Tower Paddle Boards Net Worth
Tower Paddle Boards is a company that makes stand-up paddle boards. It was founded by Stephan Aarstol in 2010 and has been funded by Mark Cuban.
As of 2022, the company’s net worth is $100 million, and it makes $500,000 per month in sales with only six employees. After receiving an investment from Mark Cuban, the company’s valuation dropped from $1.5 million to $500,000.
What are Tower Paddle Boards and Who is the founder of Tower Paddle Boards?
Tower Paddle Boards is a company that specializes in selling paddleboards directly to consumers, including their innovative 6′′ inflatable board, which has been well-received by paddleboarding enthusiasts for its quality and affordability.
In addition to a variety of inflatable and traditional paddleboards, the company also offers a range of complementary products that can be used in conjunction with their boards.
The founder of Tower Paddle Boards is Stephan Aarstol, a seasoned internet marketing entrepreneur who recognized a trend in online searches related to paddleboards and a lack of quality options available for purchase.
Aarstol, who holds an MBA in New Venture Management from the University of San Diego, has a passion for creating game-changing new businesses. He initially achieved success selling premium poker chips online, leveraging his expertise in search engine optimization to drive traffic and sales to his site.
Recognizing the growing interest in stand-up paddleboarding, Aarstol applied his online sales approach to this market, and Tower Paddle Boards was born.
By selling directly to consumers and bypassing traditional retail channels, Aarstol is able to offer his paddleboards at significantly lower prices, up to 50% less than comparable boards.
Tower Paddle Boards continues to benefit from the growing popularity of the sport and Aarstol’s skill in attracting organic search traffic to his website, making it one of the fastest-growing sports product companies in the United States.
Tower Paddle Boards Shark Tank pitch
In Season 3, Episode 9 of Shark Tank, Stephan Aarstol presented Tower Paddle Boards to the Sharks to seek help with product distribution and marketing. He requested $150,000 for a 10% stake in the company, valuing it at $1.5 million.
Although Aarstol initially struggled to explain his business due to technical difficulties and his dislike of scripted presentations, he impressed the Sharks with his sales figures, having made over $100,000 in just a few months. The Sharks were intrigued by his customer acquisition strategies, particularly his search engine marketing tactics.
Barbara became annoyed by the technical details and exited the pitch, while Robert felt the company was overpriced and declined to invest. Daymond followed suit, leaving Mark and Mr. Wonderful as the final Sharks interested.
Kevin offered $150,000 in exchange for 50% ownership of the company and a 10% royalty on all future product sales, but Aarstol rejected the offer. Mark then made an offer of $150,000 for 30% equity in the company and first dibs on Aarstol’s future ventures.
Kevin countered with the same offer, but Aarstol believed Mark would make a better partner and shook hands with him to close the deal.
After the show aired, Aarstol and Cuban finalized the deal, and Cuban claimed that investing in Tower Paddle Boards was one of his most successful Shark Tank investments to date. A few months later, Aarstol refunded one-third of the investment, and Mark is expected to recover his full investment soon.
In Season 4, Episode 403, Tower Paddle Boards was featured in an update segment, reporting that the company was thriving, with increasing sales. Additionally, the company was mentioned in an update segment in Beyond the Tank Episode 111.
In the summer of 2016, Tower Sunglasses, the company’s first new product, was launched. Aarstol’s long-term goal is to transform Tower into a complete “beach lifestyle brand,” offering a range of beach-related products at the company’s low prices, including clothing, beach chairs, snorkels, and other items.
In July 2021, they expanded their range to include skateboards, clothes, beach tents, swimwear, and other products. As of January 2022, the company had an annual revenue of $7 million.
Competitors of Tower Paddle Boards
The primary competitors of Tower Paddle Boards are; C4 Waterman, ISLE Surf & SUP, SOL Paddle Boards, SUP ATX, Surf School, Tower, and YOLO BOARD among others.
Net Worth of Tower Paddle Boards
The company valuation was $1.5 million during the pitch, after the investment done by Mark Cuban the company was valued at $500,000.
Since then the company has been performing well in sales with annual revenue of $7 million as of January 2022. This shows that the company’s net worth had elevated.
Tower Paddle Boards FAQs
What is Tower Paddle Boards?
Tower Paddle Boards is a company that provides direct-to-consumer paddleboards, such as their 6′′ inflatable board, which is both innovative in the sport and well-liked by enthusiasts due to its high quality and affordable pricing.
Who is the inventor?
Tower Paddle Boards were invented by Stephan Aarstol who is the founder and current CEO of the company.
What are Tower’s headquarters?
Tower’s headquarters are located in Newport Beach, California.
How much was asking on Shark Tank?
Stephen was asking for $150,000 in exchange for 10% equity of his Tower Paddle Boards.
Did he have the deal?
Yes, he did have the deal, with Mark Cuban.
How much was the deal?
Mark offered $150,000 for 25% equity of Tower Paddle Boards.
Is Tower Paddle Boards still in business?
Yes, Tower Paddle Boards is still in business and has grown since the deal.
How much revenue does Tower get?
Tower’s revenue is $7 million as of January 2022.
How much was Stephan worth before the pitch?
Stephen was worth $1.5 million before the pitch with Tower Paddle Boards.
Who is the CEO of Tower Paddle Boards?
Stephan Aarstol is the CEO and founder of Tower.
How much do they sell their boards for?
Their boards sell for $400 on their website.
What is Tower Paddle Boards website?
Tower Paddle Boards website is http://www.towerpaddleboards.com/
Where does Tower Paddle Boards sell?
Tower Paddle Boards only sells through their website, so customers must order online.
Is Tower Paddle Boards shipping?
Yes, Tower Paddle Boards sells their boards through their website, so customers must order online.
Where does Tower Paddle Boards ship from?
Tower Paddle Boards ships from their headquarters in Newport Beach, California.
What is the shipping cost of Tower Paddle Boards?
The shipping for an individual 6′′ board is $50.
What are the contact details of Tower Paddle Boards?
The contact details of Tower Paddle Boards are a physical address, phone number, fax number and email.
Phone: +1 866-622-4477 Fax: (949) 754-5657 Email: info@towerpaddleboards.com
Which social networks does Tower Paddle Boards use?
The primary social network that Tower Paddle Boards uses is Facebook.
Can I return my board if I don’t like it?
There is a 30-day money back guarantee. There is also free shipping and free returns in the US.
What payment method accepts by Tower Paddle Boards?
Tower Paddle Boards accept credit card payments.
Are Tower Paddle Boards any good?
The most popular model in Tower’s inflatable SUP collection is the Tower Adventurer 9’10” Paddle Board.
This is a great all-around iSUP that is stable and a lot of fun to paddle. The board has a respectable thickness of 6′′ and high stiffness, and the whole construction is quite robust.
What material are Tower Paddle Boards made of?
All of our Tower inflatable stand up Paddle Boards are constructed with two layers of PVC on the outside, making them highly durable and easy to clean.
Each iSUP is constructed using inner drop-stitching technology, which allows the board to remain flat when inflated.
What is the net worth of Stephan Aarstol?
Stephan Aarstol has an estimated net worth of $5 million.
