What Happened to Throx Following the Shark Tank Pitch?
What exactly is Throx? Who is the Founder of Throx?
Throx is a company founded by Edwin Heaven that offers a solution to the common problem of losing a single sock by selling sets of three socks instead of pairs.
The company markets its products as “the unsung treatment for the missing sock.” Before starting Throx, Edwin Heaven had a background in writing and directing in the media industry.
He created Throx in 2003 as a way to prevent the inconvenience of losing a single sock and first began selling the product on a direct-sales website. The product has gained popularity among a wide range of customers, particularly teenagers and pre-teens.
What Happened to Throx during Shark Tank Pitch?
During his appearance on Shark Tank season 1 episode 8, Throx founder Edwin Heaven sought a $50,000 investment in exchange for a 25% stake in his company, valuing the company at $200,000.
He presented his business in a flamboyant manner, claiming that the company “outperforms the competition by a foot.”
However, the Sharks were not impressed by the company’s $38,000 in sales the previous year and had concerns about the lack of patent protection for the three-sock bundle.
Kevin O’Leary, Kevin Harrington, Barbara Corcoran, and Robert Herjavec all declined to invest in Throx, with some citing it as a novelty item with no repeat sales potential.
Daymond John advised Edwin to operate the business on his own, and Edwin left the show without any investment or partnership with the Sharks.
What Happened to Throx Following the Shark Tank Pitch?
Following the Shark Tank pitch, Throx continued to operate as a direct-sales company, and still operates in the market to this day.
The company sells its products online, offering a variety of designs and colors, specifically targeting teenagers and young adults.
The unique concept of Throx appeals to customers who appreciate the novelty and especially those who follow the trend of “mix and match” with their socks.
Despite not getting a deal on the show, Edwin Heaven was able to keep his business running and generate revenue. According to recent report in 2021, the company is still thriving, with annual sales of $1 million.
What is Throx’s net worth?
It is not publicly known what Throx’s current net worth is. However, it can be inferred that it is greater than the $200,000 valuation the company had during Edwin Heaven’s appearance on Shark Tank season 1 episode 8, where he sought a $50,000 investment in exchange for a 25% stake in the company. The company has likely grown since then.
Who are Throx’s competitors?
There are no known competitors for Throx.
Throx FAQS
1. What is Throx?
Throx is a company that sells socks in sets of three rather than pairs. The socks are marketed as “the unsung remedy for the missing sock” by the firm.
2. Who created Throx?
Prior to starting Throx, Edwin Heaven was and still is a well-known writer and screenplay director in San Francisco.
3. What Happened to Throx During His Shark Tank Pitch?
Heaven appears on Shark Tank season 1 episode 8 looking for a $50,000 investment in exchange for a 25% ownership in his company. This translates to a $200,000 valuation.
4. Who invested in Throx?
None of the Shark show interest in Throx.
5. Who are Throx’s competitors?
There are no known competitors for Throx.
6. What is its annual revenue?
According to a July, 2021 report, the company is still prospering, with annual revenue of $1 million.
7. Where is Throx located?
Throx is located in San Francisco, California.
8. What is the business model of Throx?
Throx is a direct-sales corporation.
9. Is Throx available in different colours?
Throx is available in a variety of designs and colours on the website, which is primarily geared at adolescent and teen audiences.
10. What is the net worth of Edwin Heaven?
Edwin Heaven net worth is $19 Million as of 2022.
11. Is Throx available on Amazon.com?
Throx is available in amazon.
12. Is Throx still in business?
Throx is still in business as of July 2021
13. Is Throx available in Canada?
No, Throx is not available in Canada.
14. Is Throx available in the UK?
No, Throx is not available in the UK.
15. When was Throx founded?
Throx was founded in 2003.
16. What material is Throx made of?
Throx are 55% cotton, 35% acrylic, 10%spandex.
