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Frank Olito
2021-05-14T18:50:26Z
- Several highly successful companies got their start on one of "Shark Tank's" 12 seasons.
- Scrub Daddy, Bombas, and Squatty Potty are the show's three most successful businesses.
- Some "Shark Tank" businesses have made upwards of $150 million in sales.
Scrub Daddy is widely considered the most successful "Shark Tank" business.
In 2012, Aaron Krause went on "Shark Tank" to pitch his durable, reusable, smiley-faced sponge that he called the Scrub Daddy.
Lori Greiner invested $200,000 for a 20% stake after saying, "I know a hero from a zero. This is a hero."
By 2019, the company was valued at $170 million after selling 25 million sponges. In December 2020, Krause told the Philadelphia Business Journal the company's sales were up 25 to 30 percent year over year.
Bombas, a sock company with a charity-driven mission, is another of the show's most successful businesses.
In 2014, David Heath and Randy Goldberg presented their product: a pair of socks with the words "bee better" stitched into them. Their business model included donating one pair of socks to the homeless for every pair sold.
Most sharks felt the donating side of the business would become too costly, but Daymond John bought in. He decided to invest $200,000 for 17.5% equity.
Two months later, Bombas made $1.2 million in sales, according to CNBC. As of 2019, the business was making $100 million a year, and as of May 2021, the company has donated more than 48 million pairs of socks.
The Squatty Potty has revolutionized going to the bathroom.
Judy Edwards admittedly dealt with constipation for most of her life. One day, a doctor told her to use a stool while on the toilet so that she was in more of a squatting position. It helped her go to the bathroom, and then her son, Bobby, developed a plastic stool to make it even easier. The mother-son duo went on the show in 2014 to present their invention: the Squatty Potty.
Lori Greiner invested $350,000 for a 10% stake after their pitch.
They sold $1 million within 24 hours of appearing on the show, according to CNBC. Within five years, the company had sold $208 million worth of products.
The Simply Fit Board made waves as an easy way to strengthen your core and improve your balance.
In 2015, mother-daughter duo Gloria Hoffman and Linda Clark appeared on "Shark Tank" to demonstrate their ab-building tool. To use the Simply Fit Board, all you have to do is stand on it and twist.
Greiner made a deal with the pair by investing $125,000 for 20% of the business.
In just 24 hours after the deal, the company made $1.25 million. The next day, they went on QVC and sold out in six minutes. In just seven months, sales increased to $9 million, and within four years, the Simply Fit Board sold over $160 million in sales.
A blanket hoodie called The Comfy became a mega success despite not having any sales prior to appearing on "Shark Tank."
In 2017, brothers Brian and Michael Speciale went on the show to charm the sharks with their blanket hoodie that covers the entire body. Most of the sharks were skeptical of The Comfy because the product resembled a Snuggie and the company had no sales, but Barbara Corcoran made a deal.
She offered $50,000 for 30% equity, and the brothers accepted.
"We had two crazy guys, brothers, on last year," Corcoran said on a 2020 episode of "Shark Tank." "They pitched a stupid product that I didn't even get. It was a Comfy, a sweatshirt-slash-blanket with a hoodie, and I didn't get the product, but I liked the guys. And nobody wanted to invest. There was no proven sales. And The Comfy today, with my help, is doing $150 million in sales."
Tipsy Elves, a company that makes ugly Christmas sweaters, is one shark's most profitable investment.
In 2013, Evan Mendelsohn and Nick Morton went on "Shark Tank" to pitch their ugly Christmas sweater company. Robert Herjavec decided to invest $100,000 for a 10% stake, and six years later, Herjavec said the company became his top-performing investment from the show.
"I didn't bet on the product, I bet on the guys," Herjavec told CNBC in 2019. "They left these secure, cushy jobs to sell inappropriate, ugly Christmas sweaters online. Anyone nuts enough to do that must really believe in the idea."
By 2018, Tipsy Elves had done over $70 million in sales and had sold over two million products, according to Insider. The company reached $125 million worth of sales as of 2019, according to USA Today.
The Sleep Styler has become a successful business with $100 million in sales after demonstrating its no-heat hair rollers on "Shark Tank."
Tara Brown came into the Tank in 2017 to demonstrate her hair curlers that required no heat. In just 20 minutes, Greiner offered $75,000 for a 25% stake, and Brown accepted.
"I also knew I would really be able to help Tara get this product out on the market in a fast and all-encompassing way where The Sleep Styler would become a household name within a year," Greiner told Success in 2017. "Within five minutes of watching Tara pitch, I had already visualized a great plan in my mind."
Two years after Brown appeared on the show, her product had done $100 million in sales, according to USA Today.
A pop-up greetings card business called Lovepop became a hit after appearing in the Tank.
Wombi Rose and John Wise went on "Shark Tank" in 2015 to pitch their greeting card business, which included intricate and creative 3D pop-ups. Kevin O'Leary gave the couple $300,000 for a 15% stake in their company.
In the month following the show, Lovepop made $1 million, and by 2017, sales reached $18.7 million, according to CNBC. The company had done $80 million in sales as of 2019.
Cousins Maine Lobster is a successful seafood company thanks to "Shark Tank."
Sabin Lomac and Jim Tselikis appeared in the Tank in 2012 and pitched their seafood truck company. Corcoran jumped on board, paying $55,000 in exchange for a 15% stake.
Today, the company has20 trucks in 13 cities around the US and has expanded into brick-and-mortar shops. As of 2019, the company had made $65 million worth of sales.
The ultra-strength repair tape known as FiberFix proved to be just as strong in sales.
In 2013, Eric Child and Spencer Quinn pitched their product FiberFix to the sharks, claiming their tape is 100 times stronger than duct tape. Ultimately, Greiner paid $120,000 for a 12% stake in the hardware company.
In the first six years after the show, the company made $50 million in sales. FiberFix had done $65 million in sales as of 2019, according to USA Today, and the company expanded to include 15 new products.
CordaRoys, a beanbag chair company, is another successful Greiner company.
Byron Young went into the Tank in 2013 to demonstrate how his bean bag chair converts into a queen-size bed. Greiner offered him $200,000 for 58% of his business.
"Sitting on one of these patented chairs can only be compared to sitting on a cloud," Greiner wrote on her website. "And sleeping on it – heavenly! They have over 100 sizes and color combinations, so you are sure to find your perfect fit."
CordaRoys made $48.8 million worth of sales within six years of appearing on the show, according to Greiner.
Grace and Lace, a company that sells fashionable leg warmers, is another highly successful company that got its start on "Shark Tank."
Melissa and Rick Hinnant appeared on "Shark Tank" in 2016 to show off their leg warmers that Melissa first knitted herself.
Corcoran offered $175,000 for 10% of the company. When the couple agreed, Corcoran said, "You picked the smartest person here."
In three years, Grace and Lacemade $19 million in sales. As of 2019, the company's sales jumped to $47 million, and the company expanded to include other products like tops, shorts, and accessories.
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