Sierra Madre Research Shark Tank Net Worth 2023
Richard and Juli appeared on Shark Tank season 9 episode 1, seeking $175,000 for a 15% stake in their company. This valued the company at $1.16 million, although it’s worth more now since the business has grown.
They have a wide range of products including hammocks, shelters that fit on top of truck beds, blankets, and sleeping bags to keep warm in different temperatures, power supplies, camping chairs, and much more; as of November 2022, they are still operational with $4 million annual revenue.
What Is Sierra Madre Research?
Sierra Madre Research is a company based in Vicksburg, Mississippi that produces exceptional camping equipment, including hammock shelters and other accessories.
These unique hammocks offer more than just a convenient way to sleep among the trees; they are designed to provide users with safety and comfort while enjoying the great outdoors.
SMR offers three basic hammock models (the high-performance Pares, the Solo for individuals, and the xPlor for extra space) that can be easily combined with their accessories to create the perfect camping experience.
Sierra Madre Research hammocks can also be paired with one of two hammock shelters, the Nubé and Stratos, to provide extra space for camping gear and protection from the weather.
The Nubé and Stratos shelters are ultra-ergonomic for easy carrying and provide protection from pests, heavy rain, and intense sunlight.
Additionally, SMR offers insulation to protect against extremely cold temperatures (as low as 0 degrees Fahrenheit).
Who Are The Founder Of Sierra Madre Research?
Sierra Madre Research was founded by Richard Rhett and Juli Rhett, both from Mississippi. Richard is a Research Mechanical Engineer and self-proclaimed “gear snob.” While assisting impoverished rural Hondurans with medical needs in 2009, he had the idea for his product while sharing the love of Christ.
In 2010, upon returning home, he was unable to find a suitable hammock, so he decided to design one himself. He used a used Sears sewing machine to create the initial prototypes.
The name of the company, Sierra Madre Research (SMR), was inspired by the Sierra Madre mountain range that spans from Arizona to Honduras. The range offers a diverse range of terrain, temperature, and culture, and Richard wanted his products to be suitable for all of them.
SMR also has a social mission. Every purchase contributes to the drilling of clean water wells in rural Central America, and the products are made in Nicaragua.
SMR’s product line starts at $349 for combo packages, and an insulated sleeping bag can be added for an extra $249.
As the company grew from a single sewing machine to a fully-functioning production firm, it held Kickstarter campaigns for each new model, including hammock shelter add-ons, Inferno, and lightweight insulation packs. Each campaign has been extremely successful, surpassing its fundraising goals every time.
What Happened To Sierra Madre Research At The Shark Tank Pitch?
Richard and Juli appeared on the first episode of the ninth season of Shark Tank to pitch their company, seeking an investment of $175,000 in exchange for a 15% equity stake, which values their company at $1.16 million. During their presentation, there were hammocks on the stage, which caught the attention of the sharks.
The hammocks cost $350 each and come with a hammock, cover, and suspension mechanism. The profit margin on each unit is 62%.
The company had sales of $208,000 in the previous year and projected to earn between $430,000 to $500,000 in the year of the show.
Daymond was impressed with the company’s social objective but did not feel he could offer any assistance, so he left the deal. Lori also passed on the opportunity because she felt the market was too crowded.
Robert and Mark followed suit and decided to pass as well. However, Sir Richard was captivated by the company’s mission and offered exactly what the entrepreneurs were looking for, $175,000 for a 15% equity stake. The catch was that he wanted 100% of his profits to go towards charity. The entrepreneurs accepted the offer, and the deal was made.
What Happened To Sierra Madre Research After The Shark Tank Pitch?
Richard Branson has expressed only positive feedback about the organization after the completion of their agreement.
Since then, the organization has launched several new products, including the Ninox, a spacious hammock with an attached mosquito net that lies flat, as well as the Hot Pocket and Ember, which utilize solar energy to provide warmth on cold nights. They have also introduced air beds, inflatable chairs, and various other camping-related products.
Despite facing challenges with production and shipping operations during the 2020 pandemic, the organization was able to overcome these obstacles.
Richard and Juli played a key role in the development of two new water systems aimed at providing clean water to isolated areas in Central America. As of November 2021, the organization is still in operation and generating $4 million in annual sales.
What is the Net Worth of Sierra Madre Research?
Richard and Juli appeared on Shark Tank Season 9 Episode 1 in search of $175,000 for a 15% stake in their company. This translates to a $1.16 million valuation. The current valuation is evidently higher since the Company has grown.
Who are the Competitors of Sierra Madre Research?
There are no competitors identified for Sierra Madre Research.
Sierra Madre Research Updates
Sierra Madre Research is a company that designs, manufactures, and distributes innovative outdoor gear. The company was featured on Shark Tank and experienced explosive sales growth after the episode aired.
As of November 2022, the company is still in business and earns $4 million in annual revenue.
Sierra Madre Research has a social mission and is named after the Sierra Madre mountain range, which goes from Arizona to Honduras. The company’s products are designed to fit the varied terrain, climate, and culture of the mountain range.
Sierra Madre Research specializes in camping equipment that caters to all campers and hikers who enjoy spending multiple nights outdoors. Their products appeal to novice and advanced campers, which means there is great demand for their camping gear.
As of 2023, Sierra Madre Research continues to see a lot of growth and expansion. The company still needs to open up its first retail store to become more known to the general public since only relying on online sales will limit its progression.
Sierra Madre Research Shark Tank Net Worth 2023
| TOPIC | DETAILS |
| Company Name | Sierra Madre Research |
| Founders | Richard and Juli Rhett |
| Location | Vicksburg, Mississippi |
| Product Line | Camping equipment including hammocks, shelters, blankets, sleeping bags, power supplies, and camping chairs |
| Shark Tank Investment | Richard Branson invested $175,000 for a 15% equity stake, valuing the company at $1.16 million |
| Current Valuation | Undisclosed, but the company has grown since the Shark Tank investment |
| Revenue (November 2022) | $4 million annually |
| Competitors | No competitors identified |
| Updates | Sierra Madre Research has launched new products, faced challenges during the pandemic, and played a key role in developing new water systems to provide clean water to isolated areas in Central America. |
Sierra Madre Research FAQS
What Is Sierra Madre Research?
Sierra Madre Research is a company that designs, manufactures, and distributes innovative outdoor gear, with an emphasis on camping hammocks and canopies. The company was founded by Richard and Juli Rhett, who are both outdoor enthusiasts and entrepreneurs.
Richard is a Research Mechanical Engineer and self-professed “gear snob”. He named the company Sierra Madre Research (SMr) after the Sierra Madre mountain range, which goes from Arizona all the way to Honduras.
The company has a social mission – every “one” piece of Sierra Madre gear gives one person one year of clean water in a country that desperately needs it.
Sierra Madre Research appeared on Shark Tank in season 9 and secured a deal with Sir Richard Branson. Since then, the company has introduced new products, including the Ninox, which is an elevated camping hammock that is off the ground and covered.
The company has a strong following on social media, with over 14,000 followers on Facebook. Customers appreciate the superior quality of their products and the company’s humanitarian mission.
Sierra Madre Research is a promising venture that has experienced explosive sales growth since its debut on Shark Tank. The company has stood out in a saturated market due to its innovative products and humanitarian mission.
What Is The Current Valuation Of Sierra Madre Research?
Sierra Madre Research is a company that produces outdoor gear, including hammocks, sleeping bags, and insulation to protect against extremely cold temperatures. The company was founded by Richard Rhett and Juli Rhett, both from Mississippi.
In 2017, Richard and Juli appeared on Shark Tank seeking $175,000 for a 15% stake in their company, which translated to a $1.16 million valuation. However, as of 2022, Sierra Madre Research’s net worth is reported to be $11 million USD.
It is unclear from the search results when the current valuation of Sierra Madre Research was determined. However, it is evident that the company has grown since its appearance on Shark Tank in 2017, as its net worth has increased significantly.
What Happened To Sierra Madre Research After Shark Tank?
Sierra Madre Research is a company that produces covered hammocks for camping and outdoor activities. The company was founded by Richard and Juli Rhett, who appeared on Shark Tank seeking $175,000 for 15% of their business.
The Sharks found the hammocks comfortable and the company profitable, with $210,000 net profits the previous year and sales of $400,000. Richard and Juli Rhett named the company Sierra Madre Research after the Sierra Madre mountain range, which goes from Arizona all the way to Honduras.
Following their appearance on Shark Tank, Sierra Madre Research experienced explosive sales growth. The company has a social mission to provide clean water to remote villages in Central America.
Richard and Juli helped develop two new water systems in remote villages in Central America to provide them with clean water. The company is still in business as of November 2022, earning $4 million in annual revenue.
Sierra Madre Research has expanded its sales significantly and continues to grow. The company has over 14,000 followers on Facebook and has been popular among hikers and campers who have enjoyed the superior quality of their products and become loyal customers.
The company’s humanitarian mission appeals to many customers who want to help underprivileged communities gain access to clean drinking water. Sierra Madre Research has drilled many wells in several locations to make drinking water accessible to the local population.
Is Sierra Madre Research Still In Business?
Yes, Sierra Madre Research is still in business. Sierra Madre Research is a company based in Vicksburg, Mississippi that produces camping equipment, including hammock shelters and other accessories.
Richard and Juli Rhett founded the company after finding a need for a comfortable place to sleep while camping that is safe from the elements. The company has a social mission, and a portion of its profits goes to charity.
Sierra Madre Research appeared on Shark Tank in Season 9, seeking $175,000 for a 15% stake in their company. Richard Branson invested in the company, and since then, sales have expanded significantly, and the business continues to grow.
The company has expanded beyond the hammock shelters they offer and produced products, including standard hammocks, blankets, and other camping gear. The company’s sales are primarily online, but they hoped to open up several retail stores.
Sierra Madre Research is indeed a company that is thriving, but it’s not clear if it will outpace its competitors.
What is Sierra Madre Research?
Sierra Madre Research is a Vicksburg, Mississippi-based firm that manufactures unique, high-quality camping equipment such as hammock shelters and other accessories.
These one-of-a-kind hammocks are more than just a convenient way to snooze among the trees; they’re also designed to keep users safe and comfortable while enjoying the great outdoors.
Who founded Sierra Madre Research?
Richard Rhett and Juli Rhett founded Sierra Madre Research in 2010.
How much were they seeking in the Shark Tank Pitch?
Sierra Madre Research sought $175,000 for a 15% stake in the company.
How much investment did Richard and Juli receive on Shark Tank?
Richard and Juli received $175,000 for a 15% stake in the company.
Where is Sierra Madre Research headquartered?
Sierra Madre Research is headquartered in Vicksburg, Mississippi.
How much does it cost?
Sierra Madre Research products cost $350 to buy.
When were they created?
The first product was created in 2010.
When were they featured on Shark Tank?
Sierra Madre Research was featured on Shark Tank Season 9 Episode 1 in October 1, 2017.
What are the products of Sierra Madre Research?
Sierra Madre Research sells a variety of outdoor gear, including hammocks and sleeping pads for camping, and coolers and other accessories as well.
Who is the market for these products?
The market for Sierra Madre Research products is primarily made up of outdoors enthusiasts, who enjoy getting away from the city to camp.
How can they contact someone in Sierra Madre?
Please contact them at customerservice@sierramadreresearch.com.
Sierra Madre Research is located where?
Given the company’s progress, the Rhetts chose to relocate from Mississippi to Chattanooga, Tennessee. According to Richard Rhett, Chattanooga has a lot of start-up enthusiasm and is a terrific place for outdoor adventure.
Do they Shipped?
Their equipment is shipped all over the world. All of their gear is shipped straight to them from the United States.
Please keep in mind that different nations across the world have IMPORT TAXES and DUTIES; Sierra Madre is NOT liable for any taxes or duties.
Where can they buy Sierra Madre Research products?
Sierra Madre Research products are only available online.
What is website address of Sierra Madre Research?
The website address of Sierra Madre Research is www.sierramadreresearch.com
