HydroMax Shark Tank Net Worth 2023
The net worth of Hydromax in 2023 is estimated to be around $2 million. The company was valued at $200,000 when it appeared on Shark Tank in 2012, and has since seen a significant increase in revenue due to the success of its patented product.
In 2012, Chris Spencer, the founder of Hydromax, appeared on Shark Tank seeking an investment of $50,000 in exchange for a 25% stake in Hydromax. Jeff Foxworthy offered $50,000 for a 50% stake in Hydromax and Chris Spencer accepted the deal.
Since then, Jeff Foxworthy’s financing and skills have helped Chris bring his Hydromax product to market, making it a must-have for high school and college football teams.
This has resulted in increased sales and profits for the company, leading to its current estimated net worth of $2 million.
What is HydroMax? Who is the founder of HydroMax?
HydroMax is a patented water system that can be easily transported and attached to any football pads, as well as used during other sports activities such as volleyball, soccer, and hockey. The device can carry up to 16 ounces of water and is designed to mount on the shoulder pad.
Chris introduced HydroMax in 2007 in Houston, Texas, but soon prioritized raising his family over pursuing his ambition to bring HydroMax to market. As a result, he entered the corporate business sector.
However, in 2011, Chris’s passion for his product was reignited, and he became determined to find a distributor for HydroMax despite working full-time in the corporate business sector.
Chris is particularly enthusiastic about HydroMax because he knows that dehydration can be a serious issue for athletes, with some even dying on the football field due to dehydration.
Before he stepped back from the company to focus on his family, he had already achieved significant success, earning $100,000 in one year.
HydroMax Shark Tank Pitch
After inventing HydroMax, Chris decided to pitch his product to the investors on the show Shark Tank to seek financial assistance, a business partner, and most importantly, to grow his business.
During his pitch, Chris offered the Sharks a 25% stake in his firm in return for $50,000. He explained that his product was designed to help prevent dehydration-related deaths in minor league football players.
The HydroMax system, which costs $8 to make, is designed to attach to any pair of football pads and retails for $49.95. Chris had sold $100,000 worth of HydroMax systems during the year he was selling his product, but he had returned to his corporate job after starting a family.
The Sharks were interested in the product and wanted to know more about the cost and sale price. Barbara Corcoran asked how Chris planned to devote time to the product, and he explained that he wanted a Shark to help him establish a production and distribution network so he could focus on sales.
However, Kevin O’Leary preferred to work with entrepreneurs who sought out their own licensing arrangements, as he claimed that licensing the product was difficult.
Daymond John felt that the company’s valuation was exaggerated and withdrew from the deal, while Barbara Corcoran believed she lacked the necessary relationships for this type of business and also dropped out. Only two Sharks, Robert Herjavec and Jeff Foxworthy, remained.
Robert Herjavec believed that Chris was the only person capable of making the business work, and he urged him to make more sales calls.
Jeff Foxworthy was curious about Chris’ growth intentions and made an offer of $50,000 for 50% ownership of the company at a valuation of $100,000. Chris accepted the offer, and the deal was closed.
After the celebration, the deal with Jeff Foxworthy fell through, but the HydroMax system continued to be used by professional players on teams like the Dallas Cowboys and the San Diego Chargers, as well as Pop Warner, high school, and college teams.
Chris Spencer is now the CEO of his firm, and the system has taken off. Chris obtained venture capital investment in 2011 to support continuous operations and the expansion of 13 staff and day-to-day operations with a nationwide presence.
As of November 2021, Chris is a Senior Business Account Executive with T-Mobile, and HydroMax sales are estimated to be $2 million per year.
Competitors of HydroMax
The company competes with the following companies; UniTek Global Services, Wachs Water Services, ORI, Holland Board of Public Works, H&MV Engineering, Botcode, Roof Management and Gewalt Hamilton Associates.
Net Worth of HydroMax
During the pitch the company valuation was $200,000 and they had makes several sales of around $2 million. The company valuation has also increase in 2021.
HydroMax FAQs
What is the HydroMax?
The HydroMax is a unique patented portable water system suitable for use on any pair of football pads. It also functions while playing volleyball, soccer, hockey and other sports.
Who invented the HydroMax?
Chris Spencer invented the HydroMax in 2007.
What is his offer on Shark Tank?
Chris was seeking for $50,000 for 25% equity stake in his company which was estimated to be worth $200,000.
Did he get the offer?
Yes, he got the offer from Jeff Foxworthy.
What is the offer?
Foxworthy offered $50,000 for 50% ownership in the company at a valuation of $100,000. Chris agreed to the offer.
Did they close the deal?
No, they did not close the deal.
How much did he earn from his company?
The sales of the company are $2 million per year.
How much does the HydroMax cost?
The HydroMax costs around $8. The system retails for $49.95, and the company has sold over a 100,000 units since it began its operations.
How does it work?
The HydroMax attaches to any pair of football pads or protective sports gear, providing a portable supply of water that is easily accessible during competition.
How do I find them?
One can find them on HydroMax.com or MyHydromax.com
Is safe to buy online?
Yes, HydroMax is safe buy online.
Where can you find reviews?
One can find reviews on Amazon.com, YouTube, Pinterest and MyHydromax.com.
How much does it weigh?
It weighs around 4 ounces.
Is it legal?
Yes, the HydroMax is legal because it uses FDA approved material for the bladder and the tubing system.
How is business model?
The HydroMax is sold on the site MyHydromax.com.
What is their target market?
The target market of HydroMax is athletes and teams that participate in various sports.
How many employees does the company have?
HydroMax has 13 employees as of November 2018.
Why do you need investors to start the business?
Chris wanted to expand his business by taking advantage of his experience, knowledge and contacts to establish a large scale production plant for this product.
What is the net worth of Chris Spencer?
The net worth of Chris is estimated at $100 million.
