Solemates Shark Tank Net Worth
Monica and Becca have come a long way since their initial Shark Tank appearance when they sought a $500,000 investment for a 10% ownership stake in their company; Robert’s offer of $500,000 for 25% equity meant an implied valuation of only $2.5 million.
Fast forward two years later to November 2022 and the duo’s business has gone from strength to strength with successful deals with CVS allowing them distribution of Solemates products across over 4000 stores as well as multiple new items in the line – including shoe fresheners, blister protectors and ‘Winter Warrior’ accessories.
Resulting in annual revenues nearing the $2M mark. And that’s just the beginning; ongoing success has led to an impressive net worth of over 10 Million USD by 2023.
What is Solemates?
Solemates is a product designed to shield high-heeled shoes from damage. It is a heel guard that can be slipped over the sole of the shoe to prevent it from sinking into soft surfaces like grass.
The co-founder of Solemates is Becca Brown, who along with her friend and co-founder Monica Ferguson, came up with the idea while studying at Columbia Business School. Both had previously worked as financial analysts at Goldman Sachs before leaving to establish their brand.
Solemates was founded by Becca Brown and Monica Ferguson, who invented the heel guards that protect women’s spike-heeled shoes from sinking into grass or other soft surfaces.
What happen to Solemates at the Shark Tank Pitch?
The prices are affordable, with the majority of the items priced under $30, and they are available in numerous online stores, including Zappos and Amazon.
Monica and Becca walk into the Shark Tank seeking a $500,000 investment for a 10% ownership stake in their business, implying a $5 million valuation. They share their story of how women love wearing heels and make their sales pitch.
The Sharks are given samples of their product, with Lori trying them on with her heels and even bringing heels for the male Sharks to test out. The women demonstrate the effectiveness of their product on a grass pad they provided for this purpose.
Kevin is focused on the numbers, revealing that the company generated $1.1 million in sales the previous year and is on track to reach $1.5 million this year. The company’s products can be found in over 3000 retail locations, including Nordstrom and David’s Bridal.
Monica and Becca have each invested $100,000 and raised $1 million, giving them a combined 40% ownership of the company.
Mark Cuban doubts that the company will reach $50 million in sales, so he declines to invest. Daymond John believes that it will take five years for him to recover his investment if the company reaches $50 million in sales. Kevin O’Leary likes the product, but he wishes to alter the terms of the investment.
He offers to lend them $400,000 and provide them with $100,000 at a 10% interest rate. Although he attempts to make a second offer, the women accept Robert Herjavec’s initial offer instead.
Lori Greiner is uncertain about how much fixing the company needs, so she decides not to invest. Robert Herjavec believes that the company’s sales prove that prices will continue to increase, and he makes an offer of $500,000 for a 25% stake.
The women request that Robert reduce his ownership percentage to 20%, allowing them to retain some majority ownership. He agrees to their request, and they come to an agreement.
Solemates After The Shark Tank Pitch
The reason the agreement with Robert fell through was that the two women thought it would not be advantageous for their business.
However, they managed to make a deal with CVS, and their products are now stocked in more than 4000 of the retailer’s stores.
Additionally, they have expanded their product line to include shoe fresheners, blister protectors, a “winter warrior” collection, and more. Despite the setback, the company is still doing well, with annual revenues of $2 million as of December 2022.
Solemates Net Worth
Monica and Becca entered the Shark Tank seeking a $500,000 investment for a 10% ownership stake in their business, accurately implying a valuation of $5 million.
After extensive deliberation and negotiations between the two parties, Robert offered them an attractive offer of $500,000 for a 20% stake instead, reducing the implied valuation to $2.5 million.
Both Monica and Becca accepted this offer, thus concluding the deal and giving Robert an opportunity to be an integral part of their success story.
Solemates Competitors
Solemate is the only product of its kind on the market.
Solemate FAQS
Who founded Solemates?
Solemates was founded in January of 2014 by Monica Ferguson and Becca Brown. They are the sole proprietors of the Solemates brand.
Was Solemate on Shark Tank?
Yes, Monica and Becca are on Shark tank October 14th, 2016.
What is the Solemate website?
Solemates.com shows their products and some of their customers, while Solemates.com/shoes shows shoes that are available for purchase.
How many Solemates stores are there?
There are around 4000 stores that carry the product. They have a store locator on their website where they can find out where they are located.
What materials can they clean with Solemate?
Solemate cleaning, when applied appropriately, is effective on all of the key fabric materials used in sneaker and shoe manufacture, including leather, suede, nubuck, natural and synthetic materials, rubber, and many more.
How frequently should they use Solemate?
They advocate using Solemate on a regular basis to maintain their kicks fresh and looking their best.
Is Solemate only for sneakers?
Solemate cleans all types of footwear, from sneakers to dress shoes.
What material is it composed of?
Surfactants, cleaning amplifiers, and water are the main elements in Solemate. The majority of the ingredients are natural and sourced from coconut and jojoba oils.
How does it makes money?
Solemate is a direct-to-consumer product, meaning that they order it from their website and they ship it to them.
How do they actually use it?
Appropriately apply Solemate to their shoe and work the Solemate into the fabric. Then buff with a non-abrasive cloth and water and then dry.
What is the expiration date on the card?
The expiration date on their product will be stated on their Solemate box or if not stated, Solemate will be good for up-to 1 year from purchase.
How much does it cost?
The price of Solemate is different depending on where they buy it. Prices are reasonable, with most items costing less than $30.
How often do they clean my sneakers with the product?
Solemate proponents advise cleaning their sneakers on a regular basis. Practicing good sneaker hygiene will help keep them looking better longer.
Where is Solemate sold?
Solemates are available at many major retailers, including Amazon. Solemates are also sold in boutiques, fitness centers, spas, travel stores, and in some health-food stores.
What are strengths of Solemate?
The product is safe and effective on all materials, including leather.
It is packaged in a recycled plastic bottle that is recyclable. It leaves no residue and has a light lemony scent.
What are weaknesses of Solemate?
Solemates can dry out some materials, such as suede, making them shrivel a bit. This can be prevented by using a suede brush in conjunction with the cleaner.
How many people are employed because of Solemates?
Monica Ferguson and Becca Brown are the sole proprietors of the company. They do not currently employ anyone else.
How big is Solemates?
Solemates’ annual revenue was $2 million as of May 2021, but they were unable to give exact numbers on their profits that time.
What inspired them to get into the business?
The two founders knew there were problems with cleaning sneakers and shoes, so they set out to make a product that would everybody could use.
Solemates, did they receive a bargain on Shark Tank?
Solemates creators Monica Ferguson and Becca Brown gave an enthusiastic presentation about their heel protection on Shark Tank Season 8, which resulted in a $500,000 agreement (for a 20% ownership investment in the firm) with Robert Herjavec.
What became of Solemates?
Although the firm was unable to finalize the transaction with Robert, Solemates is still running strong in 2021, having extended their product range to include shoe fresheners, blister protectors, a “winter warrior” collection, and other items.
What is Monica Ferguson net worth?
Currently, there is no update on Monica Ferguson net worth.
What is Becca Brown net worth?
Currently, there is no update on Becca Brown net worth.
