Roominate Shark Tank Net Worth 2023 | Roominate Shark Tank Update
Roominate, a building toy company founded by Alice Brooks and Bettina Chen, created an opportunity for young girls to explore STEM through play. Their interlocking plastic construction blocks and circuits allowed children to build models without the need for glue or solder.
The company was launched on Kickstarter and gained funding from Mark Cuban on Shark Tank, before being purchased by PlayMonster in 2016.
Roominate offers a variety of products with different combinations of construction elements and electronics, allowing children to build various structures such as cars, houses, and dog houses using modular pieces that snap together.
On Shark Tank, the founders sought an investment of $500,000 in exchange for a 5% equity stake, valuing the company at $10,000,000.
Mark Cuban and Lori Greiner accepted this deal, and the company saw significant growth after the episode aired.
They expanded their focus to include teaching children about programming in addition to engineering and circuits, and developed new products such as “rPower,” which allowed children to control the circuits and lights in their Roominate sets using a program on the Roominate App.
Sales increased from $1.7 million in 2014 to over $4.5 million in 2016, and the company signed a contract to have their products distributed in 800 Walmart locations and on Walmart.com.
Roominate was later purchased by the toy firm PlayMonster at the end of 2015. Although the company was acquired, it is still in business, specializing in building sets for girls that can be assembled in various designs and are compatible with Lego pieces.
Their appearance on Shark Tank helped them gain recognition, and they were later featured in magazines such as Time Magazine’s Best Inventions of 2015 list.
The company also partnered with retailers such as Wal-Mart to increase its reach.
Roominate Shark Tank Pitch
Roominate, a toy company specializing in buildable dollhouses, received a $500,000 investment from Mark Cuban and Lori Greiner for a 5% equity stake after appearing on the Season 6 premiere of Shark Tank in December 2014.
Following the episode’s airing, Roominate expanded its focus to include programming education in addition to engineering and circuits. They also created new products such as “rPower,” which enables children to control the circuits and lights in their Roominate sets using the Roominate App.
The company experienced significant growth, with sales increasing from $1.7 million in 2014 to over $4.5 million in 2016.
Moreover, Roominate signed an agreement to distribute its products in 800 Walmart locations and on Walmart.com, which was expected to generate millions of dollars in additional sales.
Roominate – Shark Tank Update
Roominate was later purchased by the toy firm PlayMonster at the end of 2015.
Roominate Shark Tank Net Worth
On Shark Tank, the founders of Roominate sought an investment of $500,000 in exchange for a 5% equity stake, valuing the company at a net worth of $10 million at the time of the shark tank pitch.
Mark Cuban and Lori Greiner accepted this deal. Later, Roominate was acquired by the toy company PlayMonster in 2016 and its current net worth is unknown.
Is Roominate from Shark Tank Still in Business?
Roominate is a toy company that specializes in building sets for girls that can be assembled in various designs and are compatible with Lego pieces.
The company was featured on Shark Tank in 2014, where it raised $500,000 from investors Lori Greiner and Mark Cuban.
This appearance helped them gain recognition and they were later featured in magazines such as Time Magazine’s Best Inventions of 2015 list.
Roominate also partnered with retailers such as Wal-Mart to increase their reach. However, the company was later acquired by PlayMonster in late 2015.
Roominate Shark Tank FAQs
What is Roominate?
At the heart of it, Roominate is a do-it-yourself, wired dollhouse building kit. Roominate is a construction toy set targeted towards young girls between the ages of six to ten years.
It is a clever and unique construction set that blends the skills of building, creative storytelling, and even circuitry into a toy that gets kids excited about learning.
What was the difference between Roominate and other educational toys?
While doing market research, Alice and Bettina found educational toys are more often marketed to boys, they simply took the classic girl’s dollhouse and wired it up for a tech-savvy generation.
What’s the Deal?
Mark Cuban and Lori Greiner took the bait and offered the duo $500,000 in exchange for a 5-percent equity stake in the company, which made smart toys designed to get children and young girls in particular interested in building and engineering.
After sealing the deal with Mark, they got their product in over 800 Wal Mart stores.
What Did Mark Cuban Do for Roominate?
In ABC Shark Tank update in 2015, Brooks and Chen revealed that Cuban had helped them expand their retail presence and land a major deal with Walmart that would sell Roominate products in 800 stores and online.
Alice and Bettina mentioned in a 2015 Shark Tank report on Roominate that with Cuban’s funding, they were able to enter into 800 physical and online retailers.
They further stated that after Cuban’s active participation, their sales had increased to $4.5 million dollars.
What are the awards Roominate has won?
Roominate is an award-winning Toy Company that has created a line of toys for girls.
Roominate won numerous awards, including the Parents’ Choice Gold, Academics’ Choice Brain Toy, Dr Toy 100 Best Toys, the Oppenheim Toy Portfolio Platinum Award 2013, and many more.
Roominate is a “STEM” (science, technology, engineering, and mathematics) toy firm, according to Tekla Perry in an article for the Institute of Electrical and Electronics Engineers.
The set’s design, according to Forbes’ Jenn Choi, “naturally encourages different materials to enrich the play experience,” giving Roominate “even more play value.”
Joshua Gans, also of Forbes, said in a review of the device that “it isn’t likely to wow parents or kids,” but that the flexibility to utilize the motor for other reasons “[relieved] some of [his family’s] early disappointment.”
Roominate was placed on a list of toys for “next-generation creators” by Jennifer Alsever of Inc. magazine.
What is the investment opportunity?
The two women were featured on the Shark Tank seeking an investment of $500,000 for a 5% interest in their company.
What is Maykah Inc.?
Maykah Inc., which makes Roominate, is the company founded by co-founders Alice Brooks and Bettina Chen.
When the two women noticed that just 15% of women entering college wanted to major in male-dominated subjects like engineering and science, they came up with the concept for an interactive, unique building set game for girls.
The goal is to empower girls by encouraging them to explore engineering, architecture, and construction.
Roominate kits are designed to foster kids’ natural curiosity about how things work and inspire creativity in STEM fields – science, technology, engineering, and math.
Roominate’s vision is “to spark imagination through exploration.” Their mission statement is “to inspire the next generation of female engineers.”
They were very passionate about their products because they believe it can help make the world a better place.
What are the benefits of building your own toys?
Co-founders Alice Brooks and Bettina Chen felt if girls could be encouraged to build their barbie houses or similar toys in a fun and interactive way, it might create a stimulus later on in life to pursue similar careers.
What are your initial sales successes?
The initial successes generated nearly $1.8 million in sales in a little over 18 months of sales since production started.
After Alice and Bettina sealed their Shark Tank deal with Mark Cuban, a lot have happened.
Roominate was already available at 800 Walmart stores nationwide and online, and their staff increased from two to eight employees.
They also developed the Roominate app.
What was the inspiration for this?
Alice and her co-founder, both engineers who were inspired by childhood toys, saw a strong division between girls’ and boys’ toys.
The two young women, both with Master’s Degrees in Mechanical Engineering at Stanford, envision a world where young girls’ minds are stimulated by toys that aren’t Barbie Dolls and dress-up kits.
Alice mentioned that she enjoys watching children be inspired by Roominate, having fun and building self-confidence while becoming creative engineers!
What products are offered by Roominate?
Roominate offers nine products that contain different quantities and combinations of modular building pieces and circuitry.
What was the deal?
Mark Cuban made their asking offer of $500,000 for 5% and Lori hopped in on the deal stating that should definitely help sell Roominate products.
How Did Roominate Qualify?
After some negotiation, the young entrepreneurs were able to get $500,000 from both Mark Cuban and Lori Greiner in exchange for just 5% equity in their company, Roominate.
What are the features of Roominate sets?
Roominate is a line of building toys that are marketed to girls between the ages of 6 and 10.
The sets come with a guide to build a specific structure.
How did Mark Cuban’s investment in Roominate pay off?
Cuban’s investment in Roominate certainly paid off and the company has boomed.
What is PlayMonster?
PlayMonster makes a wide variety of products and operates a lot of different toy brands.
PlayMonster is a toy and game company dedicated to promoting the value of play through the creation of high-quality toys and games for children, adults, and families.
They provide the ideal blend of playful and professional, as well as actual play specialists that understand play for ALL AGES and ALL PEOPLE!
PlayMonster at the end of 2015 acquired Roominate from Co-founders Alice Brooks and Bettina Chen.