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. 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 FAQS
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 [email protected]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