Rapid Rope Shark Tank Net Worth 2023
Rapid Rope, founded by Chris and Geanie Rodgers, was featured on Shark Tank USA in January 2020. During their pitch, they valued their company at $1 million and asked for $200,000 for a 20 percent stake.
The couple eventually accepted Barbara Corcoran’s offer of $200,000 for 30 percent equity.
As of 2021, Rapid Rope is reportedly making between $900,000 and $1 million per year of its product, so it is likely that the company’s net worth has increased since their appearance on Shark Tank. However, the exact net worth of Rapid Rope in 2023 is unknown.
What is Rapid Rope? Who is the founder of Rapid Rope?
Rapid Rope is a company that produces eco-friendly and organic ropes with a focus on sustainability. Their high-quality ropes and textiles are made from bamboo.
The company has a particular product line called Rapid Rope, which is perfect for adventure enthusiasts and people who are always on the go. These ultra-lightweight and super-strong ropes were designed to meet the needs of those who require reliable ropes for their activities.
The company was founded by Geanie and Chris Rodgers in 2017. However, they had to pause the business for a few years due to their adoptive son’s diagnosis of ulcerative colitis.
The couple was frustrated with untangling ropes, especially when they needed them the most. This frustration led them to create the Rapid Rope, which makes the storage, dispensing, and cutting of rope much easier, without the hassle of continuous untangling.
One unique feature of the Rapid Rope is its inventive dispenser, which functions as an all-in-one solution. The dispenser can be refilled with new canisters, making it an eco-friendly and cost-effective option.
Each Rapid Rope canister contains 120 feet of rope, which can be cut to any desired length. The rope has a tensile strength of 1100 pounds, making it strong enough to hold almost anything.
Chris Rogers, a utility lineman, and his family are outdoor enthusiasts who frequently require rope for their activities. However, carrying a large amount of rope around can be inconvenient and take up too much space.
Rapid Rope solved this problem for the Rogers family. The rope is coiled in a shatterproof canister with a built-in cutting mechanism, making it easy to carry around without taking up too much space.
The product has received overwhelmingly positive reviews, with many users stating that it performs as advertised.
After taking time off to care for their son, Geanie and Chris Rodgers are ready to restart their business at full speed. They invested a lot of time and money into their son’s recovery and are now excited to continue their journey with Rapid Rope.
Rapid Rope Shark Tank Pitch
Geanie and Chris Rodgers made the decision to present their company to investors on Shark Tank to obtain financial support and assistance with distribution.
They requested $200,000 for a 20% stake in their company, which was valued at $1 million. They showcased their products and provided samples.
The Sharks were impressed with the $172,000 in sales that the business had achieved since its launch two years ago. Furthermore, they expressed interest in establishing a retail partnership with Duluth Trading Company.
In honor of their adopted child from Ethiopia, the couple has pledged to donate a portion of their profits to help establish a school. Lori was the first to exit the deal, followed by Mark, Kevin, and finally Rohan.
Before Rohan bowed out, he declined to partner with the couple but offered a $10,000 donation to the school. All of the Sharks, except Barbara, were hesitant to invest as well.
Barbara was unfamiliar with the industry, but she admired Geanie and Chris. She proposed a $200,000 investment in exchange for a 30% stake in the company.
The couple countered Barbara’s offer with a 20% stake in exchange for $200,000, but Barbara remained firm in her proposal. Ultimately, they accepted the deal and secured Barbara’s investment.
Although they celebrated after the pitch, the couple later clarified that they had not completed the deal with Barbara. Nevertheless, their product remains available for purchase online and at Duluth Trading Company.
Competitors of Rapid Rope
Rapid Rope is competing against heaps of businesses, such as Climb Right.
Net Worth of Rapid Rope
The company was valued at $1 million during the pitch, since then the company has been selling with revenue of over $900,000. This shows that the company net worth has raise in 2021.
Rapid Rope FAQs
What is Rapid Rope?
Rapid Rope is an eco-friendly, organic rope company that’s committed to building a sustainable future. We take bamboo and turn it into high quality ropes and textiles.
Rapid Rope is the line of ultra-lightweight, super strong ropes that we designed for adventure enthusiasts and people on the move.
Who is the founder?
Geanie and Chris Rodgers founded Rapid Rope in 2017, but the Rogers had to put the business on hold for a few years after their adoptive son was diagnosed with ulcerative colitis.
How much were asking on Shark Tank?
They were seeking for $200,000 for 20% stake in the company.
Did they get the deal?
Yes, they got the deal.
How much did they win on Shark Tank?
They got an offer of $200,000 for 30% stake in Rapid Rope from Barbara but they never finalize the deal.
Is Rapid Rope still in business?
Yes, Rapid Rope is still in business but they have stopped selling on their website.
Where can I buy Rapid Rope?
Customers can buy Rapid Rope on their website and Amazon.
Who are their competitors?
Their main competitor is Climb Right and some other minor companies.
What is their revenue?
The business has earned revenue of over $900,000 as of 2021.
Have they got any other deals?
Yes, they also got a deal from Duluth Trading Company.
Where is Rapid Rope made?
Rapid Rope is manufactured in the United States, with the majority of supplies and labor originating in Idaho, Geanie explained.
What is rapid rope made of?
It compresses 120 feet of flat-braided nylon rope into a canister small enough to fit in the cup holder of your automobile.
Even better, it’s rated at 1,100 lbs. more than twice the strength of regular Para cord of the same diameter.
Simply extract the required length from the canister, cut it with the included blade, and proceed to tie one on.
How is rapid rope doing?
It is doing extremely well and it might have made a profit for the owners in a couple of years.
Is Rapid Rope safe?
Yes, Rapid Rope is designed to be safe and durable. It is made of very strong material.
What was the purpose of Rapid Rope?
The main purpose behind the invention of Rapid Rope was to provide safety for people when they are on the move and in need of rope. People could just get it from the car and use it.
What is unique about rapid rope?
Rapid Rope can be used for outdoors, camping, hunting and fishing.
How much does it cost?
It is quite expensive to buy, one canister costs around $25 and each refill costs $15.
How many products does Rapid Rope have?
They have just one product, rapid rope.
What is special about the product?
The product is unique and has a lot of exceptional features. It is eco-friendly and super strong.
Is the rapid rope made from bamboo?
No, it isn’t made from bamboo but it contains some of it in it to make it more natural and eco-friendly.
What is the net worth of Chris Rodgers?
The net worth of Chris Rodgers is unknown at this time.
What is the net worth of Geanie Rodgers?
The net worth of Geanie Rodgers is unknown.
