TruFit Customs’ Founder Presents His Pitch On Shark Tank
Highlights
- Matthew Hall pitches TruFit Customs, customized mouthguards powered by 3D Technology.
- The company was started by Matthew Hall and Victor Adamo in 2022.
- TruFit managed to secure an offer after a thrilling pitch.
Overview
| Category | Details |
| Name | TruFit Customs |
| Founder | Matthew Hall and Victor Adamo |
| Industry | Sports Equipment/Dental Equipment |
| Product | Custom-fit mouthguards |
| Funding | Self-funded |
| Investment Ask | $750K |
| Equity Offered | 5% |
| Valuation | $15 million |
Brought to the judges in Shark Tank Season 16, TruFit Customs offers customized sports equipment supported with 3D technology. The company was started in 2022 by college buddies Matthew Hall and Victor Adamo. Matthew holds previous experience in pre-medical and psychological studies, while Victor is a former hockey player.
Matthew pitches the brand’s customized mouthguards before the Shark Tank cast members. Explaining the backstory of the venture, he further explains that the traditional methods of making mouthguards take a lot of time. Every time, sports teams seek a dentist’s help to get dental impressions the right way.
The founders were then motivated to prepare an alternative that took less time. This is how TruFit was started. It simply requires a dental scan of users, thereby eliminating the costs of making molds. Once a scan is done, it is saved in the cloud, so there is no further requirement to have it done again and again.
TruFit offers a range of products, including Vaporbite, a whitening kit, a sports mouthguard, a retainer, and a nightguard.
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TruFit Customs: What Happened On Shark Tank Season 16
Matthew enters the Shark Tank new season seeking $750K for 5% equity. Sales in 2022 were $115K, followed by a $750K in 2023. The entrepreneur is projecting a whopping $1.4 million sales this year.
The Sharks do not like the valuation. Mark Cuban says the projected sales do not justify the hefty valuation.
Before its appearance on the Shark Tank new season, with the help of an angel investor, TruFit Customs already raised $750K. Plus, in 2023, it received Arizona Cardinals as its first client. After this, it has been supplying mouthguards to about half of the NFL teams.
Every other item has a different price. Nightguard is $95. The customer acquisition cost is $23. The return on ad spend is 4 times. Further, the margins received through the first-time customer are 40%.
The founder is looking to develop other customized sports equipment with the help of the Shark Tank cast.
Did Shark Tank Invest In TruFit Customs?
Mark Cuban is the first investor to exit the deal as he does not like the high valuation. Daymond John is out for the same reason.
Although critical of the valuation, Kevin O’Leary offers $750K for 3% equity, along with a royalty of $2 per unit until he recoups his invested $2.25 million. Guest Shark Rashuan Williams says that is a ‘bad offer.’ Kevin says he can help Matthew bring down the customer acquisition costs through his millions of followers.
Lori Greiner is out based on the high valuation.
Rashuan Williams then joins in the negotiations and says he understands the high valuation. Kevin interrupts and reads out his offer again. Rashuan stops him, saying royalty deals are bad, and offers $750K for 10% equity. He further says that he will bring in 10-15 athletes as ambassadors or investors in the business.
Kevin thinks the offer reflects greed. Reacting to this, Rashuan says he is offering things worth more than millions of dollars because of his previous track record and investments in Coinbase, Robinhood, Casper, Dropbox, and Ring.
Ultimately, Matthew decides to go with Rashuan’s deal at $750K for 10% equity.
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More products from this episode! Check out other businesses that participated alongside TruFit Customs.
