Busy Baby Mat Shark Tank Net Worth 2023
Busy Baby, a company valued at $5 million during the pitch, has shown considerable successes as it is expecting an annual revenue of $4 million. This could lead to an increase in its valuation further in 2021.
Based on current metrics, the company’s net worth is estimated to be around $1.5 million. It is expected that the continuous sales and revenue growth would bring substantial profits and consequently raise Busy Baby’s valuation going forward.
What is Busy Baby Mat?
The Busy Baby Mat is a reversible play mat designed for infants aged newborn to three years old. Its vibrant colors and designs are visually stimulating and it has a soft, cuddly texture that makes it comfortable for babies to lie on.
Busy Baby is a company that produces silicone placement mats designed to keep babies occupied while their parents carry out household tasks. The company was founded in late 2017 by Beth Fynbo after she had her first child.
During a memorable lunch with friends, they found themselves constantly bending down to pick up their children’s toys, which inspired Fynbo to create a device that would prevent toys from falling off a table or high chair.
Fynbo, an army veteran, enrolled in a 12-week entrepreneurship course at Bunker Labs in 2018 to learn how to develop a successful business. She also participated in the MN Cup, a startup competition run by the University of Minnesota’s Carlson School of Management. She now co-owns the business with her younger brother, Eric.
Busy Baby Mats come in various colors and include four tethers, priced at $29.99 each. On the company website, additional tethers, rattles, and other accessories are also available for purchase.
Although a Kickstarter campaign launched in October 2018 was unsuccessful, Fynbo and her team persevered and the Busy Baby Mat is now available for purchase on Amazon.
What Happened to Busy Baby Mat at Shark Tank pitch?
Beth approached a Shark Tank investor for help with production and inventory after her Kickstarter campaign was unsuccessful. During her pitch, she requested $250,000 in exchange for a 5% stake in her company, which was valued at $5 million.
Beth shared her story, distributed product samples, and highlighted her two patents and strong sales record. Her product cost $6 to manufacture and retailed for $24.99. Beth had made $343,000 in sales to date and expected to close out 2020 with $900,000 in sales, with a $200,000 profit.
After Lori made a $250,000 offer for a 20% stake in the company, Mark opted out. Beth countered with a $250,000 offer for a 10% stake, but Lori insisted on a 20% ownership. Robert agreed that Lori’s offer was better than his and left the deal.
Daymond announced he was not interested in baby products, and Kevin referred to Beth as a “rock star,” but he was not interested in investing.
Beth made a counteroffer of $250,000 for a 15% equity share, stating that she could not go higher. Lori returned with an offer of $250,000 for an 18% equity share, but they were unable to reach an agreement.
Despite not striking a deal, Busy Baby Mat continued to operate. In July 2021, just four months after the show aired, the company sold more than 6,000 units in two days, surpassing its typical monthly sales.
Beth also created a baby spoon and a smaller mat to fit high chairs. The company generated $1 million in sales in 2020 and expected to reach $4 million in 2021.
Competitors of Busy Baby Mat
Busy Baby Mat has several competitors in the market. With this being said, it is natural for manufacturers to compare their products with others. Here are some of the common competitors for Busy Baby Mat: Claire’s Toy Box and Jumbo Tumblin’ Mat.
Net Worth of Busy Baby Mat
During the pitch the company was valued at $5 million and they have made a lot of sales annual anticipated revenue of $4 million which might make the company valuation to rise in 2021.
Busy Baby Mat FAQs
What is Busy Baby Mat?
Busy Baby Mat is a two-sided baby play mat for children from newborn to three years old.
Busy Baby Mat is colorful and engaging with its brightly colored designs, it is soft and cuddly, making it comfortable for the child to lie on.
Busy Baby manufactures silicone placement mats that keep infants occupied while their moms perform household tasks.
Who is the founder?
Beth Fynbo founded Busy Baby in late 2017 following the birth of her first child. A memorable lunch engagement with friends during which they spent the most of their time stooping down to pick up their 1-year-olds’ toys inspired the idea for a gadget that would prevent toys from falling (or being hurled) off a table or high chair.
What is her offer on Shark Tank?
Beth Fynbo was seeking for $250,000 for a 5% stake in her company at valuation of $5 million.
Did she get the deal?
No, Busy Baby Mat did not get the deal on Shark Tank.
Is still in business?
Yes, Busy Baby Mat is still in business.
How is Busy Baby mat doing?
Busy Baby mat is still in business and has been doing well selling their products.
Is there a link to the website?
Anyone can get more information on the product and how to order from the site.
How much is Busy Baby mat worth?
It was worthwhile: Busy Baby exceeded $900,000 in sales in 2020, a whopping 900% increase over the previous year. Fynbo anticipates Busy Baby to surpass $4 million in sales this year if present trends continue.
Is it safe?
The mats are made from thick and durable foam with a nylon tether, so they are safe for children. The colors are non-toxic and the silicone surface is smooth and soft.
If you want to know the latest information about Busy Baby Mat, this is the most reliable source.
How much per unit?
The mats cost $29.99 with 4 Tethers included in each mat at time of purchase.
How much does it cost to ship?
Shipping costs $9.99 per item, each additional item is $2.99.
How long does it take to receive your order?
Shipping normally takes between 2 and 7 days.
How can we contact the company?
One contacts them on email [email protected]
Is it profitable?
Busy Baby Mat is profitable and has made a lot of sales in the past. It’s likely to make more since it has continued to grow each year.
What are its risks?
The business faces some potential risks, like losing customers that may want the firm to branch out into other products like beds or car seats.
There are also competitors that may offer similar products at lower prices, which could affect the company’s future success.
How is the business model?
The company sells mats that help parents keep things off the floor or high chair, while keeping babies entertained and happy.
What does the future hold for Busy Baby Mat?
The company faces some potential risks, like losing customers that may want the firm to branch out into other products like beds or car seats.
There are also competitors that may offer similar products at lower prices, which could affect the company’s future success.
