What Happened to SockTABs after Shark Tank? SockTABs Shark Tank Update
What is SockTABs?
SockTABs is a device that separates pairs of socks in the washing machine and dryer. They are available in a variety of colors and embellishments. The flaps resemble a plasticized version of the clasps seen on manila envelopes.
They serve a dual role as a sock accessory in that they may be worn as a cufflink to beautify your socks while also keeping the “solemates” together in the wash without causing any damage to the socks. The flexible plastic wing tucks away neatly without tearing the fabric.
To keep your freshly cleaned socks together, put the SockTABs through one side of the sock and into the other side of the other sock.
The tab sits flush against the cloth and secures the two pieces together. You may even wear the tab while wearing your socks.
Who is the founder of SockTABs?
Tracie Burress of Rockford, Illinois, and her husband Glen Burress are the founders behind SockTABs. Ironically, the husband and woman pair originates from Rockford, Illinois — the birthplace of the famed Fox River Red Heel Socks and the originator of the Sock Monkey.
This closeness to socks probably inspired the development of Sock Tabs, a little tab that secures socks together during the washing and drying process, preventing them from becoming orphan socks.
Glen is a pediatric gastroenterologist and a pediatric assistant professor at the University of Illinois Medical School.
Tracie is a pharmaceutical sales representative who began working on SockTABs in 2013 after undergoing brain surgery for a brain aneurysm.
The firm was founded with the assistance of EIGERlab, a Rockford-based business incubator. In November 2014, she opened the doors to her business.
The tabs may be worn on a single sock, and when you remove them, you instantly tab them together to prevent them from being apart.
Burress also intends to sell them as a fashion accessory: sock cuff links.
SockTABs are available in a 24-pack of primary or neon colored tabs for $9.99. $14.99 for a 24-pack of “Bling” SockTABs. They’re now available at a select number of stores and on Amazon.
What Happened to SockTABs at Shark Tank pitch?
Glen and Tracie Burress present SockTABs to the Sharks in Shark Tank episode 711. The Burresses desire a Shark to assist in increasing production and gaining access to major shops.
Glen and Tracie appeared on Shark Tank in seeking of $50,000 in exchange for a 20% stake in their firm, which worth $250,000.
They assert that SockTABs eliminate the most unpleasant aspect of washing. They then play a sock puppet soap opera/love tale in which one sock is permanently lost to his love.
Then they demonstrate how the tabs operate and distribute samples of the tabs worn by the Sharks.
Their retail price is $1.25 and their wholesale price is $4.99. They’ve sold $20,000 in six months 60% in Rockford, IL retail locations and 40% online.
Lori asserts that there are competing businesses that sell similar products; she exits due to a conflict with another business.
Robert asserts that Tracy is the driving force behind their success, but he also goes out.
Daymond claims that the Bombas men would murder him: because losing socks is a necessary component of that business’s success, he’s out.
After the three Sharks exit, she recounts her experience with a brain aneurism and assures the Sharks that God restored her strength and feistiness.
After a little pause, Mark declares that he is not interested in the sock tabs company. He claims that $50,000 is not a barrier for them, but he does not believe he can be there for them; he exits.
Kevin was experiencing difficulties. Tracy works part-time in the business and does not believe she can leave her sales position. Tracy asserts that she will do what was necessary: she will not work part-time on her goal, but Kevin also exits, and they depart.
As they walk out the door, Daymond offers $50,000 in exchange for 30% stake in the company if Bombas agrees to the deal. They accepted and exited the pitch with a deal.
What Happened to SockTABs after Shark Tank?
Following their appearance on the show, the couple finalized a deal with Daymond John and appeared live on HSN, Daymond’s shopping network partner.
Additionally, they began targeting Chicago-area Bed Bath and Beyond stores, securing shelf space in a half-dozen locations. Additionally, the product is widely accessible on Amazon.
They ran out of stock on their website and on Amazon in 2018. The most recent Facebook post occurred in April 2020. As of May 2021, the following was listed on their website:
As of February 2022, the company is still in business with annual revenue of $1.1 million.
Competitors of SockTABs
The main competitors of SockTABs include: These Socks, Cousin Dave Silversmith, YESNESS, Soto Boots, OPC KICKS and Plato’s Closet Harwood Heights.
Net Worth of SockTABs
The company valuation was $250,000 during the pitch, after the investment done by Daymond John the company worth $166,667. Since then the company is still operating and hence the company net worth might have been more than that of pitch.
What is SockTABs?
SockTABs is a wearable solution to the dreaded lost sock problem, and finally a simple, discrete, and successful tool for combating the infamous sock monster.
Who is the founder?
Tracie Burress and her husband Glen Burress both are the founders of SockTABs.
How much were they seeking on Shark Tank?
They were seeking $50,000 for 20% of the business.
How much would they sell their company for?
Tracie and Glen desired $250,000 for 20% stake in their firm.
Did the couple receive their investment from Shark Tank?
Yes. The couple received $50,000 for 30% of the business from Daymond John.
Is SockTABs still in business?
Yes, SockTABs is still in business and the business is valued at $1.1 million.
Where is the company based?
The company is based out of Rockford, Illinois.
How much does SockTABs cost?
The tabs are available in packs of 24 for $9.99 or 29 for $14.99.
How are SockTABs worn?
SockTABs are extremely adaptable and may be worn with or without wings. Whichever is most convenient for them.
Will SockTABs cause any damage to my socks?
No. SockTABs are very thin and slender wings that pierce the sock fibers without causing any harm.
Is SockTABs machine-washable and dryer-safe?
Yes. SockTABs are constructed with a durable, temperature-resistant polymer that is suitable for use in both standard and high-efficiency washers and dryers.
Do SockTABs always remain on your sock?
Yes. The tab is always worn on one sock, making it accessible and easy wherever and whenever you remove your socks.
Are SockTABs suitable for all socks?
Yes. SockTABs are compatible with all socks and perform optimally when worn at the ankle or higher.
Will the color bleed?
No. The colors do not bleed through or do any harm to the socks.
When I wear the SockTABs, will they bother my ankle or leg?
No, the majority of individuals are unaware that they are wearing it. SockTABs are tiny and made for comfort, and most people forget they are wearing them after the initial installation, akin to a belt buckle, ring, or small watch. They eventually forget they’re wearing it.
What is the net worth of Tracie Burress?
The net worth of Tracie Burress is not available.
What is the net worth of Glen Burress?
The net worth of Glen Burress is not available.