RinseKit Shark Tank Update | RinseKit after Shark Tank
What is RinseKit?
RinseKit is a portable pressure shower developed for folks who appreciate the great outdoors. Without pumps or batteries, a Rinse Kit gives up to three minutes of pressured spray to wash off sand after a long day at the beach.
RinseKit was established by Chris Crawford from California, conceived, RinseKit after years of being unable to rinse off sand and salt during early, morning surfs.
It utilizes 2 gallons of water for 3 continuous minutes without batteries. Pressurized water may be kept for up to a month and is quick and easy to fill.
RinseKit was designed to be a complete replacement for all the cleaning products. Users can use RinseKit to quickly and easily clean dishes, countertops, laundry machine parts, tabletops- just about anything.
RinseKit’s unique design guarantees a thorough clean every time they use it.
Who is the founder of RinseKit?
RinseKit was founded by Chris Crawford from California, conceived, RinseKit after years of being unable to rinse off sand and salt during early, morning surfs.
As a 19-year-old, in 2003, he constructed a PVC prototype in his garage, based on his knowledge with integrated water systems garnered from the pool building sector.
RinseKit was started in January 2015 and presently has 3 employees combined with Crawford.
Crawford constructed the first RinseKit in his workshop. He needed something to wipe the sand off his body after surfing in the morning before heading to work as a swimming pool constructor.
He utilized his understanding of water systems to create a portable shower for himself and soon people were asking him where he got it, so he “opened the garage” and started selling.
The object itself appears like a mid-sized cooler with a sprinkler hose attached to it. Simply fill it up with water from your residence and it saves the pressure to drive the water out later, when you need it.
They come in white or black and cost $89. The model with the hot water package costs $99. Each RinseKit carries 2 gallons of water and they come with hose or sink adapters.
There’s also a field fill kit that lets you to pressurize the rinse kit using a bike pump-like device when there’s no readily available tap water.
It’s a terrific solution for campers, boaters, fisherman, or anyone who gets a touch dirty outdoors and wants to clean up on the move.
What Happened to RinseKit at Shark Tank pitch?
Chris and Eric decided to pitch their concept to Shark Tank after the invention to provide them with funds for inventory to have greater visibility in mass retail chains.
Chris and Eric join seeking $250,000 for 5% of their business at valuation of $5 million. Chris describes the portable shower; he showers his hand with it.
Robert wants to hear the primary reason people buy a RinseKit. Chris claims that he designed it to clean up after surfing so he wouldn’t get his car messed up, but he’s discovered many additional applications.
People with kids seem to like it. His work in the pool industry taught him about hydraulics and plumbing, which helped him develop the device.
He sold his pool company to get the business going and took on a former pool client as an investor for $75,000 for a 10 percent share.
Chris answers a question from Daymond and says that he’s $550,000 in debt. The Sharks gulp. The good news is he’s done $800,000 in sales with $2.1 to $2.3 million planned.
Those sales will bring them a $100,000 profit. Mark wants to know why the profit is so minimal and Chris informs him that it’s because they are throwing a lot of money into marketing.
Kevin feels that they are excessively priced since they are basing the worth on predictions, but he thinks it’s a terrific product.
Mark interjects and adds that he wants more tech enterprises and he goes out. Kevin however is interested and offers $250,000 for 5% ownership of the firm. Chris plans to get to $20 million in a few years; Lori wants to know how, Chris tells her they are developing an ecosystem they can add new items to.
Robert chimes in. He loves it, but doesn’t like the danger; nevertheless he offers $250,000 for 20% stake of the firm. Kevin increases his offer to $250,000 as a loan for 5% equity shares.
Lori rushes in and provides $250,000 as a loan for 5% plus royalties. Next Daymond swings in with an offer of $250,000 for 7.5% equity shares plus sales commissions on firms that he brings on to promote the product.
Immediately Chris accepts the deal and they shake hands with Daymond and they strike a deal.
What Happened to RinseKit after Shark Tank?
Chris and Eric after celebrating on the pitch, the deal with Daymond was successful finalized. Rinse Kits are available over 600 shops nationwide, including REI.
They also offered different types and a hot shower that plugs into a car cigarette lighter. The costs are the same whether users acquire them through a shop or on Amazon.
RinseKit is making its way to that $20 million in sales threshold! As of November, 2021, the firm had yearly sales of $1.8 million.
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.
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.