MTailor Shark Tank Net Worth 2023

Mtailor has an estimated net worth of $25 million. The company’s monthly revenue is estimated to be between $350,000 and $450,000. In February 2016, Miles Penn founded Mtailor and appeared on Shark Tank America seeking a $2.5 million investment for a 10% stake in his company.

However, the Sharks were not convinced by Penn’s technology and refused to make a deal. Despite this, Mtailor has grown significantly since then.

As of July 2022, the company’s revenue was $4.4 million and it was valued at more than $15 million. Penn persisted despite the Sharks’ criticism and Mtailor is still in operation today.

What Is MTailor?

MTailor is an online company that creates personalized men’s clothing, including suits, shirts, and pants. Their unique selling point is that each item is tailor-made to fit the specific measurements of each individual customer.

To ensure a precise fit, MTailor offers an app for Android and iOS devices that helps customers accurately measure their bodies before placing an order. Customers have a vast selection of over 10,000 different clothing options to choose from.

MTailor was founded in 2013 by Miles Penn, who created the initial prototype of the app during his senior year of high school. After proving the concept and launching the company, Penn became the CEO of Bit Body, Inc., the parent company of MTailor.

Who Is The Founder Of MTailor?

The founder and CEO of MTailor is Miles Penn, who used to attend Stanford University. While studying there as an undergraduate, he developed an interest in entrepreneurship and launched his first business, which provided personal training services to fellow students, during his sophomore year.

Penn is an avid online shopper, but he became frustrated with receiving clothing items that didn’t fit properly from various e-commerce retailers. This problem led him to create the MTailor app, which allows customers to obtain custom-made shirts and suits at a lower cost than traditional tailoring.

The app works by precisely recording 17 points on a person’s body using their smartphone’s camera, which enables the app to measure the customer’s physique and create a personalized garment.

Penn’s inspiration for creating MTailor also came from his belief that shopping for clothing is a waste of time, and he saw an opportunity to utilize technology to solve this problem. Additionally, he wanted to overcome the challenges of purchasing ill-fitting clothing online and the hassle of returning them.

MTailor received support from Penn’s venture capital firm, which includes Y Combinator and Khosla Ventures, a well-known investment firm founded by Vinod Khosla, co-founder of Sun Microsystems.

The company has raised $2 million in investment and claims to be 20% more accurate than traditional tailoring methods. Shirts start at $69, making it a cost-effective solution for customers seeking personalized clothing.

What Happened To MTailor At Shark Tank Pitch?

Miles Penn, after a lengthy product development period, approached the Shark Tank investors seeking collaboration.

He aimed to obtain $2.5 million for a 10% stake in his company, which was valued at $25 million. During the pitch, Miles revealed his aversion to visiting malls and how online shopping has worsened in recent years. He presented his program, which uses a phone to measure shirts and is more precise than a real-life tailor.

The software calculates the size of a shirt based on a video that is taken by resting the phone against a wall and doing a single spin. The app offers over 10,000 style and color options and provides bespoke shirts for $69, which is half the price of other custom shirts, due to the absence of a store and tailor.

The app’s patented methodology uses 14 measuring points, resulting in fewer returns, around 15%, compared to a retail store, which has approximately 25% returns.

However, Daymond expressed doubts about the company’s valuation. Miles disclosed that although the income was $150,000 per month in July, it has decreased since then, with current sales on track to earn only $1.1 million. He also revealed that he has $1.4 million in the bank but has experienced supply chain issues, still paying too much for shirts despite the volume.

Miles is seeking help from the Sharks with the supply chain and believes Daymond can be an asset. He raised $2 million at a $10 million valuation to justify his $25 million valuation.

All five Sharks remained in, despite concerns about the valuation. Miles wanted to develop his own line and believed licensing would endanger the company. Daymond offered $2.5 million for 17.5% but suggested licensing. Kevin offered $2.5 million in loans at a 7% rate for three years in exchange for a 2.5% stake.

Mark believed this was an excellent offer, but Miles declined because he was searching for equity partners rather than loans. Miles left the pitch without securing a deal, and the Sharks expressed doubts about his business’s trust and potential for success.

Competitors of MTailor

The company’s main competitors are; Threadless, Shoptagr, Damartex, and Missygow.

MTailor Shark Tank Updates

MTailor is a mobile app that measures a person’s body to create custom-tailored clothing. Miles Penn presented MTailor in Shark Tank episode 721, seeking a $2.5 million investment in exchange for a 10% stake in his company.

However, the Sharks did not invest in MTailor. Despite not receiving a deal from the Sharks, MTailor is doing well after participating in Shark Tank. As of 2023, the company generates $4.4 million in annual revenue and is valued at over $15 million.

In December 2022, the company was doing $13 million per year in sales and was valued at around $25 million.

MTailor uses an app to capture 17 points on a person’s body accurately, which allows customers to purchase custom-tailored shirts or suits online. Shirts start at $69, which is less than half the price of a shirt from a traditional tailor.

The company has over 10,000 unique shirt combinations, making it incredibly simple to order.

MTailor has received backing from venture capitalists, raising $7.2 million in 2018 and another $8.3 million in January 2022. The company is doing well despite not receiving a deal from the Sharks, and Miles Penn has persevered with his dream.

MTailor Shark Tank Table Summary:

TOPIC	INFORMATION
MTailor’s net worth	$25 million (estimated)
MTailor’s monthly revenue	$350,000 – $450,000 (estimated)
MTailor’s Shark Tank pitch	Miles Penn sought $2.5 million investment for a 10% stake in the company, but the Sharks did not make a deal.
MTailor’s revenue and valuation	As of July 2022, the company’s revenue was $4.4 million, and it was valued at over $15 million.
MTailor’s products	Personalized men’s clothing, including suits, shirts, and pants.
MTailor’s unique selling point	Each item is tailor-made to fit the specific measurements of each individual customer. MTailor offers an app for Android and iOS devices to help customers accurately measure their bodies before placing an order.
Founder and CEO	Miles Penn
How MTailor works	The app precisely records 17 points on a person’s body using their smartphone’s camera to measure the customer’s physique and create a personalized garment.
MTailor’s inspiration	To overcome the challenges of purchasing ill-fitting clothing online and the hassle of returning them.
Investment and support	MTailor received $2 million in investment from Y Combinator and Khosla Ventures, a venture capital firm founded by Vinod Khosla.
Competitors	Threadless, Shoptagr, Damartex, and Missygow

Net Worth of MTailor

The company was valued at $15 million during the pitch, in 2021 the company has a net worth of $25 million.

MTailor FAQs

What Is Mtailor Shark Tank?

MTailor is a mobile app that creates custom-tailored clothes based on a user’s unique measurements. The app measures the user’s body using a phone camera, much like a tailor would, and then allows the user to purchase a custom-tailored shirt or suit online.

The app was developed by Miles Penn, who pitched the idea on Shark Tank in season 7, episode 21. During the pitch, Penn demonstrated how the app worked by taking a simple picture that took 30 seconds and ultimately resulted in a $69 custom shirt.

The app offers over 10,000 unique shirt combinations, allowing users to customize their perfect shirt.

MTailor has some strong early venture capital backers, including Y Combinator and Khosla Ventures, a venture capital firm started by Vinod Khosla, Co-Founder of Sun Microsystems.

Penn entered the Shark Tank seeking $2.5 million for 10% of his company, but he left without a deal. Despite the Sharks’ harsh criticism, MTailor appears to be doing well after participating in Shark Tank.

As of 2023, the company generates $4.4 million in annual revenue and is valued at over $15 million.

How Does Mtailor Shark Tank Work?

MTailor is an app that measures a person’s body for custom-tailored clothes. The app is available for Android and iPhone and is free to download. To use the app, a person stands shirtless in front of their phone, which takes a picture of them.

The app then measures their body from the photo and their height, which they input. From there, the app sizes custom shirts that can be purchased through the app.

MTailor was pitched on Shark Tank in episode 721 by Miles Penn, who was seeking $2.5 million for 10% of his company. The Sharks were impressed with the app’s accuracy and the fact that it was more accurate than a real-life tailor.

However, Daymond John was put off by Penn’s insistence on keeping his business model, which cost him a deal with the Sharks. Despite this setback, MTailor has persevered with its dream and is up and running.

The company has over 10,000 unique shirt combinations, and shirts start at $69, less than half the price of traditional fitted shirts. As of 2023, the company generates $4.4 million in yearly sales.

What Happened To Mtailor After Shark Tank?

MTailor is a mobile app and store that creates custom-tailored clothes based on unique measurements.

Miles Penn, the founder of MTailor, appeared on Shark Tank in 2015, requesting an investment of $2.5 million in exchange for a 10% stake in his company. However, none of the Sharks invested in MTailor, and Miles left without a deal.

Despite not receiving a deal from the Sharks, MTailor has been successful on its own. As of 2023, the company generates $4.4 million in annual revenue and is valued at over $15 million.

In 2018, MTailor raised $7.2 million, including $5.2 million in a Series A funding round. The company has continued to grow and expand its offerings, including adding women’s clothing to its product line.

In conclusion, MTailor has been successful after appearing on Shark Tank, despite not receiving an investment from the Sharks. The company has continued to grow and expand its offerings, generating millions of dollars in revenue and raising millions in funding.

What Happened To Mtailor After Shark Tank?

MTailor is a mobile app and store that creates custom-tailored clothes based on unique measurements.

Miles Penn, the founder of MTailor, appeared on Shark Tank in 2015, requesting an investment of $2.5 million in exchange for a 10% stake in his company. However, none of the Sharks invested in MTailor, and Miles left without a deal.

Despite not receiving a deal from the Sharks, MTailor has been successful on its own. As of 2023, the company generates $4.4 million in annual revenue and is valued at over $15 million. In 2018, MTailor raised $7.2 million, including $5.2 million in a Series A funding round.

The company has continued to grow and expand its offerings, including adding women’s clothing to its product line.

In conclusion, MTailor has been successful after appearing on Shark Tank, despite not receiving an investment from the Sharks. The company has continued to grow and expand its offerings, generating millions of dollars in revenue and raising millions in funding.

Is Mtailor Shark Tank Still In Business?

Yes, MTailor is still in business as of 2023. Despite not receiving a deal from the Sharks on Shark Tank, MTailor has been successful and has raised millions of dollars in venture capital. In 2018, they raised $7.2 million, and in January 2022, they raised another $8.3 million.

As of December 2022, the company is doing $13 million per year in sales and is valued at around $25 million. The company generates $4.4 million in annual revenue and is valued at over $15 million as of 2023.

MTailor is a mobile app and store that creates clothes based on unique measurements. The app uses a phone to measure shirts and is more accurate than a real-life tailor. There are over 10,000 unique shirt combinations, and it is incredibly simple to order.

Despite not receiving a deal from the Sharks, MTailor has been successful on its own, with a few rounds of backing from venture capitalists elevating the company.

What Is The Current Valuation Of Mtailor After Shark Tank?

MTailor is a company that offers custom-tailored clothing through a mobile app that uses a phone to measure shirts and is more accurate than a real-life tailor.

The company appeared on Shark Tank in 2016, seeking a $2.5 million investment in exchange for a 10% equity stake, with a valuation of $25 million. However, none of the Sharks invested in the company, and they questioned the high valuation of MTailor.

Despite not securing a deal on Shark Tank, MTailor has continued to grow and has raised $7.2 million in venture capital, including $5.2 million from Khosla Ventures in 2018. As of 2021, the company generates $4.4 million in annual revenue and is valued at over $15 million.

In 2018, the company declared its valuation to be $15 million. However, according to a more recent update, the company’s value has increased much faster than expected.

In summary, MTailor is currently doing $4.4 million in annual revenue and is valued at over $15 million. The company has raised $7.2 million in venture capital, including $5.2 million from Khosla Ventures in 2018.

What is his offer on Shark Tank?

Miles was seeking $2.5 million for 10% of the business at a valuation of $25 million.

Did he get the deal?

No, but he ultimately decided not to pursue his business further.

Who are their competitors?

The company’s main competitors are; Threadless, Shoptagr, Damartex, and Missygow.

How accurate is MTailor?

MTailor is so confident in its algorithm that they promise a flawless fit and openly boasts that it is 20% more accurate than a professional tailor.

What inspired the owner to start the company?

The inspiration for starting MTailor stemmed from frustration with ordering apparel online.

Where is MTailor located?

They are headquartered in San Francisco and are supported by some incredible investors, including Khosla Ventures, Y Combinatory, and some of Silicon Valley’s most seasoned angel investors.

How much do MTailor jeans cost?

With pricing ranging from $79 to $119, MTailor is on the expensive side and a little more than the average male is willing to pay.

However, the fact that it is personalized and there is a guarantee of a great fit makes it more desirable.

How do I return MTailor?

Refundable, if anyone desires to return an item, please send an email to help@mtailor.com telling them of the item.

After receiving the item, we may give clients a pre-paid return label and offer a complete refund.

How long does it take to get a suit from MTailor?

Custom-made MTailor garment is projected to take between 5 and 6 weeks to deliver.

In exceptional circumstances, shipping may be delayed due to factors beyond their control, such as fabric availability or natural catastrophes. In certain instances, delivery may take a little longer.

What is the net worth of Miles Penn?

His net worth is unknown.