Rinseroo Founders On Shark Tank Season 16 (Image Source – Instagram/@officialrinseroo)
Highlights
- Rinseroo’s patented slip-on hose is a very useful product that makes rinsing, cleaning, and bathing easier.
- Easily attaches to showerheads, sinks, or tub faucets for effortless cleaning.
- Saves time and energy, no more buckets required for rinsing or cleaning chores.
| Product Name | Rinseroo |
| Founder | Lisa Lane And Son Jake Lane |
| Industry | Consumer Goods |
| Product | Cleaning Hose |
| Funding | Self-Funded |
| Investment Ask | $33,000 |
| Equity Ask | 5% |
Lisa Lane and her son, Jake, has had such a life-changing moment in Shark Tank Season 16 Episode 10 with securing a dream deal for their innovative product for the shower attachment, the Rinseroo. The mother and son have always relied on their belief that “the best ideas happen in the shower,” as is indeed the case for them because that’s when the idea began.
Lisa, a Millstone Township resident, came up with the idea at the family’s Shore house in Beach Haven, where 15 family members and four dogs gather under one roof. Beach trips often ended with her rinsing off sandy pups instead of enjoying the sun. She knew there had to be a better way to clean them without making a mess.
In 2019, Lisa teamed up with her son Jake to come up with a solution. They designed a prototype for the Rinseroo, which is a slip-on hose attachment with a spray head that easily fits over showerheads, bath faucets, and sinks. Their objective was to make rinsing dogs, messes, and even people easier and more efficient.
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What Happened to Rinseroo On Shark Tank Season 16?
On Shark Tank Season 16, Episode 10, an innovative problem solving product called Rinseroo made a big impression on shark Lori Greiner. By the end of their pitch, that she gave them her golden ticket and agreed to match their exact deal. The product is owned by a mother and son, Lisa and Jake, from New Jersey. They were asking for $343,000 in exchange for 5% of their company. To demonstrate their product, they started their pitch with a bathtub. Jake explained that Rinseroo is a slip-on hose that makes rinsing and bathing much easier.
Lisa shared how she got the idea during a family vacation and this led them to create a prototype of their product. Lori was impressed with their pitch and how well-prepared they were. She told them, “You know your stuff. I love it.” This was a big boost to the product owners as they further discussed in details about how it can be used for various purposes as it gets easily attached to showerheads, sinks and taps for the effortless cleaning. However, the company’s numbers game was what Sharks pretty much interested in.
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Did Rinseroo’s Pitch Make It To Get A Deal?
Before the negotiations began, Lisa thanked Lori for the advice in her book. Kevin then asked about the company’s valuation. Lisa shared that Rinseroo was valued at $6.8 million. She started the business in 2019, and it quickly took off. In their first year, they made a million dollars in sales. For the current year, they expected sales to reach $5 million.
Their profit margins were high at 85%. Their customer acquisition cost (CAC) was $2.50, and their return on ad spend (ROAS) was 10 to 1 on Amazon. They also had a patent to protect their design from knockoffs. Daymond John made the first offer. He matched their requested amount but wanted 20% equity. Kevin then made the same offer but asked for 15% equity instead.
Lisa hesitated because she did not want to give away too much of her company. That’s when Lori made her move. She offered her golden ticket, something she rarely does. She told them, “You followed my book. You did everything right. You are the perfect entrepreneur. You were successful.” With that, Lori agreed to invest $343,000 for a 5% stake in Rinseroo. After leaving the stage, Lisa shared that her goal was to work with Lori and get Rinseroo into every home in America.
