Shark Tank has given birth to some of the most popular and well-loved brands and Scrub Daddy is one of them!
Scrub Daddy's Amazing Success
This amazing sponge made its debut back in season 4, episode 7 of Shark Tank thanks to its inventor, Aaron Krause! The unique feature, apart from its iconic smiley face, is the material. Krause made this sponge uniquely flexible! Its abilities depended on water temperature!
What makes this brand so special? Krause only needed $100,000 to make things even better! This brought a real bid war for those that loved Scrub Daddy and saw its massive potential.
Scrub Daddy Net Worth:
What makes Scrub Daddy such an incredible brand? Well, the company has some pretty incredible milestones!
- 273 employees
- 160 products
- Available in 257,000 retail locations
- Generated over $670 Million in sales, since 2012.
These numbers keep getting better!
- In 2023 alone, Scrub Daddy made $220 million!
- Krause, it looks like he's gearing up for a major sale with his company!
JPMorgan Chase is now going to be involved, to help figure out this valuation, potentially being in the hundreds of millions, showing how worthwhile investing in Scrub Daddy is!
Lori Greiner's Investment
The winning bidder who invested in Scrub Daddy was the amazing Lori Greiner! She's also called the "Queen of QVC!" and when it came time to make a deal, Greiner saw massive potential, calling Scrub Daddy one of her "heroes."
The Scrub Daddy founder made a big offer! Initially, Greiner made the proposal of $100,000 for 30% of the business. However, it quickly escalated! A big bidding war came after. She proposed a larger investment amount that ended up at $200,000 for 25% and this is how she won!
Krause had the savvy to bring down that number to 20% in his contract.
Even with this smaller share! The investment amount of $200,000 would net Greiner in the tens of millions as the company’s value explodes!
Lori Greiner's Success With Scrub Daddy:
Fans of Shark Tank will know Greiner for being one of its most impressive investors! She knows exactly what makes a hit! With over $1 billion in sales over her products! Greiner created many amazing businesses for herself and the owners.
You may have seen this Scrub Daddy’s remarkable success but what is really impressive are these amazing brands
- Squatty Potty - this item for the bathroom, it increased sales drastically
- The Pizza Cupcake - Another creative choice! Made by the company made big waves with viewers!
- Boarderie brought success to an underserved niche with huge profit
- Nana Hats which sold an amazing quantity of products.
There is even an amazing philosophy to explain just how great this entrepreneur is!
You might have watched The Ellen Show! Greiner gave some insights, four items, that explain just why her brands made it.
- She mentioned products that customers need, want and are fairly priced!
- Products for broad markets were always popular!
- The goal? To always be creating items to solve problems!
Shark Tank Success Stories:
There are many stories in the Shark Tank Universe. And while there's always so many interesting things to come out of this hit television show! Scrub Daddy currently takes third place in its list of hit products.
- Bombas, a comfortable clothing line is number one
- Everlywell, this product created in house diagnostic tests, came in at number two.
What about failures?
Even Shark Tank experts like these business moguls make mistakes! Jamie Siminoff came up with a brilliant idea for the doorbell camera that no one could really believe!
It became an incredibly famous item - a huge billion-dollar success called Ring! You know that feeling! And that’s the magic! That Shark Tank might have missed this amazing opportunity! While Scrub Daddy was just getting going! All those that wanted to help give this product some great growth had no idea that such a phenomenal opportunity might just appear for a seemingly random choice in choosing this simple yellow smiley faced sponge! This special and fun brand really became a huge win!
