Squid Socks Shark Tank Net Worth
Squid Socks is a company that produces baby socks designed to stay on the feet of little children. The socks have silicon dots, named “Squiddy Dots” around the ankle area which help grip the skin and prevent them from coming loose.
Squid Socks appeared on Shark Tank in October 2019 and received an investment of $125,000 from Daymond John in exchange for 33% equity.
After the episode aired, the company received thousands of orders and had more than $100 million in revenue in 2018. As of 2022, Squid Socks’s founders Jessica and Gabe Miller have a net worth of $3 million USD.
The investment money went into getting more inventory and are currently still doing very well. Squid Socks are gaining great social media reviews and are committed to customer service. The company has not received any unfavorable internet reviews against its products.
What is Squid Socks and Who is the Founder of Squid socks?
Squid Socks are a type of socks designed specifically to stay on the feet of infants and small children. The socks feature silicon spots around the ankle area to keep them from coming undone.
Squid Socks come in a variety of patterns, designs, and colors, and are available in three collections: boy, girl, and gender-neutral.
They are sold at Nordstrom and local shops and have been featured in various media outlets such as ABC News, Today, and Popsugar, as well as in Parents, First Time Parent, and Washington Parent magazines.
The company was founded by Jessica and Gabe Miller, a couple with entrepreneurial aspirations. Jessica has a degree in advertising and marketing and has worked for several companies, while Gabe previously worked for Boeing and has significant experience in product design and development.
The idea for Squid Socks originated in 2014 when the Millers visited Gabe’s cousin in England and saw his child repeatedly pulling off his socks. The couple created the first Squid Sock designs as a solution to this problem.
The socks are made of 87% polyester, which is moisture-wicking, does not shrink or wrinkle absorbs stress, and is ideal for dye-sublimation printing.
Nylon (10%) adds strength, durability, flexibility, and stain resistance, while spandex (3%) provides tenacity and the ability to retain its original size and shape. As technology advances, more fabric selections and blends will become available.
The socks have received the Certificate of Product Safety for Children, and silicone is completely safe for children’s skin. However, some children may be more sensitive than others, so it’s important to monitor their skin when they first wear the socks. It’s also recommended not to wear the socks overnight.
Squid Socks Shark Tank Pitch
On season 11 episode 3 of Shark Tank, Gabe, and Jessica pitched their company, Squid Socks, seeking $125,000 for a 20% stake in their company, valuing it at $625,000.
They showcased their socks to the Sharks and shared that they were in search of a strategic partner to assist with building the company and production. They had made $400,000 in sales in the past 16 months, despite some downtime due to changing manufacturers.
Robert offered $125,000 for 40% ownership, and Daymond offered $125,000 for 33.3%. Lori asked Daymond if he wanted to partner with her, but he declined. Robert then raised his offer to $250,000 for 40% ownership.
After some negotiation, Robert settled on $125,000 for 30% ownership, and the Millers chose to partner with Daymond, who was interested in licensing their socks.
After the episode aired, Squid Socks received 5-star ratings on Amazon, with one customer stating that they loved the socks and wished they had discovered them sooner.
Daymond’s financial infusion was used to purchase more merchandise, and the Millers fulfilled the orders they received in two weeks. The company is still operational as of July 2021, with an annual revenue of $3 million.
Squid Socks Net Worth
Gabe and Jessica appear on Shark Tank season 11 episode 3 in search of $125,000 for a 20% stake in their company. This equates to a $625,000 valuation. They accepted an offer from Daymond of $125,000 for a 33% stake which brings the valuation to $378,787.87.
Squid Socks Competitors
There is no competitor identified for Squid Socks.
Squid Socks FAQS
What is Squid Socks?
Squid Socks are pairs of socks that are particularly intended to stay on the feet of small children and new-borns.
Because youngsters are frequently compelled to kick off their socks, the squid socks have silicon spots around the ankle area that hold the skin and keep the socks from coming undone.
Squid Socks come in a range of patterns, designs, and colours. The collections are available in three variations: boy, girl, and gender neutral.
Who is the founder of Squid Socks?
Jessica Miller and Gabe Miller, a couple who had long had entrepreneurial ambitions, founded Squid Socks.
How much was they seeking in the Shark Tank?
They were seeking $125,000 for a 20% stake in their company, which equated to a $625,000 valuation.
Did they get the deal from the Sharks?
They accepted an offer from Daymond of $125,000 for 33% stake which valuation to be $378,787.87.
Is squid socks still in business?
Following the intended air date, it took the Millers two weeks to fulfil the orders that were received. Daymond’s financial infusion was used to purchase more merchandise.
The firm is still in operation as of July 2021, with an annual revenue of $3 million.
Are squid socks safe?
Their socks have been third-party safety certified, and their “squiddy dots” are made of skin-safe silicone.
Squid Socks are CPSIA certified through the CPSC (Child Product Safety Certificate).
How do squid socks stay on?
They employ a unique silicone technology on the inner cuff of Baby’s socks that acts like micro-suction cups to keep the socks from sliding off or being tugged off. These socks will not come off unless they remove them.
What episode of Shark Tank was Squid Socks featured?
Squid Socks appears on Shark Tank season 11 episode 3 .
When was Squid Socks aired on Shark Tank?
Squid Socks was aired on Shark Tank on October 13th, 2019.
How can they find Squid Socks?
They can find them at Facebook, Instagram, and Pinterest @squidsocksink.
Where are Squid Socks located?
Squid Socks LLC is a company that operates in the Apparel Knitting Mills industry and is based in Everett, Washington.
How much is Squid Socks?
Three pairs cost $24 and come in three distinct patterns.
What are Squid Socks made of?
Squid Socks are constructed of a nylon, polyester, and spandex combination that offers a tight fit.
Are Squid Socks durable?
Nylon (10%) adds strength, durability, flexibility, and stain resistance to the socks.
What is the net worth of Jessica Miller?
Jessica Miller’s net worth is unavailable.
What is the net worth of Gabe Miller?
Gabe Miller’s net worth is unavailable.