bombas, there have been many innovations in athletic socks. However, the apparel company is best known for its philanthropic efforts, donating a pair of socks for every product sold.
Entrepreneurial experts David Heath and Randy Goldberg came up with the idea of starting a sock company after realizing socks were the most needed item at shelters. They entered Tank in season six hoping to get $200,000 for a 5% stake.
Daymond John agreed to invest $200,000 for a 17.5% stake. Today, Bombas has an estimated $100 million in annual revenue and $1.3 billion in retail sales! According to its official website, the company claims to have donated over $100 million.
2. Scrub Daddy
Arguably the most memorable product from the show, Scrub Daddy is the iconic smiley-faced sponge that can become soft or hard, depending on the temperature of the water.
Founder Aaron Krause has been an inventor since he was a kid, but he came up with this multi-functional sponge by accident. Aaron showed up out of nowhere in Season 4 and asked the Sharks to invest $100,000 for a 10% share of the product. Many Sharks vie for the deal, but Lori Greiner won the 20% share with a $200,000 bid.
The day after the show aired, the company sold 42,000 sponges in about seven minutes. As of October 2023, Scrub Daddy’s cumulative sales have exceeded $926 million. Thanks to the success of Scrub Daddy, Kraus’s net worth is estimated to be $70 million.
3. Doorbot (Ring)
Ring, whose wifi video doorbells are now a common device in millions of U.S. homes, appeared on the fifth season of Shark Tank as Doorbot and is seeking $700,000 for a 10% stake.
Serial entrepreneur Jamie Siminoff invented the product and Kevin O’Leary was interested, but because Siminoff didn’t want to take on any debt, a deal couldn’t be made.
Although there was no shark investment, Ring later became a huge success, with annual revenue reaching $415 million in 2017. In 2018, Ring was acquired by e-commerce giant Amazon for $1.2 billion.
4. Everlywell
Everlywell offers over 30 home lab tests through authorized providers. Providing you with actionable information and easy access to online healthcare.
Julia Cheek revolutionized home health testing by creating a platform where people can order a test kit, provide a sample, send it to a partner lab, and view the results online. Cheek appeared on Shark Tank Season 9 and asked for $1 million for a 5% stake.
Her valuation was much higher than other companies, but Lori Greiner took the risk anyway. According to Bloomberg, the risk paid off hugely. Everlywell had annual revenue of about $200 million in 2020 and a valuation of $2.9 billion. The healthcare company had total sales of more than $1.2 billion.
5. Plating
Plated is considered a pioneer in the meal subscription business. Its business model is to provide subscribers with pre-packaged fresh meals with chef-prepared recipes.
Harvard Business School graduates Nick Taranto and Josh Hicks believe they can take the food delivery business to the next level. In Season 5, the two gentlemen ask for $500,000 in exchange for 4% of the equity.
Mark Cuban bought a 6% stake for $500,000, but the deal fell through. Kevin O’Leary then struck a behind-the-scenes deal with the founders. Kevin helped the startup scale its business quickly to overcome competition, and in 2017, Plated was acquired by Albertsons for $300 million.
6. Comfort
As the name suggests, The Comfy’s oversized sweater blankets are made for comfort. They’re often compared to Snuggies, but this product has a pocket and uses different materials.
As they prepared to launch their Kickstarter campaign, entrepreneurial brothers Michael and Brian Speciale realized their product wasn’t ready yet. So they canceled the campaign and entered Season 9 instead, offering a 20% stake to raise $50,000.
Despite not having made any sales or started production, they made a deal with Barbara Corcoran: $50,000, 30%. Five weeks after the episode aired, The Comfy had made $5 million in sales. Currently, The Comfy has grossed $550 million.
7. Drunken Elf
Tipsy Elves is one of the strangest companies to ever appear on Shark Tank. They are notorious for making holiday sweaters with hilarious and even ridiculous designs.
Dentist Niklaus Morton and attorney Evan Mendelsohn were running the business as a sideline, and after seeing its high profitability, they approached Tank hoping to get $100,000 for a 5% stake.
Robert Herjavec bought into this crazy business idea and agreed to their initial offer. But he has no regrets, as Tipsy Elves now generates $6 million in revenue per year and is valued at $20 million. Total retail sales are currently $317 million.
8. Squat Toilet
It may come as a surprise to many, but one of the most successful products is a product for bowel movements. The Squatty Potty is a footstool that helps you maintain the correct posture during bowel movements.
Family man Bill Edwards invented the squat stool to help his wife Judy with hemorrhoids and constipation. Judy decided to sell the product to the Sharks and offered 5% of the business for $350,000.
Lori Greiner offered $350,000 for 10% of the shares and they made a deal. In 2021, the company was acquired by Aterian for $31.1 million. Lifetime sales have exceeded $260 million, and Squatty Potty is estimated to be worth $50 million.
9. Sunniva Super Coffee
Sunniva Super Coffee is marketed as a healthy alternative to energy drinks and traditional coffee. It contains lactose-free protein, pure Colombian coffee beans and organic coconut oil.
The coffee product was created by another pair of brothers: Jack, Jordan and Jim DeCicco. All of them were college football players who didn’t like the usual sports drinks. The brothers joined the show in season nine, hoping to get a 4.5% stake for $500,000.
Sadly, most of the sharks didn’t like the taste of their product, so they left without a deal. The trio went on to earn $55 million in revenue and a valuation of over $200 million on their own.
10. Simple Fitness Board
The Simply Fit Board is a basic training board that works your core muscles by keeping you balanced while standing. It’s simple, but proven to be effective.
The masterminds behind this fitness equipment are Gloria Hoffman and Linda Clark. Although the brand is already well established, the duo still wanted help from the Sharks, who proposed to take 18% of the profits for $125,000 during the seventh season of the series.
Lori was the shark who bit the bullet and took a 20% stake for $125,000. The investment helped Simply Fit Board get into more than 50,000 retail stores and generate more than $170 million in lifetime sales.
Categories: Shark Tank
Source: dut.edu.vn
