Hot Tot Shark Tank Update | What Happened to Hot Tot after Shark Tank?
What is Hot Tot? Who is the founder of Hot Tot?
Hot Tot is a line of professional hair care products for children created to address the unique structure of children’s hair.
It was founded by Megan Gage in 2010, a former social worker from Denver, Colorado. She created the brand after becoming concerned about the use of harmful chemicals and artificial scents in children’s hair care products and wanting to create a safer, non-toxic alternative.
She began with a small budget and ran the company from her home, eventually gaining recognition and coverage in popular parenting magazines.
What Happened to Hot Tot at Shark Tank pitch?
Megan Gage, the founder of Hot Tot, pitched her children’s hair care products to the Sharks on episode 12 of Season 4 of Shark Tank.
She was seeking an investment of $50,000 in exchange for a 15% stake in her 15-month-old company, which had $20,000 in revenue.
Kevin, Lori and Robert did not show interest in the product and went out, while Mark Cuban loved the product and offered $75,000 for 40% equity shares in the company and suggested that they test the product to label it hypoallergenic.
Daymond also went out, but Megan closes the deal with Mark and appeared to be excited to move forward with the investment.
What Happened to Hot Tot after Shark Tank?
After Megan’s successful pitch on Shark Tank, she and Mark completed the deal and Hot Tot underwent allergy testing to become certified hypoallergenic.
Despite interest from distributors, Megan chose to continue with her plan of slow growth and distribution through high-end hair salons.
Hot Tot has become a pioneer in the category of high-end, kid-friendly hair care products and as of January 2022, the company is still selling through salons and online on its website and Amazon, with annual revenue of $5 million.
Competitors of Hot Tot
Despite the fact that Hot Tot caters to a specific age range within the hair care business, it competes with firms such as Fairy Tales and SOCOZY, who also offer products for children’s hair.
Net Worth of Hot Tot
The valuation of Hot Tot at the time of the Shark Tank pitch was $333,333. After Mark Cuban’s investment, the company’s valuation was lowered to $187,500. However, with annual sales of $5 million as of January 2022, the company’s net worth has likely increased.
Hot Tot FAQs
What is Hot Tot?
Hot Tot is a collection of hairdressing markings that is the most recent invention in specialty hair care. Designed to accommodate the distinct structure of children’s strands.
Hot Tot promotes fashion by offering professional hair products to a new generation.
Who started Hot Tot?
Hot Tot was founded by Megan Gage in 2010, based in Colorado.
How much was asking on Shark Tank?
Megan was seeking for $50,000 for 15% stake in her firm, which was worth $333,333.
Did she have the deal?
Yes, she did from Mark Cuban.
How much was the deal?
Mark Cuban offered $75,000 for 40% ownership of the company.
Is Hot Tot still in business?
Yes, Hot Tot is still operating with annual revenue of $5 million.
Is Hot Tot safe for children?
Yes, Hot Tot is safe for children. The company relies on a variety of natural ingredients to create shampoo, conditioner and styling products that are 99% naturally derived. To ensure the product is 100% natural and hypoallergenic.
What are all the ingredients in Hot Tot?
Hot Tot products contain only a few simple, pure and natural ingredients with no man-made chemicals or chemicals derived from petroleum.
They include pure water (aqua), coconut oil, shea butter and other alternative moisturizers like mango seed butter.
What does Hot Tot do?
Hot tot offers high-quality hair care products for kids and it also has an extensive range of designs and scents specially designed for children.
Are Hot Tot goods all-natural?
They use a high percentage of certified organic ingredients, and their products are manufactured in an organic facility that is NOP (Natural Organic Program) and NSF / ANSI (American National Standards Institute) certified.
They do not, however, claim to be “organic.” Most consumers are startled to find that the FDA has not established criteria for approving personal care products. Furthermore, when it comes to cosmetics, there are no standards for the labels “natural” or “organic.”
Is Hot Tot packaging recyclable?
Yes! They utilize PET plastic, which is both environmentally friendly and the most recycled plastic in the United States. Their compositions are also completely biodegradable!
Are Hot Tot bottles free of BPA?
Yes! While the FDA has reviewed hundreds of studies and found that BPA is safe at extremely low levels, they prefer to be cautious rather than sorry. There is no BPA here!
Does your firm conduct animal testing?
Never! They adore their canine companions and do not conduct any animal experimentation! In addition, they do not do business with anyone who does! PETA and The Leaping Bunny have both certified Hot Tot.
Where do Hot Tot items come from?
All products were created with passion in the United States by one of the industry’s finest cosmetic formulators.
How much does Hot Tot charge for shipping?
They provide flat-rate shipping through USPS ($5.95) or FedEx ($9.00).
How long will it take for my order to arrive?
Monday through Friday, orders are sent at 9 a.m. Please contact us personally if they want an accelerated service, and they will try their utmost to meet their requirements.
Does Hot Tot ship outside of the United States?
They are glad to accept orders from Canadian customers. Because they are continuously creating new ties with distributors all over the world, the worldwide customers may contact them directly!
Does Hot Tot accept returns?
They regret that they are unable to accept returns at this time. On hottot.com, all sales are final.
Who is Megan Gage?
Megan Gage was born on February 1st in Boulder County, Colorado as Megan Gage. She attended Regis University where she obtained a degree in Communications Management.
What is the net worth of Megan Gage?
Megan Gage has an estimated net worth of $4 million.
