Freshly Picked Shark Tank Net Worth 2023
Susan, the founder of Freshly Picked, went on the TV show Shark Tank to secure a $150,000 investment for a 10% ownership stake in her company, which would give the company a valuation of $1.5 million.
However, instead of accepting the original terms she proposed, Susan accepted an offer from Daymond for $150,000 in exchange for a 25% stake in the business. This meant that the new valuation of Freshly Picked was calculated to be $600,000.
It’s worth noting that since the episode aired, Freshly Picked has continued to grow and expand, which means that the current value of the company is likely higher than what was presented on the show.
What is Freshly Picked? Who is the Founder of Freshly Picked?
Freshly Picked is a company that creates stylish and comfortable baby shoes that are handcrafted from high-quality genuine leather to ensure longevity.
The moccasins are designed with soft bottoms to allow babies to stretch their toes as they learn to walk, helping them establish balance.
Susan Peterson, the founder and CEO of Freshly Picked, came up with the idea for the company after becoming a new mother and seeking creative ways to make ends meet.
In 2006, she started selling handmade baby blankets on Etsy, gradually building a following through word of mouth.
It wasn’t until Susan had her second child in 2009 and struggled to find a pair of shoes that would fit his chubby feet that she came up with the concept for Freshly Picked moccasins.
Using spare leather and teaching herself to sew, Susan experimented with six different designs before settling on the perfect pair of baby moccasins.
To fund her new venture, Susan sold $200 worth of scrap metal from a pile of reclaimed windows and used the money to purchase a single skin of leather to make her first 40 moccasins.
Despite slow initial growth, the company steadily expanded over time, and in 2014 alone, Susan sold $500,000 worth of Freshly Picked moccasins.
Freshly Picked Shark Tank Pitch
Susan made an appearance on Season 5, Episode 15 of Shark Tank with a proposal seeking a $150,000 investment in exchange for a 10% stake in Freshly Picked, which would value the company at $1.5 million.
During her pitch, Susan explained that she had gone through six different designs before settling on the final one. She also handed out pairs of her moccasins for the Sharks to inspect.
When Lori asked about the manufacturing location of the moccasins, Susan explained that she used to make them herself but had to hire a local lady as her business grew.
Robert Herjavec inquired about her sales, and Susan revealed that she had sold $500,000 worth of moccasins that year, shocking the Sharks. Kevin O’Leary was interested in knowing how many pairs her most active buyer had purchased.
Susan’s impressive sales figures and promising market led to a chance of securing a Shark contract. She stated that half of her clients returned to buy at least three additional pairs, indicating customer loyalty.
She also shared that she started the company with just $200, which she obtained by scavenging metal from her brother’s replacement window business.
Mark Cuban praised Susan’s entrepreneurial spirit and called her story the “greatest narrative” he had ever heard. When Lori inquired about the cost of a pair of moccasins, Susan revealed that they cost around $60 per pair, with each pair costing roughly $17 to make.
Although Mark Cuban and Robert Herjavec did not make any offers, Lori Greiner believed that Susan could run the company independently.
However, Kevin O’Leary made an offer of $75,000 in exchange for a 7% royalty, which would be reduced to 5% once his investment was repaid. He then invited Daymond John to join him in investing.
Daymond countered with an offer of $150,000 for a 25% stake in the company, which Susan countered with $150,000 for a 20% stake.
After some negotiation, Susan accepted Daymond’s offer, describing him as her “dream Shark.”
However, their partnership did not work out after the show, but the exposure from appearing on Shark Tank led to a significant increase in revenue, from $120,000 to $5.4 million in just three years.
Today, Freshly Picked is still thriving with an annual revenue of $14 million. The company has expanded its product line to include shoes, diaper bags, luggage, and sandals, with a Disney Collection for older children.
Susan’s team has also grown to 12 people, and the company has a loyal celebrity following, including Kim Kardashian and Jessica Alba.
What is Net Worth of Freshly Picked?
Susan appeared on Shark Tank in search of a $150,000 investment in exchange for a 10% stake in Freshly Picked. This translates to a $1.5 million valuation.
She accepted an offer from Daymond of $150,000 for 25% of the business which brings valuation to be $600,000.
Current valuation of the Company is evidently higher since it has grown from the date it was aired on the Show.
Who are the Competitors of Freshly Picked?
Monica + Andy and Pottery Barn kids are some of Companies that competes with Freshly Picked.
Freshly Picked FAQS
What is Freshly Picked?
Freshly Picked Moccasins is a shoe company creating footwear for babies from its private label.
Who is the founder of Freshly Picked?
Susan Peterson was the founder of Freshly Picked.
How much was she seeking in the Shark Tank?
She was seeking 150k foe 10% stake in her business.
Did she get a deal from the Shark Tank?
Yes, she got a deal from Daymond for 150,000 for 25% stake in her business.
What is the Freshly Picked Website?
The Freshly Picked Website is www.freshlypicked.com.
Is Freshly Picked still in business?
Yes, Freshly Picked Moccasins is still in business as of August 2021, with annual revenue of $14 million.
Where are Freshly Picked bags manufactured?
Each of their goods is meticulously handcrafted by teams of craftsmen in Utah and throughout the world, utilizing only the finest authentic Italian leather, suede, nylon, and vegan leather materials.
To assure excellence, no detail is overlooked.
Is Freshly Picked ethical?
Their swaddles are handcrafted at a renowned Chinese factory.
Freshly Picked has investigated the factory’s labour and safety standards and is satisfied with their ethical approach to production.
How much money has Freshly Picked made?
Freshly Picked has gone from $120,000 in sales to $5.4 million in sales during the previous three years. Its workforce has increased from one to twelve people.
What type of leather do they use?
They take pleasure in acquiring high-quality leather and utilize 100 percent genuine cow skin leather for all of their moccasins.
How do they clean their moccasins?
They advise using a moist cloth soaked in a tiny bit of infant detergent. Baby detergent is mild and contains conditioners, which help to keep the moccasins from drying out.
Is Free Shipping available?
Free delivery is provided for orders in the United States that exceed $100 before taxes. (PLAY items are not covered in the free delivery deal)
When will their order ship?
Orders normally take 1-3 business days to complete before delivery, unless differently specified on the product page at the time of purchase under the shipping information.
Their warehouse is open Monday through Friday but closed on national and state holidays.
How is their return processed?
Their staff will handle their return after they get the returned product(s) back at their warehouse (after inspection). Please allow up to two weeks for the processing of returns.
In what sizes are Freshly Picked sneakers available?
Sneakers are offered in sizes 5-13 for children. Shop for children’s footwear right here!
Is the size of a sneaker the same as the size of a sandal?
Yes. They recommend going up if they’re in between sizes. Keep in mind that their shoes are constructed of fine leather, which extends naturally over time.
What are the materials used to make the sneakers? Are they made of leather?
Their shoes include a real leather exterior and leather-lined, long-lasting rubber soles.
Where is Freshly Picked located?
The company is located in Lindon, Utah.