One of the most successful Shark Tank investments is now worth staggering amount and used by millions
Topics: Business, Money, Film and TV
Callum Jones
Featured Image Credit: ABC
Topics: Business, Money, Film and TV
One of the most successful investments to come out of Shark Tank is now worth a staggering amount and is used by millions across the globe.
Over the years, countless entrepreneurs have taken their products onto the reality TV show in the hopes of bagging an investment in something that is so close to their hearts.
In October 2012, it was Aaron Krause's turn to pitch his creation to the panel of 'Sharks'.
Speaking about 'Scrub Daddy', the founder explained it's the 'cutest' but also 'most high-tech scrub tool in the world'.
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Krause was looking for a $100,000 investment 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 its texture by just adjusting your water temperature."
Kevin O'Leary went on to offer $100,000 but for a 50 percent stake in the company, while Daymond John suggested $50,000 for 15 percent if Krause could raise the rest from Lori Greiner.
Greiner - the 'QVC queen' - called the product a 'hero' and then offered $100,000 for a 30 percent stake, also offering to get the company into 'infomercial straight away'.
Krause ultimately decided to go with Greiner, who made a 20 percent equity stake deal with Krause for $200,000.
And the creator hasn't looked back since then, with Krause said to take home a whopping $20 million per year as a result of Scrub Daddy's success.
As of 2024, the company is reported to be worth a whopping $250 million - and is used by millions of people every single year.
Speaking of Scrub Daddy's success, Krause 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."