Steven Graf and Zhach Pham Present RigStrips On Shark Tank Season 16
Highlights
- Steven Graf and Zhach Pham pitch their unique vehicle safety accessory on Shark Tank Season 16.
- RigStrips started selling its products in 2020.
- Sales to date are a whopping $3 million.
Overview
| Category | Details |
| Name | RigStrips |
| Founder | Steven Graf and Zhach Pham |
| Industry | Winter Sports Equipment |
| Product | Magnetic and Adhesive Strips |
| Funding | Self funded |
| Investment Ask | $300K |
| Equity Offered | 7.5% |
| Valuation | $4 million |
Aspiring entrepreneurs Steven Graf and Zhach Pham presented the RigStrips Shark Tank pitch in the second episode of season 16. Describing themselves as ski lovers, the duo focuses on the problem of scratches caused on vehicles due to the edges of skis or snowboards. Presenting a solution to the pain area, the entrepreneurs present ‘SnoStrip.’
The product’s patented design applies magnetically to the outside of vehicles. Thus, skiers or snowboarders can lean their skis or snowboards worry-free. They also have products for summers, such as ‘SunStrip,’ which allows one to rest their fishing rods.
The idea originated in 2019 after the entrepreneurs’ skiing experience in Colorado. Hunting for a solution for the car scratches, they came up with RigStrips.
The entrepreneurs want help from the investors on Season 16 Shark Tank to bring their innovative products to more customers.
RigStrips: What Happened On Shark Tank Season 16
Steven and Zhach make their way to the judges on Shark Tank Season Episode 2, seeking $300K for 7.8% equity. They offer samples of both SnoStrip and SunStrip. The products are both magnetic and adhesive-based. Magnetic ones are higher in demand as 90% of cars are magnetic.
While launching, they started with the adhesive products but, after feedback from users, they also developed magnetic ones.
Guest Shark Todd Graves is interested in the product but wants to know about the competition. Steven says SunStrips does not have any competitors, but SnoStrips does have some competition on Amazon.
However, they claim to be the main brand name in the space and have sold 60,000 units to date. The landing costs for SnoStrip are $8.50, and for SunStrip, they are $7. They also handle shipping for customers, which costs $8.50. The selling price is $50.
Sales from 2020 to date are $3 million, which receives a thumbs up from the Sharks. The entrepreneurs are projecting $2.7 million in sales this year. 62% of sales happen in November and December. EBIDTA last year was $450K.
Their spending has been on Meta ads only. Further, customer acquisition costs are $10.
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Did Shark Tank Season Invest In RigStrips?
Mark Cuban feels the offering is more a product than a company. Additionally, he is not an ‘outdoor person.’ This is why he stepped out of the deal. Kevin O’Leary, too, opts not to invest due to the high valuation. Guest Shark Todd Graves is apprehensive about the valuation but makes an offer.
He proposed $300K for 20% equity. Kevin feels an offer is better than nothing, so they should be excited about it. Steven says they are, but the offer demands a lot more than what they expected to give. Lori Greiner thinks Todd’s deal is a good one; she decides not to propose an offer.
With just one offer, the entrepreneurs counter it for $300K for 10% equity. But Todd denies and revises his offer to $300K for 15% equity. Steven and Zhach take it and end the RigStrips Shark Tank journey with a deal.
More products from this episode! Check out other businesses that participated alongside RigStrips.
