Grypmat Shark Tank Update | What Happened to Grypmat after Shark Tank?
What is Grypmat?
Grypmat is a one-of-a-kind device that was created to address the issue of tools slipping away while in use.
This vibrant orange sticky gripping pad secures a variety of tools in place, allowing users to focus on the work at hand rather than picking up instruments that have fallen or slipped out of reach.
Tom Burden, a former air force technician, is the proprietor of Grypmat. Burden drew on his expertise as a teenage mechanic in the armed forces to design and build his ground-breaking invention.
He even sold his house in the summer of 2016 and spent a month living out of his car to fund his desire.
Today, he is developing ambitious development plans for the retail business, including a smaller, more affordable Grypmat aimed at do-it-yourself aficionados.
Who is the founder of Grypmat?
Tom Burden, an F-16 weapons technician in the US Air Force, invented Grypmat in 2013. He was fed up with his tools slipping off the airplane as he worked. That’s when the idea for a non-slip flexible tool mat occurred to him.
He brought the device to market through a successful Kickstarter effort in early 2017 that earned more than $133,000. By July 2017, all Grypmat had been delivered to funders.
Burden spent a great deal of time during his air force career working on aircraft. Due to the plane’s unusual angles and curves, it’s difficult to place tools down without them slipping.
The silicone Grypmat adheres to any surface and it features little troughs like those found in a utensil drawer organizer that keep utensils.
While it was originally built for airplanes, it is now used by car mechanics and do-it-yourselfers of all types to store their tools and gear while working.
The device is described as a “non-magnetic, non-slip, chemical resistant and anti-static rubber tool mat that may be used to secure instruments at extreme angles (up to 70 degrees) on a variety of work surfaces.” It’s washable, resilient, and resistant to chemicals and fuels.
A Grypmat can be used by anyone who uses tools and need a place to set them down while working. They are available in three sizes: small (6′′x 12′′), medium (8′′x 12′′), and giant (12′′x 22′′). A three-pack is priced at $129.00.
What Happened to Grypmat at Shark Tank pitch?
In Shark Tank episode 912, Tom Burden wishes to gain a grasp on a Shark and convince him to invest in Grypmat, his tool mat that clings nearly any surface.
Burden is looking for a Shark to assist him in increasing his retail footprint.
Tom entered the Shark Tank pitch seeking $200,000 in exchange for a 10% stake in his firm, which worth $2 million.
He begins his pitch in front of an airplane’s nose, which is adorned with multiple Grypmat laden with tools.
As a military f-16 technician, he describes the challenges of keeping his equipment organized while working on the planes’ curves. Grypmat was created to address this issue.
While demonstrating the samples on the nose of his “plane,” he adds that each mat can support tools and components at an angle of up to 70 degrees.
The device is not just beneficial to plane mechanics; it is also beneficial to everyone who works with a large number of tools and tiny parts. Robert expresses his enthusiasm for the product as he distributes samples, and Mark suggests that he make an offer.
Tom has earned $400,000 in sales in just ten months, selling around 10,000 pieces. Profits are in the range of $150,000 to $200,000, which Mark applauds.
The firm sells its products via the company website, Amazon, and trade exhibitions. He has already sold to NASA and members of the aviation business, but now he wishes to focus on the automobile industry.
Following a series of inquiries regarding his past, Robert inquires of Tom what he intends to do with the $200,000. Tom wishes to invest in inventory in order to reduce his manufacturing expenses.
Daymond believes the device has a wide range of uses and provides $200,000 in exchange for 25% equity in the firm. Sensing some hesitancy, Daymond reduces to $200,000 for 20% equity shares as the Sharks speak amongst themselves.
Robert inquires as to what Tom would accept in exchange for two or three Sharks. Tom replies it depends on the Sharks, but then adds that Richard Branson’s aviation knowledge would make him an excellent partner.
Robert then suggests $400,000 for 40% equity shares, with him contributing $200,000 and Sir Richard contributing $200,000.
Richard’s offer to reduce the price to $200,000 for 15% equity shares prompts Daymond to lower his offer to $200,000 for 15% equity shares.
Mark joins in, announcing that he and Lori will pool their resources to contribute $200,000 in exchange for 20% equity shares.
Tom then asks if they would consider bringing in Richard and paying $360,000 for 30% equity shares, which they all agree upon. Finally, Tom departed the pitch with a deal from three-sharks.
What Happened to Grypmat after Shark Tank?
Lori, Mark, and Richard signed a deal. Grypmat ran out of stock shortly after the program aired. Since then, sales have increased tenfold from pre-Tank levels. International distribution is being assisted by Mark, Lori, and Richard.
In season ten, episode 1017 has an update piece on the firm. In the update part, Tom visits an Air Force installation and announces an agreement with the Air Force.
Branson use the product extensively throughout his enterprise, from his electric racing teams to his Virgin space endeavors. In 2019, at Branson’s request, they moved all sales online.
It proved to be a wise choice, since the Covid-19 epidemic effectively shut down retail for the most of 2020.
As of January 2022, the firm is still operating and generates over $1 million in yearly sales.
Net Worth of Grypmat
The company valuation was $2 million during the pitch. After the investment done by three Sharks, the company worth $1.2 million. Since then the company net worth might be higher than that of pitch.
What is Grypmat?
A Grypmat is a non-magnetic, non-slip, chemical resistant and anti-static rubber tool mat that may be used to secure instruments at extreme angles (up to 70 degrees) on a variety of work surfaces.
They are available in three sizes.
Who is the founder?
The founder of Grypmat is Tom Burden.
How much was Tom seeking on Shark Tank?
Tom was seeking for $200,000 for a 10% stake in Grypmat.
Did he have the deal?
Yes, Tom had the deal with three sharks by the time he left the tank.
How much was the deal?
They offered $360,000 for 30% stake of the company.
Is Grypmat still in business?
Yes, the company is still in business as of January 2022.
Where is the company located?
The company is based in Santa Fe Springs, California, USA.
What year was Grypmat founded?
The company was founded in 2013.
Where can I buy Grypmat?
Customers can purchase Grypmat for $129 directly from the official website at http://www.grypmat.com. They may also find them on Amazon and other popular retail sites.
How popular is Grypmat?
Grypmat has been featured in publications such as Popular Mechanics and Military Times. They are also available through its website where they sell more than 5,000 units per month.
Is Grypmat shipping?
Grypmat offers free shipping.
What is Grypmat delivery period?
Grypmat offers free shipping including 8-12 days delivery.
How much will Grypmat cost?
Grypmat is available in three sizes and prices are as follows: Small: $19.99, Medium: $27.99, Large: $39.99
Are there any discounts available?
There are no special discounts available.
Is there a warranty offered by the company?
Yes, Grypmat offers a limited one year warranty covering defects in materials or workmanship.
Is Grypmat offer affiliate program?
Yes, Grypmat offers affiliate program.
How can I contact Grypmat?
Who is the CEO?
The current CEO of Grypmat is Tom Burden.
What is the net worth of Tom Burden?
The net worth of Tom Burden was estimated to be $1.2 million.