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Topics: Money, US News, Film and TV, World News
Poppy Bilderbeck
A company which appeared on Shark Tank has since gone on to make an eye-watering amount of money.
And you won't believe what the actual product is that the company sells which has gone on to make it that much money. Prepare to see just how much the product is now loved all across the globe:
Aaron Krause took to the Shark Tank studios to pitch his product back in October 2012.
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Pitching a 'Scrub Daddy,' the founder explained it's the 'cutest' but also 'most high-tech scrub tool in the world'.
Krause was looking for a $100,000 investment from the sharks in exchange for '10 percent equity' in the Scrub Daddy company.
"It's the greatest kitchen scrubbing tool you'll ever use," he said.
"Because scrub daddy completely changes it's texture by just adjusting your water temperature."
Despite his animated pitch and demonstration of the product, one shark, Mark Cuban, quickly bowed out, refusing to become a 'scrub pimp'.
Kevin O'Leary went on to offer $100,000 but for a 50 percent stake in the company, Daymond John $50,000 for 15 percent if Krause could raise the rest from Lori Greiner - the 'QVC queen' - and Greiner called the product a 'hero' and then offered $100,000 for 30 percent of the company, also offering to get the company into 'infomercial straight away'.
Other sharks then leapt in to make further offers, but ultimately Krause decided to go with Greiner - who made a 20 percent equity stake deal with Krause for $200,000 - and she is certainly feeling smug about the deal now as 'America's favorite sponge company' has gone on to make a staggering amount.
Scrub Daddy is reported - as of 2024 - as being worth a whopping $250 million, as per Filmysiyappa, and Krause takes home a salary of $20 million per year.
He told The CEO Magazine in 2019: "If you told me 25 years ago that my greatest invention would be a kitchen sponge, I wouldn’t have believed you.
"Despite what you might think, this product was no overnight success story. In fact, it goes all the way back 25-30 years ago after my college graduation. My parents, both doctors, sat me down to discuss my future.
“To their dismay, I announced that I was going to start my own car washing business. To me, I wasn’t simply a car washer - I was the president and CEO of a company.
"I’ve been inventing since I was a kid, but this was the first time I’d acted on it. From the moment I tried my new buffing pad, I knew that it was something extraordinary."