RinseKit Shark Tank Net Worth 2023
According to Geeks Around Globe, RinseKit founders Chris Crawford and Eric Fagan had a net worth of 9 million USD as of 2022.
BizNewsKE reports that the company was valued at $5 million during their Shark Tank pitch in 2017, and after Daymond John’s investment, the company was valued at $2.5 million.
SharkTankBlog states that RinseKit is now in over 600 retailers nationwide, including REI, and has added different models and a heated version.
SharkTankRecap reports that Chris Crawford and Eric Fagan accepted Daymond John’s offer of $250,000 for 7.5% equity plus sales commission on the show.
Looper states that RinseKit has sold nearly $800,000 worth of their invention at a retail price of $89.99 for a 2-gallon model since its introduction to Shark Tank in 2017.
Given this information, it is not possible to accurately estimate RinseKit’s net worth in 2023 as there are too many variables which could affect its value such as sales figures or changes in the market.
What is RinseKit? Who is the founder of RinseKit?
RinseKit is a portable shower system designed for outdoor enthusiasts who want to stay clean on the go. Without requiring pumps or batteries, RinseKit provides up to three minutes of high-pressure spray to wash off sand, dirt, and salt after a day of outdoor activities.
The idea for RinseKit came from Chris Crawford, a California resident who had difficulty rinsing off sand and salt after early morning surf sessions.
Using his expertise in water systems from his experience in the pool building industry, Crawford constructed a PVC prototype in his garage when he was just 19 years old.
RinseKit uses two gallons of water to provide three continuous minutes of high-pressure spray without the need for batteries. The pressurized water can be stored for up to a month and is easy to fill.
The product was designed to replace traditional cleaning products and can be used to clean a variety of items such as dishes, countertops, and laundry machine parts.
RinseKit’s unique design ensures thorough cleaning every time it is used. The company was founded in 2015 and currently has three employees, including Crawford.
The RinseKit looks like a mid-sized cooler with a sprinkler hose attached to it. It is available in white or black and costs $89, while the hot water package model costs $99.
Each RinseKit carries two gallons of water and comes with a hose or sink adapter. The company also offers a field fill kit that allows users to pressurize the RinseKit using a bike pump-like device when tap water is not available.
RinseKit is an ideal solution for campers, boaters, fishermen, or anyone who wants to stay clean while enjoying the great outdoors. The product is available on Amazon and at outdoor retailers such as REI.
RinseKit Shark Tank Pitch
Chris and Eric chose to present their concept to Shark Tank in order to secure funding for inventory and increase their visibility in major retail chains.
They sought a $250,000 investment for a 5% stake in their business, which was valued at $5 million. During the pitch, Chris demonstrated their portable shower by using it to wash his hand.
When Robert asked why people buy their product, Chris explained that he initially designed it to clean up after surfing, but has since discovered that it has many other uses.
Customers with children seem to particularly appreciate it. Chris used his expertise in hydraulics and plumbing, gained from his work in the pool industry, to develop the product.
He sold his pool company to start this business and received a $75,000 investment from a former pool client in exchange for a 10% stake.
When Daymond asked about their debt, Chris revealed that they were in debt to the tune of $550,000, but had already made $800,000 in sales and had plans to reach $2.1 to $2.3 million in sales. Despite this, their profit was only $100,000 due to heavy marketing expenses.
While Mark was not interested in investing, Kevin offered $250,000 for a 5% stake. Chris expressed his plans to expand the business to reach $20 million in sales, and Lori asked how they planned to achieve this. Chris explained that they were developing an ecosystem to introduce new products.
Robert also offered $250,000, but for a 20% stake. Kevin then increased his offer to a loan of $250,000 in exchange for 5% equity.
Lori offered a loan of $250,000 for 5% equity plus royalties, and Daymond offered $250,000 for a 7.5% stake plus sales commissions for promoting the product.
Chris ultimately accepted Daymond’s offer, and Rinse Kits are now available in over 600 stores nationwide, including REI. They also offer a hot shower that can be powered by a car cigarette lighter.
The cost remains the same whether purchased in-store or on Amazon. RinseKit achieved $1.8 million in annual sales as of November 2021 and is on track to reach its $20 million sales goal.
Net Worth of RinseKit
The company was valued at $5 million during the pitch, after the investment of Daymond John the company valued at $2.5 million. The company might have been increase the net worth due to increase in sales with annual revenue of $1.8 million in 2021.
RinseKit FAQs
What is RinseKit?
RinseKit is an outdoor shower / outdoor clean-up device. They are portable, inexpensive and a convenient way to clean up after a campout or while boating.
After surfing salty water or staying in the pool all day, you need to rinse off yourself to avoid swelling cuts and rashes on your skin.
Who is the founder?
Chris Crawford is the founder of RinseKit. He is a swimming pool contractor that invented the RinseKit in 2003.
How much were asking on Shark Tank?
They were asking for $250,000 for 20% share in the company.
Who did they pitch?
Chris and Eric pitched to Mark Cuban, Lori Greiner, Kevin O’Leary, Daymond John and Robert Herjavec.
Did they get the deal?
Yes, they got the deal with Daymond John.
How much is the deal?
Daymond offer $250,000 for 7.5% equity shares plus sales commissions on firms that he brings on to promote the product.
Is RinseKit still in business?
Yes, it is still in business. There are several retailers nationwide that carry RinseKit.
Where are RinseKit’s headquarters?
RinseKit’s headquarters are in Thibodo Rd, Vista, California, United States
What is RinseKit’s phone number?
RinseKit’s phone number is (800) 613-5764
What is RinseKit’s official website?
RinseKit’s official website is www.rinsekit.com
What is RinseKit’s Revenue?
RinseKit’s has yearly revenue of about $1.8 million in 2021.
How many workers are working in RinseKit?
RinseKit employs almost 20 workers
Who is RinseKit’s CEO?
RinseKit’s CEO is Eric Fagan.
Do they work?
Yes, they are very effective and convenient. When you are surfing in the morning, rinse off with water when one get home and their skin will be nice and clean after showering.
How do I use RinseKit?
Grab the RinseKit in the desired location and fill it with water from any source like a tap or a hose.
How the RinseKit works?
You fill it up with water, pressurize it using a bike pump-like device, and use the attached sprinkler to shower off.
RinseKit is basically a portable shower for people who need to rinse off away from home or work.
It can be transported easily along with them and can be filled with water from faucets, hoses or buckets of water.
What is the net worth of Chris Crawford?
Chris Crawford net worth is estimated at $1.5 Million.
