12 of the biggest Shark Tank success stories
lovemoney staff
10 August 2017
Entrepreneurs who braved the tank and made serious money
ABC's Shark Tank show has seen its fair share of dud investments – Body Jac and Sweet Ballz spring to mind – but every so often, the sharks strike gold and put their cash and expertise into a business that takes off in a huge way. From Lumio to Scrub Daddy, we reveal 12 of the biggest Shark Tank success stories from the show's eight seasons.
Lumio
San Francisco-based Max Gunawan had already secured funding for his ingenious folding 'book' lamp via a super-successful Kickstarter campaign and was enjoying buoyant sales before his appearance on Shark Tank in January 2015, putting him in a strong negotiating position.
Lumio
All five sharks vied for a piece of the action, but Gunawan opted to go with Robert Herjavec, who offered $350,000 for a 10% stake in the company. This injection of cash and expertise, along with the publicity generated from the show, has boosted sales of the ultra-portable lamp no end. Revenues hit $3 million in 2014 and have doubled year on year.
Simple Sugars
Negotiating with the sharks is challenging enough for seasoned professionals, so you can imagine how 18-year-old Lani Lazzari felt when she appeared on the show in 2013 to gain funding for her sugar-based skincare line Simple Sugars.
Simple Sugars
Luckily, Lazzari had nothing to worry about. Impressed by her pitch, Mark Cuban put up $100,000 in exchange for a third of the company and the teen entrepreneur left smiling. Since the episode aired in March 2013, Simple Sugars has amassed millions of dollars in sales and is now stocked in 700 stores in the US alone.
Cousins Maine Lobster
In 2012, cousins Sabin Lomac and Jim Tselikis set up a gourmet food truck in Los Angeles specialising in lobster imported from Maine and didn't waste any time doing a roaring trade selling lobster rolls to seafood-loving Los Angelenos.
Cousins Maine Lobster
Eager to start a chain, the cousins pitched their business to the sharks in an episode of the show that aired in November 2013 and made a deal with New York real estate queen Barbara Corcoran, who invested $55,000 for 15% equity. An ambitious expansion programme followed and the cousins now have scores of trucks across the USA, and total revenues exceeding $20 million.
Wicked Good Cupcakes
Mother-daughter duo Tracey Noonan and Danielle Vilagie managed to win over 'tough' shark Kevin O'Leary with their delectable cupcakes in jars in season four of the ABC show. O'Leary cannily invested $75,000 for royalties, entitling him to $1 per cupcake sold until he broke even, and 50 cents thereafter.
Wicked Good Cupcakes
O'Leary didn't have to wait too long for a decent return. Sales of the yummy cupcakes hit the roof following the season four episode in 2013, with revenues jumping from $84,000 in 2013 to $8 million as of last year. In fact, Wicked Good Cupcakes has turned out to be O'Leary's most lucrative investment on the show.
Red Dress Boutique
In season four of the show, Mark Cuban and Robert Herjavec invested $1.2 million in this online-focused fashion firm founded by husband-and-wife entrepeneurs Josh and Diana Harbour, in exchange for 10% equity.
Red Dress Boutique
The Harbours were struggling with their website and losing sales. Following the October 2014 episode, Cuban helped the couple resolve their website issues and the company has gone from strength to strength, almost doubling its annual revenues from $8 million to $14 million.
Grace and Lace
Another thriving fashion firm and Barbara Corcoran's most successful Shark Tank investment, Grace and Lace has been a major moneyspinner since company founders and husband-and-wife team Rick and Melissa Hinnant appeared on the show in November 2013.
Grace and Lace
Corcoran pumped $175,000 in the company in exchange for 10% equity and hasn't looked back. The fashion label, which makes affordable boho-style clothing and accessories, has seen its total revenues mushroom from $1 million to $20 million.
Rugged Maniac
Rugged Maniac puts on challenging endurance events in mud-filled obstacle courses. The business was established by lawyers-turned-entrepreneurs Brad Scudder and Rob Dickens in 2010.
Rugged Maniac
Keen to beef up their business finances and expand the company, the duo were featured on Shark Tank in April 2014, scoring a $1.75 million investment from Mark Cuban for 25% of the business. The cash has certainly paid off. Revenues have gone from $4.2 million to $10.5 million and the company has expanded to scores of cities in the US and Canada.
Tipsy Elves
Capitalising on the ugly Christmas jumper trend, University of the Pacific grads Evan Mendelsohn and Nick Morton founded novelty clothing firm Tipsy Elves in 2011. A success from the get-go, the company's cheesy sweaters were featured in People magazine and the Today Show that same year, and sales began to surge.
Tipsy Elves
In need of funding to expand, Mendelsohn and Mortan turned to the sharks, appearing on the show in December 2013. Robert Herjavec recognised the firm's potential straight away and snapped up 10% for $100,000. Thanks to his help diversifying the business, annual revenues have surged to $12 million and Tipsy Elves remains Herjavec's best-performing Shark Tank investment.
GrooveBook
Husband-and-wife team Brian and Julie Whiteman appeared on the show in January 2014, pitching their brainchild, a mobile app and subscription service that prints a selection of smartphone photos every month and sends them in a 'GrooveBook' to the customer.
GrooveBook
Mark Cuban and Kevin O'Leary brokered a deal with the couple, giving them $150,000 in exchange for 80% of the licensing rights. In no time at all, GrooveBook subscribers jumped from 30,000 to 500,000, and in November 2014, the app and subscription service was bought by Shutterfly for a cool $14.5 million.
Bubba's-Q Boneless Ribs
Juicy, melt-in-the-mouth ribs are hard to resist at the best of times. Needless to say, Daymond John just couldn't stop himself investing $300,000 for 30% equity in former NFL player Al 'Bubba' Baker's boneless ribs business in episode 11 of season five.
Bubba's-Q Boneless Ribs
Following the December 2013 episode, Baker hawked his ribs on QVC and made a multimillion-dollar deal with CKE Restaurants, the parent company of Carl's Jr. and Hardee's. As sales have skyrocketed, Bubba-Q revenue has grown from $154,000 in 2013 to $16 million this year, and Baker predicts the firm will turn over $100 million annually by 2020.
Squatty Potty
Utah entrepreneur Bobby Edwards created Squatty Potty to help his mother deal with a bad case of constipation – it's easier to go if you squat apparently – and pitched the bowel-friendly footstool to the sharks in an episode that aired in October 2012.
Squatty Potty
'Warm-blooded' shark Lori Greiner loved the idea and stumped up $300,000 for 10% of the business – a very shrewd move on her part. Within 24 hours of the show's airing, more than $1 million-worth of product had been sold, a lucrative contract with Bed Bath & Beyond soon followed. Last year, sales hit a staggering $30 million.
Scrub Daddy
A trumpet fanfare and drum roll please, Scrub Daddy has garnered the highest revenues of any product featured on Shark Tank. Car dealer Aaron Krause invented the multitasking sponge with the smiley face in the early 2000s and pitched his product to the sharks in December 2012.
Scrub Daddy
Scrub Daddy was picked up by Lori Greiner, who bagged a 20% stake in the company for $200,000. Greiner helped Krause secure deals with major retailers including QVC, and the super-versatile product, which turns soft in warm water and hard in cold water, is now America's number one sponge with revenues topping $100 million.
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