Zorpads Shark Tank Net Worth 2023
Taylor and Sierra appeared on Shark Tank Season 10 Episode 13 in search of $150,000 for an 8% stake in their company which equates to a $1.875 million valuation.
Lori and Charles made them an offer of $150,000 for a 22.5% stake in the company, bringing the valuation to $666,666.66 instead.
The company has been successful, earning around $4 million in gross revenue sales annually; this is impressive considering that they have been growing steadily since their original appearance on Shark Tank during the tenth season.
Taylor and Sierra seem to be making all the correct moves for their business elevation, which is sure to benefit them long into the future.
What is Zorpads?
Zorpads are inserts for shoes that eliminate unpleasant odors and keep them smelling fresh. They incorporate “NASA-tested technology” in their production process. This product doesn’t create a mess or leave any residue and can last up to 60 years on the shelf.
These pads are the size of a business card, making them compatible with all shoe types and sizes, and are incredibly thin, making them almost imperceptible. The pads’ efficacy is primarily due to their three-layer design.
The bottom layer features a unique adhesive that keeps the pad in place, preventing it from slipping or bunching up. The intermediate layer contains carbon that absorbs unpleasant smells, while the top layer consists of a moisture-wicking lining.
It may seem unbelievable, but each small pad can absorb odors from an area as large as a tennis court.
Who is the Founder of Zorpads?
Zorpads was founded by Sierra Smith and Taylor Wiegele in 2017 during their time as MBA students at Harvard Business School. After graduation, despite pursuing separate careers in healthcare consulting and product marketing, the duo continued to develop their business idea.
In their first year, with the goal of starting their own business, they created the concept for Zorpads, initially called N’Odor. The idea stemmed from a conversation with a classmate who complained about the ineffectiveness of available products in eliminating odors from her shoes.
Recognizing the opportunity to address this issue, Wiegele utilized his engineering skills gained from his experience at SpaceX to develop a sticky square that outperforms other products in odor absorption.
With $25,000 in venture capital and a pending patent, they successfully brought their product to market. Zorpads are priced affordably at $4-$5 per pair and are even more economical when purchased in bulk.
What happen to Zorpads at the Shark Tank Pitch?
Taylor and Sierra were featured on an episode of Shark Tank Season 10 where they sought a $150,000 investment for an 8% share of their company. This would value their business at $1.875 million. During their pitch, they showcased their product and gave samples, highlighting their impressive sales of $103,000 since their launch in 2017.
Taylor explained how he discovered the technology while working at SpaceX, which intrigued the Sharks. They then explained how their odor-removing solution was unique compared to other solutions that use activated charcoal. They expressed their desire to use the investment to build their brand and expand their marketing efforts.
However, Mark was not impressed with their marketing plan and decided to pass on the opportunity. On the other hand, Lori offered them the requested $150,000 investment in exchange for a 30% equity stake, which was significantly higher than what they were initially seeking. She also requested that guest shark Charles Barkley be involved in the deal to help prove their claims.
Mr. Wonderful discussed the possibility of selling Benjilock products on QVC and offered 20% equity for the requested investment. Robert also offered the same deal of 20% equity for $150,000.
The founders asked Lori and Charles to provide a better offer than the previous ones, but Charles insisted that he was worth the investment on his own. They attempted to negotiate Lori down to less than 20%, but Kevin stepped in with a revised offer of $150,000 for a 15% ownership.
After some back-and-forth, Herjavec revised his offer to $150,000 for a 12% ownership. Finally, Greiner and Barkley offered a 22.5% interest for $150,000, citing Barkley’s support of the product as valuable. The entrepreneurs accepted their offer, and the deal was completed.
Zorpads after the Shark Tank Pitch
As of May 2019, it is unclear whether Lori and Charles completed the transaction. However, the product is currently performing well on Amazon and is available for purchase at Wal Mart.
In March 2020, the company decided to donate 10% of their sales to No Kid Hungry to support children who were affected by the Covid-19 pandemic.
Lori seems to have terminated the contract as of June 2021, while Charles has remained involved.
It seems that they experienced difficulties with their supply chain in the spring of 2021, which resulted in their products being on backorder.
According to their website, they will resume shipping in June, and their annual revenue is $4 million.
Zorpads Net worth
Taylor and Sierra appear on Shark Tank season 10 episode 13 in search of $150,000 for an 8% stake in their company. This equates to a $1.875 million valuation.
They accepted an offer from Lori and Charles of $150,000 for 22.5% stake which brings valuation to be $666,666.66.
Zorpads Competitors
Alternatives and rivals to Zorpads include Native Deodorant, Nakefit, and Digitsole Smartshoe.
Zorpads FAQS
What is Zorpads?
Zorpads are odour-absorbing inserts intended to improve the quality of footwear and keep the shoes smelling fresh. Zorpads use NASA-tested technology to work.
Who is the founder of Zorpads?
Sierra Smith and Taylor Wiegele co-founded Zorpads in 2017.
How were they seeking in the Shark?
They sought $150,000 for an 8% stake in their company. This equates to a $1.875 million valuation.
Did they get the deal from the Shark Tank?
Yes. Lori Greiner and Charles Barkley purchased a 22.5% stake for $150,000 investment in Zorpads.
Where can they buy Zorpads?
They are currently only available on Amazon.com, although they have successfully expanded into other retail sites including Wal Mart.
What is the price of Zorpads?
They cost $4-$5 per pair. They’re even less costly when purchased in quantity.
When was Zorpads founded?
They were founded in 2017, with an initial funding of $25,000.
What is the revenue of Zorpads?
It was $103,000 in sales since their introduction as of 2017. They are currently generating annual revenue of $4 million.
What episode was Zorpads on Shark Tank?
It was episode 13 of season 10.
When was Zorpads on Shark Tank?
Zorpads was on Shark Tank on January 27th, 2019.
Where are they located?
They’re located in New York.
What is Zorpads made of?
Zorpads’ activated carbon cloth is unusual in that it is created from a viscose rayon substance obtained from wood pulp.
Unlike some activated carbon cloths, which are made by putting carbon to a non-carbon fabric, this material is entirely composed of carbon.
Where is Zorpads now?
Their secondary business was Zorpads. Zorpads is now paying money on Google marketing and advertising.
Their items are accessible in a variety of nations via Amazon, Walmart, and other online stores.
Is Zorpads successful?
Zorpads were determined to be 8% more effective than the top competing product during competitive product testing and can be worn for up to two months.
The solution has shown to be incredibly successful in removing odours from shoes, ensuring that people do not have to worry about stinky feet or unpleasant aromas emanating from their shoes.
How do they use Zorpads?
Zorpads may be used in any shoe, at any time. There will be no cutting, trimming, or bunching up. Ever.
Tuck them under the arch in casual shoes, under the tongue in sports shoes for low-arch feet, or in the toe box in athletic shoes.
Do Zorpads contain rubber latex?
Natural Rubber Latex is not present in Zorpads. When dried, they do contain a little amount of natural rubber.
What’s this black dust?
Because of the nature of our product, there may be some carbon dust that rubs off into their feet or socks on occasion.
Don’t be concerned! It’s non-toxic, food-safe, and easily removed with water.
If the dust is too much for them, consider putting the Zorpads on the underside of the upper half of their shoe.
