Driftline Shark Tank Net Worth-What Happened to Driftline After the Shark Tank Pitch?
What is Driftline Shark Tank Net Worth?
At the time of the shark tank show, Driftline’s business was valued at $1 million based on a $100,000 investment requested for 10% equity. Driftline is a company that appeared on Shark Tank USA in May 2022. The company was founded by Wes Horbatuck and Greg Orfe.
What Is Driftline? Who Is The Founder Of Driftline?
Driftline is an aquatic apparel and lifestyle brand that was founded by two friends, Wes Horbatuck and Greg Orfe, who regularly indulge in surfing. The idea for Driftline began taking shape during a surfing session at one of their spots in San Diego, California, sometime in October 2016.
Driftline’s patent-pending activewear debuted in 2019 and sells directly to consumers through its website. Driftline offers lined boardshorts in various colors and patterns for $89 and non-lined variants for $55. They also sell T-shirts and gift cards.
Driftline’s boardshorts are designed to provide extra cushioning and prevent chafing while surfing. The company strives to deliver fashion with function, and its boardshorts are an accurate example of that.
Driftline has partnered with several athletes and content creators who have had great things to say about the product. People like Jaden Reichl, a professional wakeboarder, and Justin Graham, an avid water sportsman, have been using Driftline for their sporting apparel needs.
For now, Driftline only ships within the United States but looks forward to expanding in the near future.
What Happened To Driftline At The Shark Tank Pitch?
Driftline Boardshorts appeared on Shark Tank Season 13 Episode 23, but they did not get a deal. After the show aired, many athletes started buying the product because they wanted to try it.
Driftline is still in business as of May 2022 and sells its products on its website and at two retail locations: West Coast Paddle Sports in Clairemont and the Alila Marea Beach Resort.
According to Driftline’s website, it took months of paperwork, company analysis, and filming preparation before their actual air date on Shark Tank in early 2021.
The founders were grateful for the opportunity to swim with the sharks in “The Tank” and show the world their patented wetsuit-lined board shorts. They rehearsed their pitch day and night to ensure that they would not look like kooks up on that stage.
Wes and Greg presented their unique and innovative board shorts company, Driftline, to the Sharks in an impressive pitch requesting a $100,000 investment for 10% equity. The Sharks were impressed with the product and the sales figures, as Driftline had generated $125,000 in sales in the year-to-date, despite struggling to keep up with demand.
However, Kevin O’Leary was the first to opt out of the deal, as he didn’t fully grasp the market. Lori Greiner also decided not to invest because she felt the company’s niche was too specific. Daymond John didn’t see any opportunity to add value to the company, so he decided to pass as well.
This left only Mark Cuban and Robert Herjavec interested in the deal. Robert offered $150,000 for a 33.3% stake in the company, which Wes and Greg felt was too much. They tried to negotiate a lower equity share a few times, offering as much as 25%, but Robert refused to budge.
Then, Daymond came back into the deal and offered $100,000 for a 20% stake, but only if they accepted the offer immediately. However, since Wes and Greg were unable to decide on the spot, Daymond withdrew his offer. Robert then reduced his equity demand to 28%, but Wes and Greg still rejected the deal.
Unfortunately, Wes and Greg left the Shark Tank without securing an investment deal. We’ll provide you with a Shark Tank Driftline update to keep you informed on how they’re doing now.
What Happened To Driftline After The Shark Tank Pitch?
Driftline, a company that produces board shorts with wetsuit liners to prevent chafing and stay warm, appeared on Shark Tank Season 13 but did not get a deal.
After being contacted by Shark Tank in early 2021, it took months of paperwork, company analysis, and filming prep before their actual air date. Driftline is still in business as of May 2022 and has seen an increase in sales after appearing on the show.
The brand is not available in online marketplaces like Amazon but can be purchased directly from their website or at two retail locations.
Is Driftline Still In Business?
Yes, Driftline is still in business as of May 2022. The company produces board shorts with wetsuit liners to prevent chafing and stay warm. Driftline’s patent-pending activewear debuted in 2019 and the company manufactures apparel using eco-friendly processes and products.
They partnered with a company from Taiwan and Vietnam that uses energy-efficient machines. For now, the aquatic apparel and lifestyle brand sells directly to its consumers through its website.
They offer lined boardshorts in various colors and patterns for $89 and non-lined variants for $55. Driftline even sells T-shirts and gift cards.
Driftline had $125,000 in year-to-date sales, mostly because they couldn’t keep up with orders. The company is running well, but it needs branding to become successful. It is not necessary for a company to have only a good product; a strong marketing strategy is also needed.