Proven Skincare Shark Tank Net Worth 2023
Proven Skincare is a successful skincare brand that appeared on Shark Tank in 2019[2]. The company’s founder, Ming Zhao, asked for $500,000 in exchange for 5% equity in her innovative skincare company, valuing Proven Skincare at $10 million.
Although the Sharks did not take the bait, Proven Skincare experienced its highest sales and website traffic after the airing of the episode.
In April 2020, sales were up by 62%, and the company ended 2019 with a record $3 million in sales. As of 2022, Proven Skincare has a net worth of $20 million, and it has a 4.5-star rating from 325 reviews on Trustpilot.
What Is Proven Skincare?
Proven is a skincare enterprise that leverages big data and artificial intelligence to create and recommend a personalized skincare regimen for each of its customers.
During her appearance on Shark Tank, Ming Zhao, CEO and Co-founder of Proven Skincare, showcased the company’s scientific approach and AI technology that enables them to offer clients the most appropriate skincare solutions.
Proven’s skincare experts use a simple skin-telligence survey to consider various factors such as the customer’s location, level of exposure to UV rays and pollution, and other environmental factors to develop a customized skincare solution.
Proven’s “Skin Genome” database is their secret weapon, containing a vast repository of scientific information that generates innovative ideas, empowering the company’s scientists to take an informed and technical approach to creating a skincare solution tailored to each individual.
How Does Proven Skincare Work
Customers will be required to complete a short questionnaire, which will form the basis for their personalized skincare program. The survey results will then be analyzed alongside Proven’s Skin Genome Project database, which includes over 20,000 skincare components, 4,000 scientific papers, and 20,000 customer reviews.
Based on this analysis, each customer will receive a customized starter kit that includes a cleanser, day moisturizer, and night cream. The ingredients in these products will be tailored to the customer’s unique skin concerns, needs, and objectives.
Furthermore, Proven’s formulations are developed in collaboration with top dermatologists and scientists from Stanford University.
Proven Skincare Shark Tank Pitch
The Sharks have expressed concern about the level of competition present in the market. They have observed that numerous firms offer similar products and services as Proven Skincare, and they receive frequent investment proposals from other companies.
Another cause for worry is the considerable amount of market education necessary to help customers differentiate Proven Skincare from the other firms attempting to accomplish the same goals.
Furthermore, the Sharks are apprehensive about Proven Skincare’s high valuation in comparison to their revenue, and the fact that they have numerous other investors. As a result, the Sharks have ultimately decided against investing in Proven Skincare.
Proven Skincare After Shark Tank
Ming S. Zhao, the CEO and co-founder of PROVEN, appeared on “Shark Tank” with the aim of securing a deal with the sharks. Her proposal was for a $500,000 investment in exchange for 5% equity at a $10 million valuation.
During the episode, she presented her data-driven skincare business to Kevin O’Leary, Mark Cuban, Lori Greiner, Daymond John, and Shark Anne Wojcicki.
At the time of the show’s airing in September 2019, Proven was expected to generate $3 million in first-year sales. However, Kevin O’Leary expressed doubts about the brand’s financial prospects in a highly competitive market that would require significant spending to attract customers.
Despite this, Proven was already on track to generate $65,000 in monthly sales and had spent $90,000 on Facebook advertising, resulting in $110,000 in sales in the two preceding months.
Zhao revealed that while the business was projected to generate $3 million in revenue during its first year, it would not break even. Additionally, the company had signed a $3.5 million licensing agreement to apply its technology in the newborn care sector.
Following the airing of the “Shark Tank” episode, Proven Skincare experienced its most significant sales and website traffic. The firm reported a record $3 million in sales in 2019, with sales rising by 62% in April 2020.
One-third of the brand’s monthly revenues are attributed to repeat customers. The COVID-19 pandemic has caused consumers to be more cautious and mindful of what they put on their skin and in their bodies.
Who is Amy Yuan?
Dr. Amy Yuan, Co-founder, is a brilliant computational physicist from Stanford University (she broke the world record for the largest computational simulation on a supercomputer) who built an AI system out of her own need to understand which ingredients work for which individual based on their specific needs.
Proven Skincare Shark Tank Episode FAQs
Did Shark Tank Invest In Proven Skincare
The shark tank did not invest in Proven Skincare because they though competition was quite high.
Is proven skincare FDA approved?
All PROVEN products are manufactured in an FDA-approved, GMP-accredited laboratory in the United States.
What episode of Shark Tank has been proven?
In Shark Tank episode 1114, Ming Zhao hoped a Shark will put some skin in the game for Proven, her line of individualized skin care products. Proven is a scientific and data-driven company that handcrafts a cleanser, day cream, and night cream for each customer’s specific skin care needs.
Who owns proven skincare?
Ming Zhao, co-founder and CEO of PROVEN Skincare, reveals how she and Amy Yuan owns the company.
They used AI to design skin care and build a beauty company that delivers increasingly precisely personalized product in her Indie Beauty Profile. Beauty technology is a multibillion-dollar industry in its own right.
How long does proven skincare last?
Each Proven Skincare system product is designed to last two months. After two months, Proven considers any new lifestyle variables (i.e. change of season, location changes, pregnancy, etc.).
It also takes into account additional chemicals that the skin is ready for, such as a stronger retinol dose.
Was Proven endorsed by Shark Tank?
Proven exited the ”Shark Tank” without a deal, but is on track to become a personalized CPG powerhouse.
Is proven skincare nontoxic?
The founders of PROVEN claims that hey’re non-toxic, non-cruelty-free, and clean.
How do I cancel proven skin care?
To update or cancel your Subscription Services at any time, go to your account settings or send an email to [email protected] with the subject “cancel.”
If you cancel a Subscription Service, your subscription will not be renewed after your current subscription term ends.
Where is proven skincare located?
Proven is a San Francisco-based startup debuted in 2018 when both ladies were expecting. The Skin Genome Quiz responses are used by the team to determine the optimum components for your skin and your Proven Skincare recipe.
What is Proven Skincare?
Proven is a skincare business that uses big data and artificial intelligence to build and prescribe a customised and customized skincare routine to each individual consumer.
Ming Zhao, the CEO and Co-founder of Proven Skincare, appeared on the Shark Tank to showcase her company’s artificial intelligence and scientific approach to offering clients with suitable skincare regimens.
A simple skin-telligence survey allows the experts at Proven to create a customized skincare solution that takes numerous aspects into account, including geographic location, UV and pollution exposure, and other environmental factors.
The “Skin Genome,” Proven’s secret weapon, is a database that incorporates all available scientific knowledge and generates fresh concepts that allow the company’s scientists to adopt an informed and technical approach to tailoring skincare for each individual.
How does Proven Skincare
Clients complete a brief survey, which serves as the foundation for the skincare program that will be advised to them.
The quiz results will be compared and evaluated with the 20,000 customer reviews, 4,000 scientific papers, and over 20,000 skincare components in Proven’s Skin Genome Project database.
Following that, the consumer will get a customized beginning package that contains a cleanser, day moisturizer, and night cream.
All of the products’ ingredients are tailored to the customer’s skin issues, needs, and goals.
The formulations are also developed in collaboration with leading dermatologists and Stanford University scientists.
Proven Skincare Shark Tank Pitch
The Sharks are worried about the level of competition in this market.
They are aware that there are other firms doing very similar things to Proven Skincare, and they are often contacted by other companies for investment.
Another source of worry is the amount of market education required to ensure that customers properly grasp what distinguishes Proven Skincare from the many other firms attempting to achieve the same thing.
The Sharks are also worried about the fact that they have a large number of other investors and that their value is relatively high in relation to their revenues.
In the end, the Sharks decide not to invest in Proven Skincare.
Proven Skincare after Shark Tank
Ming S. Zhao, co-founder and CEO of PROVEN, went to the shark tank in the hopes of striking a deal with the sharks. She was seeking an investment of $500,000 for 5% equity on a $10 million valuation.
She pitched to Kevin O’Leary, Mark Cuban, Lori Greiner, Daymond John, and Shark Anne Wojcicki.
The data-driven skincare business was on track to produce $3 million in first-year sales when the “Shark Tank” episode starring Proven aired September 2019.
Kevin O’Leary was skeptical of the brand’s financial prospects in a highly competitive market where it could have to spend a lot of money to win customers.
Proven was on pace to produce $65,000 in monthly sales when its episode aired in September 2019.
It had made $110,000 in sales and spent $90,000 on Facebook advertising in the previous two months.
Zhao informed the “Shark Tank” investment panel that the business will make $3 million in its first year but would not break even.
It has also signed a $3.5 million license agreement to use its technologies in the newborn care sector.
Proven Skincare saw its biggest sales and website traffic following the airing of the Shark Tank episode. The firm reported that it had a record $3 million in sales in 2019.
Sales increased by 62 percent in April 2020. According to Zhao, repeat clients account for one-third of the skincare brand’s monthly revenues.
Consumers have grown more attentive and mindful of what they apply to their skin and put into their bodies after the global pandemic caused by the coronavirus.
Who is Amy Yuan?
Dr. Amy Yuan, Co-founder, is a brilliant computational physicist from Stanford University (she broke the world record for the largest computational simulation on a supercomputer) who built an AI system out of her own need to understand which ingredients work for which individual based on their specific needs.
Proven Skincare Shark Tank Episode FAQs
Did Shark Tank Invest In Proven Skincare
The shark tank did not invest in Proven Skincare because they though competition was quite high.
Is proven skincare FDA approved?
All PROVEN products are manufactured in an FDA-approved, GMP-accredited laboratory in the United States.
What episode of Shark Tank has been proven?
In Shark Tank episode 1114, Ming Zhao hoped a Shark will put some skin in the game for Proven, her line of individualized skin care products. Proven is a scientific and data-driven company that handcrafts a cleanser, day cream, and night cream for each customer’s specific skin care needs.
Who owns proven skincare?
Ming Zhao, co-founder and CEO of PROVEN Skincare, reveals how she and Amy Yuan owns the company.
They used AI to design skin care and build a beauty company that delivers increasingly precisely personalized product in her Indie Beauty Profile. Beauty technology is a multibillion-dollar industry in its own right.
How long does proven skincare last?
Each Proven Skincare system product is designed to last two months. After two months, Proven considers any new lifestyle variables (i.e. change of season, location changes, pregnancy, etc.).
It also takes into account additional chemicals that the skin is ready for, such as a stronger retinol dose.
Was Proven endorsed by Shark Tank?
Proven exited the ”Shark Tank” without a deal, but is on track to become a personalized CPG powerhouse.
Is proven skincare nontoxic?
The founders of PROVEN claims that hey’re non-toxic, non-cruelty-free, and clean.
How do I cancel proven skin care?
To update or cancel your Subscription Services at any time, go to your account settings or send an email to [email protected] with the subject “cancel.”
If you cancel a Subscription Service, your subscription will not be renewed after your current subscription term ends.
Where is proven skincare located?
Proven is a San Francisco-based startup debuted in 2018 when both ladies were expecting. The Skin Genome Quiz responses are used by the team to determine the optimum components for your skin and your Proven Skincare recipe.
