Potty Safe Shark Tank Net Worth 2023
Lori, one of the Sharks, offered Colt and Stacy $50,000 in exchange for 20% stake in their business. The deal was accepted by the duo and led to a valuation of $250,000 for their company. Fast forward to 2022, Potty Safe has grown immensely and is now worth about $2 million.
What is Potty Safe?
The Potty Safe is a specialized toilet for children that comes with a locking mechanism that can only be opened by adults, as well as a removable waste bowl for easy cleaning.
The creators of the Potty Safe came up with the concept while potty training their own daughter, as they were unable to locate a comparable product on the market. As a result, they decided to create their own, which is now being marketed as the first childproof potty training chair. Potty Safe was established by Colt and Stacy Hall.
What happen to Potty Safe at the Shark Tank pitch?
Colt and Stacy, who had no prior experience in launching products, took some time to introduce their company, Potty Safe.
They worked on developing the product during their spare time while holding full-time jobs, and eventually secured a patent for it.
The waste-bowl is firmly attached to the base, making it difficult for children to spill.
On August 21, 2018, they launched their company and began selling their product both online and at a local store.
Today, Potty Safes can be found on major platforms such as Amazon and in popular stores such as Bed, Bath and Beyond, buybuy Baby, and Walmart.
Priced at $28.95, these products are manufactured in the United States. Colt and Stacy appeared on Shark Tank seeking a $50,000 investment in exchange for 15% of their company.
Although the Sharks had concerns about the low sales figures, they eventually declined to invest. However, Lori, one of the Sharks, offered $50,000 in exchange for a 20% stake in the business, which Colt and Stacy accepted.
Potty Safe after the Shark Tank pitch
Lori and her partner recorded their project in September and started selling their product on Amazon. As the show’s airing approached, sales significantly increased and continued to surge even more after it aired.
The product is now available in various stores including Amazon, Bed Bath and Beyond, buybuy Baby, and Walmart.
The company has received several awards such as the 2019 Creative Child Product of the Year award, the 2019 Baby Maternity Top Choice Award, and the Family Choice Award.
Although they have been nominated for awards in 2020, the results have not been announced yet due to COVID-19.
Moreover, the company holds a utility patent for their Potty Safe product and has been recognized with the 2020 Baby and Children’s Product Number 1 Reader’s Favorite Potty award, as well as a mention in Inventors Digest.
Potty Safe Net Worth
The deal let to $250,000 valuation of the company.
Potty Safe competitors
Parents have plenty of options when it comes to childproofing chairs.
The closest competitor is probably the Baby Lock, which is also of American origins.
Other reputable brands of child proof toilets include Kiddit Guard, Little Tikes, and Graco.
Potty Safe FAQS
Who owns potty safe?
It is own by Entrepreneurs Colt and Stacy Hall.
How did potty safe do after shark tank?
They investment deal of $50,000 for 20% ownership with Lori Greiner never closed.
How much does Potty Safe costs?
The product is available on a range of online stores for a price of $28.95.
How does potty safe work?
It uses a patented latching system to secure the bowl to the base.
There is no way a child can remove the bowl from the base, which is good because they will not be able to spill it everywhere if they remove it.
How much does it cost to make Potty Safe?
The cost can be $6.50 per piece.
Why did potty safe take long to be launched since its invention?
They did not have much experience regarding the manufacturing process so it took a while to get started. They also did not have a strong market for their product initially.
Where is Potty Safe located?
The business is located in Spring Hill, Tennessee.
How much money does Potty Safe make?
The business has made $17,000 in sales in 2019.
When was Potty Safe Launched?
The business was launched in 21, Aug 2018 by Colt and Stacy Hall.
When was Potty Safe invented?
It was invented in 2013 by Colt and Stacy Hall.