Shoveralls Shark Tank Net Worth 2023
Shoveralls is a clothing brand founded by Kyle Bergman in 2017. Shoveralls’ eponymous product is a cross between sweatpants and overalls.
The company donates 1% of its revenue to environmental nonprofits. As of June 2021, Shoveralls generates $4 million in yearly sales.
Shoveralls appeared on Shark Tank seeking $150,000 for 15% equity in the brand, implying a $1 million valuation.
Sharks liked Kyle’s pitch and loved the comfortable and chic Shoveralls. However, all of them believed that Kyle had picked an apparel niche that might not be more than a fashion fad.
Some sharks also thought that Kyle had overvalued his business given that it served a small niche. For these reasons, no shark made any counteroffer.
Despite not winning an investment deal on Shark Tank, Shoveralls’ appearance on the show served as great marketing for the company.
In the following days, Shoveralls experienced a significant uptick in its online store and Amazon sales.
As of September 2022, Swoveralls’ founder Kyle Bergman has a net worth of $4.3 million USD. However, there is no information available about Shoveralls’ net worth specifically for the year 2023.
What is Shoveralls? Who Founded Shoveralls?
Swoveralls is a clothing brand that offers a unique garment that combines the comfort of sweatpants with the style of overalls.
The brand was founded in 2017 by Kyle Bergman, a veteran of the fashion industry who previously worked as a buyer for Bloomingdale’s and Birchbox.
Bergman came up with the idea for Swoveralls when he was unable to find a pair of sweatpant overalls for men. After finding a few options in women’s fashion, he decided to create his own version for men.
He used his experience and contacts in the fashion industry to launch the brand, which he initially funded through crowdsourcing platforms like Kickstarter and IndieGoGo.
Swoveralls are available in a variety of styles and colours for both men and women, and they retail for $95. They feature an inside pocket for valuables and come in versions suitable for both warm and cold weather.
Bergman is committed to building a sustainable and ethical business, and he sources materials from sustainable suppliers and supports organizations like 1% for the Planet, Israel Lacrosse, and Urban Pathways.
Despite his industry experience, Bergman recognizes that he could benefit from additional support to expand distribution and funding for Swoveralls.
He is open to working with investors or partners, such as the TV show Shark Tank, to help take his business to the next level.
Shoveralls Shark Tank Pitch
Kyle initially had a successful crowdfunding campaign and subsequently went on to pitch his business on Shark Tank, asking for $150,000 in exchange for 15% of his company, which implied a $1 million valuation.
During his pitch, he highlighted his company’s sales figures of $230,000 and explained that he wanted the funding to expand his inventory and enter the children’s and youth sizes market.
However, despite impressive sales figures and high margins, the Sharks were not convinced that there was enough customer demand for his product, and they all declined to invest.
Despite this setback, Kyle’s business continued to operate, and as of July 2019, four months after the episode aired, he had updated his website and was still selling his products via pre-order with a 6-8 week delivery timeframe.
By late 2019, he had resolved his inventory issues and even added a micro-crowdfunding platform called “The Comfy Lab” to his website.
He also offered a 20% discount for limited edition designs and created new products such as Swovie Shorts and Swoveralls for children, in addition to having several in-stock products.
In response to the COVID-19 pandemic, Kyle started creating and distributing masks in 2020. Despite facing a challenging year, Kyle’s business was still operational as of June 2021 and had grown to generate $4 million in yearly sales.
Shoveralls Net Worth
Kyle approaches Shark Tank seeking $150,000 for 15% of his firm, implying a $1 million valuation.
Shoveralls Competitors
Unknown.
Shoveralls FAQS
What happened to Swoveralls after shark tank?
The business is still operational in July 2019 – four months after the first air date.
Kyle has updated his website slightly but continues to sell his goods via pre-order with a 6-8 week delivery timeframe.
As of June 2021, he is still in business and generates $4 million in yearly sales.
Did Swoveralls get a deal on Shark Tank?
Despite the fact that Swoveralls did not obtain an investment agreement on Shark Tank, their involvement on the show served an important marketing function.
Swoveralls’ online shop and Amazon sales increased significantly in the days that followed.
Are Swoveralls a good choice?
The cloth is just what they wanted. It’s really soft and cozy. They provide a more tailored fit than their regular baggy sweatpants.
Who founded Shoveralls?
Kyle Bergman is the founder of Shoveralls.
Who owns Swoveralls?
Kyle owns a majority stake. He’s raised money through Kickstarter and IndieGoGo at various times.
How much are Swoveralls?
A pair costs $95, and they come in a range of colourful hues and designs.
They have an inside pocket for valuables and are available in warm and cold weather versions.
Where can they buy Shoveralls?
Swoveralls are available in a variety of styles for “dudes and dudettes” and can be found in many sizes, colours, and patterns at Shoveralls.com.
How are Shoveralls washed?
Shoveralls are machine washable in cold water or can be hand washed.
They advise against turning inside out to avoid pilling. Bleach not. Dry on a low setting in the tumble dryer, or hang or line Dry.
What is the material composition of Swoveralls?
Sweatshirts made entirely of organic cotton that have been certified by the worldwide organic textile standard (GOTS-certified).
What comes with Shoveralls?
Adjustable straps, six deep pockets (including an internal zipped front pocket for valuables), and a zipper fly are standard on all Swoveralls.
Is Shoveralls a unisex product?
Swoveralls are sized in a gender-neutral manner. They may use the model size chart below to choose the ideal fit for them, regardless of their gender, shape, or size.
What are the weaknesses of Shoveralls?
Swoveralls are “One size fits most” and do not take into account the hips of women and men.
They may be too tight, exposing flesh-coloured fabric in the back.
They do not offer any extra material in their pants.
The pants were generally sized quite small, smaller than they expected according to reviews on Amazon.com.
Some people may need a size bigger to wear under their clothes comfortably, although this is highly dependent on individual body shape and size.
How is their business model?
Shoveralls seems to be primarily an e-commerce business with a direct sales model.
They have an online shop where they sell their wares and offer various accessories like beanies and hats.
Is it safe to order Swoveralls from them?
They give customers a full refund policy on their products that do not fit properly.
They also provide free shipping and free returns on all orders if customers feel unsatisfied with their products.
Are Swoveralls worth it?
Despite the fact that Swoveralls did not obtain an investment agreement on Shark Tank, their involvement on the show served an important marketing function.
Swoveralls’ online shop and Amazon sales increased significantly in the days that followed.
Is Shoveralls a scam?
Swoveralls is a genuine business.
They do get negative reviews online, but they are generally satisfied with their product and provide full refunds as well as free shipping if customers are unhappy with their products.
Which episode of Shark Tank featured Shoveralls?
Shoveralls appeared on Season 10, Episode 20 which aired on April 21, 2019.
What is Shoveralls?
Swoveralls are a form of trousers with the same warmth and comfort as sweatpants but with a fitted design.
They combine the cozy feel of loose sweatpants with tailored pants to give people more options in their clothing.
They have several pockets for things like their smartphone and wallet so they don’t have to worry about losing them while they are out and about.
What is net worth of Kyle Bergman?
Unknown.
