The Matte Shark Tank Net Worth 2023
The Matte Shark Tank Net Worth
The Matte, a company featured on Shark Tank, had a business valuation of $500,000 before appearing on the show. Melissa accepted Lori’s offer of $100,000 for 33.3% equity shares of the company, which brings valuation to $166,499.99 and walked away from the Shark Tank with a deal after giving it some thought. Matte’s current net worth is estimated to be around $650,000.
What is The Matte?
The Matte is a revolutionary product that has been created to cater to the needs of women who want to store their cosmetics on a small bathroom countertop.
Melissa Clayton, the founder of The Matte, is an entrepreneur who previously launched Tiny Tags in 2012 to produce jewelry. Melissa graduated with honors from the University of Massachusetts, Amherst, with a degree in Philosophy. She is currently the CEO of The Matte and Tiny Bags.
The Matte is an improvised folding and extendable cosmetic counter that makes the most of limited space. It can hold up to two pounds of cosmetics and other beauty products. It is available in two colors: black and pink. Melissa came up with the idea for The Matte while setting up her own cosmetic booth at a trade show.
With the help of a friend who is a product designer, she made a prototype of The Matte and showed it to her husband and friends for feedback.
Melissa Clayton has been interviewed by Newsmakers Daily about her entrepreneurship journey. She founded The Matte in 2014 to address a challenging problem of how to set out all of your make-up in a small bathroom. Melissa grew tired of knocking items on the floor when she put on make-up by utilizing her closed toilet seat and the sides of her little sink.
She knew there had to be a better way of doing things. She imagined a folding mat that could fold down to the size of an iPad and unfold to cover a bathroom sink, producing a type of “countertop.” They went through numerous prototypes after hiring a freelance industrial designer before settling on a final design.
The Matte is an excellent solution for tiny sinks and for traveling. In 2015, Melissa purchased a first batch of 500 pieces and has never looked back. She is always looking for new ways to improve her products and is currently looking for a Shark to assist her with her new enterprise.
What Happened to The Matte at Shark Tank Pitch?
Melissa was eager to work with a Shark after discovering The Matte, with hopes of creating and implementing a marketing campaign that would enhance her sales. At present, The Matte’s only marketing strategy involved word of mouth, influencers, and organic searches.
In her pitch on Shark Tank, Melissa sought $100,000 in exchange for 20% equity shares, raising the company’s worth to $500,000. She reported a successful strategy, with $20,000 in merchandise sold in the 30 days prior to filming. Melissa understood that a clear marketing plan was essential for the company’s genuine success.
However, the other Sharks were not as enthusiastic about The Matte as Melissa. Many found the product too niche for an already small market, while others felt that The Matte’s nature and use were not adequately described.
Fortunately, Lori Greiner saw the value in The Matte and offered $100,000 for a 33.3% share in the company, reflecting her added value to the product.
Melissa countered with an offer of $100,000 for a 25% equity portion, but Lori refused to hear any counter offers. Melissa ultimately accepted Lori’s offer and walked away from Shark Tank with a deal after some consideration.
There is currently no evidence that the contract with Lori has been completed, as the first rerun of the show occurred only three months after its initial airing. However, the company has performed well in terms of sales, with revenue increasing as sales continue to grow. Since the show aired, The Matte has already sold over 48,000 units.
Competitors of The Matte
The company has many competitors in the market space. These are; The Free Website Guys, WebFX, DSS, SmartSites, Design Pickle, Penji, SmartBug Media and Revenue River.
Net Worth of The Matte
The company was valued at $500,000 during the pitch and has makes a lot of sales which makes the valuation to increase.
The Matte FAQs
What is The Matte?
The Matte is a product that Melissa invented to help people who want to store their cosmetics.
Who is the Founder?
Melissa Clayton is the founder of The Matte.
What is their offer on Shark Tank?
Melissa was seeking for $100,000 for a 20% equity stake.
Did she get the deal?
Yes, Melissa was working with Lori to move forward with the business.
What is the offer?
Melissa get offer of $100,000 for a 33.3% equity stake from Lori.
What is the size of the business there?
The company has grown from 14,000 to 48,000 units since Shark Tank. It has also been ranked as one of the best-selling products on the market.
What is the business strategy?
They have a unique approach to marketing strategy. Melissa has been using her social media accounts and through influencers to promote the product.
Is there a unique feature of the product?
There is no unique feature of the product per se. It is just a product that helps people with makeup products in small spaces.
Is still in business?
Yes, they are still in business.
How the business model?
They have a business model of a subscription box, similar to other companies. They sell the product directly to the customer.
Who is the company competing against?
The company is competing against The Free Website Guys, WebFX, DSS, SmartSites, Design Pickle, Penji, SmartBug Media and Revenue River.
What are the problems which they are solving?
There are many issues that the company is trying to solve, for example makeup spills on floors, small bathrooms, and people who have moving situations.
The shark tank has appreciated Lori contribution since she came to Shark Tank after helping other companies which she has invested in.
Is safe to buy online?
Yes, it is safe to buy online.
How much does it cost?
It has a retail price of $49.99 and can be purchased online on their official website.
Is a scam?
It is not a scam in any way; the product quality has been proven through numerous customer reviews.
What have been done to solve their problems?
Melissa is using her social media accounts to promote the business and she has been using influencers to market it. She has placed many orders for their products considering its value.
How much is a Matte?
2 sizes are available: a small 10″ x 10″ and a large 14″ x 14″. They cost $39 and $49 respectively, and they do not include shipping costs.
How can I contact The Matte?
Contact Info: www.thematte.com/contact
How can I buy The Matte?
The Matte can be purchased from the official website. And customer needs to know that it is available in two colors: black and pink.