Essence Ring Shark Tank | Season 16
Essence Ring brought a breath of fresh air to Shark Tank with its innovative nasal diffuser. Did the Sharks hold their noses or jump in?
Founders of Essence pitched their business on Shark Tank Season 16 (Image Credit: Shark Tank)
Ever found yourself stuck next to someone or in certain environments with a strong odor? Imagine peacefully boarding a flight, only to have a fellow passenger with an overpowering scent sit beside you. That is where Essence comes in to help you out with a simple but clever nasal diffuser designed to give you a breath of fresh air.
Essence was founded by three entrepreneurs: Tami, Mike DeLeeuw, and Judah. This refreshing idea hit Mike when he was traveling to Dallas. He had to sit next to very stinky people. Initially, they were unaware of the potential size of the nasal diffuser market. They just wanted to solve a problem.
Would the sharks like the essence of their business?
About Essence
| Category | Details |
| Founders | Tami, Mike DeLeeuw, Judah (CMO) |
| Product Type | Nasal diffuser |
| Funding (Pre-Shark Tank) | Self Funded |
| Investment Asked | $250,000 |
| Equity Offered | 10% |
What Happened on the Shark Tank Episode?
The three entrepreneurs pitched their business Essence Ring on Shark Tank Season 16 with a fun presentation. They explained the struggle of being around people who smell bad. Their Septem Rings (nasal diffusers) smell like lavender and can be worn anywhere.
Mike claimed their product creates a bubble of eucalyptus bliss, providing users a personal zone of freshness.. They offered the sharks some samples to test out. The sharks liked the product and found it to be very effective.
Kevin asked about the prices. The retail price for a single nasal diffuser is $4.99. The entrepreneurs explained that they are facing issues in educating people about their products. They are actively focusing on marketing. Until now, they have largely marketed person-to-person.
They sell the product both individually and in packs. The pack contains five rings and costs $21.99. It costs them 27 cents to make one unit. They work with a lot of SPAs, which work pretty well for marketing the product.
Apart from the SPAs, they do influencer marketing. Mike said the influencers come to them organically. They post content about the product, and that’s how they bring traffic for direct-to-consumer sales. Last year, they did $350,000 in sales. This year, they did $500,000 (to date). The net profit was over $100,000.
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What Makes Essence Unique?
Essence is a silicone ring that gives off a continuous stream of delightful scent. It can mask even the worst type of smells, turning stinky smells into a breath of fresh air. Each ring is infused with high-quality, long-lasting essential oils. The scent lasts for up to five hours. They offer lemon, lavender, and other scents.
Did Essence Get a Deal on Shark Tank?
Once the numbers were discussed and the business model was explained, offers and negotiations began:
- Kevin offered to invest $250,000 for 10% + 50 cents per unit royalty.
- Lori liked the product, but she found the business to be too small-scale for her.
- Daymond told the entrepreneurs that he has experience in this market. He offered his $250,000 in exchange for 20%.
- Mark also offered the same amount for a 20% stake.
- Barbara offered to give $250,000 for a 25% stake.
The entrepreneurs accepted Daymond’s offer and secured the deal.
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What Happened to Essence After Shark Tank?
The Shark Tank Blog tracks the businesses that appear on Shark Tank. We provide updates and follow-ups about entrepreneurs and the company, as well as anything that happened after the show. Essence Ring has been very active on social media ever since it appeared on television. They attempt to gain attention by revealing that the public has to be educated about the product. Additionally, according to Google Analytics, their business gained attention from the netizens.
Where Can You Buy It?
Get a nasal diffuser from the official website of Essence. Their product is also available on platforms like Amazon. Check out their social media for more details.
Quick Summary
- Tami, Mike DeLeeuw, and Judah pitched their business, Essence, on Shark Tank Season 16.
- Essence offers Septem Rings, which are scented nasal diffusers.
- The entrepreneurs successfully secured a deal with Shark Daymond John.
