Since its 2009 debut, Shark Tank has helped hundreds of small businesses and inventors realize their dreams. The show gives people the opportunity to pitch their service or product to a panel of highly successful venture capitalists (known as “Sharks”) who are looking to invest in a company.
Shark Tank has seen numerous businesses skyrocket to fame and become multi-millionaires, thanks to the Sharks investing in them. A much-needed financial boost can help boost a company’s profile, while a shark’s wisdom can improve the concept, manufacturing, and design.
While hundreds of products have been pitched to the Sharks, only a select few have gone on to become household names around the world. One company, in particular, became an unexpected billion-dollar venture for Daymond John, despite being the only one to put an offer on the table.
The Billion Dollar Socks: Bombas
The most successful business to receive an investment on Shark Tank was the sock company Bombas. Co-founders David Heath and Randy Goldberg started the company after learning that socks were the number-one most-requested clothing item in homeless shelters.
Investor | Investment | Stakes |
Daymond John | $200,000 | 17.5% |
A key part of Bombas’ business was donating one pair of socks to a shelter for every pair purchased, which, according to a 2024 Forbes article, led to 100 million donations and counting. Despite Kevin’s disdain for the charitable aspect of a product with low margins, David and Randy grabbed an investment from Daymond John, who offered $200,000 for 17.5% equity.
- This was slightly more than the 5% equity they originally wanted, as Daymond was the only Shark to place an offer on the table.
Related
Shark Tank’s Worst Tasting Product Just Went National
Slate had a horrible experience on Shark Tank that crashed after Mark Cuban tried the product.
Forbes noted that when their episode aired in 2014, the Bombas website crashed in 30 seconds. Since then, Bombas has made more than $1 billion “in lifetime sales” and donated millions of essential apparel to people experiencing homelessness.
Bombas is not the only successful clothing deal in the tank.
- Barbara Corcoran invested $50,000 for a 30% stake in The Comfy, a wearable blanket and hood designed by Brian and Michael Speciale. It has sold over $550 million as of May 2023, as noted by Shark Tank Recap.
- TV Insider shared that Robert Herjavec invested $100,000 in Tipsy Elves, an ugly Christmas sweater brand that now has around $125 million in sales.
The Medical Testing Equipment Which Made Billions For A Shark
It’s not just socks that have made billions after a Shark Tank pitch. EverlyWell’s founder and CEO, Julia Cheek, started the business in 2014 after noticing that Americans could not access easy and affordable testing at home. The Sharks were slightly wary of Julia’s home medical testing business and how much money it needed to be successful.
Investor | Investment | Stakes |
Lori Grenier | $1 Million | 5% |
According to the Shark Tank blog,EverlyWell boasts $1.1 billion in lifetime sales, ranking as one of the top Shark Tank businesses. During her Season 9 appearance, Julia made a deal with Lori Greiner for a $1,000,000 line of credit, 5% equity, and an 8% interest rate.
Related
Shark Tank Saw An Entrepreneur Go From Hero To Zero Ending Up Behind Bars After The Show
Daymond John’s investment on Shark Tank with Nate Holzapfel took a disturbing turn years later.
Speaking to Forbes in 2019, CEO Julia revealed that Lori’s money helped EverlyWell expand in just a few months. The COVID-19 pandemic helped boost sales as people started doing COVID testing from home, alongside 34+ tests.
Lori also invested $350,000 for a 10% stake in Squatty Potty which now has around $175 million in sales.
The Sponge In Every Home Was First A Shark Tank Venture
Another Lori investment that made her millions was Scrub Daddy. The recognizable bright yellow smiley sponge has become a household name after appearing on Shark Tank in 2012. The revolutionary sponge changes texture based on water temperature, making it a versatile cleaning tool because it has a soft touch in warm water yet becomes a firm scrubber in cold water.
Investor | Investment | Stakes |
Lori Grenier | $200,000 | 20% |
Before becoming one of Shark Tank’s biggest success stories, Scrub Daddy was rejected by a Fortune 500 company. Inventor Aaron Krause sold his buffing pad company to 3M in 2008, but they had no interest in his unique dish sponge.
“They carved [the sponge] out of the deal, and left it with me because it was so worthless,” Krause told Fortune. Scrub Daddy boasted $220 million in sales in 2023, according to Fortune.
Related
This Former NFL Star Lost It All Including His Home After His ‘Nightmare’ Shark Tank Experience
A Shark Tank deal became a nightmare for the former NFL player Al “Bubba” Baker after he lost his house.
The day after appearing on Shark Tank, Lori Greiner and Aaron Krause sold 42,000 sponges in just seven minutes on QVC. Five years after appearing on the show, the company’s revenues had surpassed $100 million.
The One That Got Away: Ring Doorbell
Fortune reported that before Amazon acquired doorbell company Ring in a reported $1 billion deal and became a fixture in over 10 million American homes, according to Politico, the Sharks rejected the pitch. Kevin O’Leary would ultimately call the doorbell the “probably the biggest miss” in the show’s history.
CEO Jamie Siminoff admitted he was broke when he pitched the world’s first Wi-Fi doorbell on the reality show. He explained to Fortune that he used the company’s last $20,000 to build an elaborate set to pitch the product in the tank, which was called DoorBot at the time.
During his 2013 pitch, he valued the company at $7 million and asked for $700,000 for a 10% stake. The sharks weren’t confident in how popular the product would be, and Mark Cuban claimed it was overvalued.
Luckily, his 10-minute Shark Tank appearance allowed him to sell his product on QVC in 2016. In 24 hours after his QVC appearance, he sold 40,000 units, totaling $22.5 million worth of sales. From there, he caught the eye of a new selection of investors, including basketball legend Shaquille O’Neal and Virgin Group co-founder Richard Branson.
- He enjoyed sales of $3 million within the year.
“It has now been four years since Shark Tank and the business is now valued at $1 billion,” Siminoff said in an update which aired on Shark Tank in 2017.
Other successful business ventures that the Shark Tank regrets turning down:
- Vintner James Martin’s single-serve wine in a plastic container called Copa di Vino was rejected by all Sharks but makes around $3.5 million per year, according to Yahoo! Finance.
- Capitalism reported that the sharks may have rejected Kodiak Cakes in 2014, but the protein-heavy pancake mix enjoys $160 million in annual sales.
- Mark Cuban made the largest offer in the show’s history—$30 million, according to ABC, to buy Coffee and Bagel. The sisters Arum, Dawoon, and Soo Kang were only offering a 5% equity stake for $500,000 and turned down the offer.
- Shawn Davis pitched his specialty seafood burger business in 2011, but the Shharks feared the risks. After the episode aired, angel investors offered him $500,000. Annual sales for Davis’ company, Chef Big Shake, grew from $30,000 to a projected $5 million in just one year. Mark Cuban declares it one of his biggest Shark Tank regrets, as reported by Food Beast.
- Release Date
- August 9, 2009
- Main Genre
- Reality
- Cast
- Mark Cuban , Kevin O’Leary , Daymond John
- Seasons
- 16
- Network
- ABC
- Streaming Service(s)
- Hulu
