Highlights
- Health & Wellness has emerged as a dominant vertical on Shark Tank over the years.
- Everlywell was one of the most successful products on the show, with earnings in the billions.
- Plunge and Snacklins are two other impressive health & wellness brands that made millions after Shark Tank.
Shark Tank has been soaring high in the reality television arena by constantly keeping up with the viewers’ requirements. The personal preferences of audiences have changed a lot in the past fifteen years, including an extra focus on health. It is due to this that health & wellness are a major aspect of countless Shark Tank products.
If you have been watching Shark Tank consistently, you must have seen that while fashion and food have been the champion verticals for years, health & wellness are steadily catching up. Below are some Shark Tank products that demonstrate the rise of this category on the show:
1. Everlywell
Everlywell is one of the most successful Shark Tank products to have appeared on the show. Brought to the panelists by Julia Cheek, the company offered medical testing kits, which could be easily used at home. The valuation sought for this hit health & wellness product was $1 million for 5% equity.
Julia started her pitch by striking a comparison of easy-to-use kits by Everlywell with the traditional lab tests, which generally take a longer time. Everlywell removed the hassle by allowing one to take tests and get results on their phones. In three years, the company made $2 million in sales.
While the other investors backed out from investing, citing high competition and the expensive nature of the business, Lori Greiner made an offer. She proposed $1 million as a credit line at 8% interest for 5% equity. The entrepreneur happily said ‘yes’ to the offer.
Everlywell started scripting new success stories right after its Shark Tank appearance. Its reach expanded to CVS and Target stores. Before its acquisition by Home Access Health Corporation and PWNHealth in 2021, the company’s annual revenue touched the $52 million mark.
As of 2023, it emerged as the second biggest Shark Tank product, with lifetime sales of $1.1 billion.
2. Snacklins
Entrepreneur Samy Kobrosly made his way to the judges with his inventive vegan pork rinds food venture. The valuation sought was $250K for 2.5% equity. Brought in the eleventh season, this product was pitched as an ideal pick for all those shifting towards a healthy vegan lifestyle.
Sam, along with his chef friend, prepared a unique vegan delicacy that was low-calorie and free from gluten. He claimed that with low fat and sugar, Snacklins was a better alternative to any other snack food. At the time of his appearance, the product was being sold in both Walmart and Amazon.
The Sharks tried the samples and loved the taste. However, they shared their apprehensions regarding the high valuation. Mark Cuban was the only one to show an interest. He offered $250K for 5% equity. He even offered a 5% advisory share. Samy took the deal.
After the show, the company found its presence in more than 2500 national retail stores. It achieved another milestone by making about $13 million by 2021.
Finding a presence in 27 renowned regional and national grocery chains, Snacklins’ current value is $15 million, with a $ 4 million annual revenue.
3. Plunge
The entrepreneur duo of Ryan Duey and Michael Garret went to the investors with Plunge in the thirteenth season of the show. Seeking a valuation of $1.2 million at 5% equity, the entrepreneurs tried to convince the Sharks to invest in their unique health-based product.
The duo started their pitch, emphasizing the many benefits of the cold plunging tub. Revealing it to be a helpful means for dealing with inflammation, they stated how athletes use it across the world. Plunge had already made $4.9 million through sales in 2022.
They then invited Robert Herjavec to try the product on set, who admitted to liking it. But when it came to making offers, the Sharks were critical about the valuation. The final deal was locked with Robert for $2.4 million at 12% equity, with half of it as a loan.
Plunge was one of the successful health & wellness based Shark Tank products as it kept growing after the show. The company shifted to a bigger-sized manufacturing facility. Additionally, it started a new sauna offering for its users.
As of 2024, its sales value has reached more than $100 million.
Conclusion
The different Shark Tank products pitched on the show through the years demonstrate the inclination of viewers towards different verticals. In this backdrop, one of the most dominant areas through the many seasons has been health & wellness.
The success of Everlywell, Plunge, and Snacklins highlights that innovative advancements in the space are set to be accepted by users. This is what makes health & wellness a potential area for the upcoming entrepreneurs.
References
- This 1-minute wellness hack was the biggest ‘Shark Tank’ investment of the year—and Robert Herjavec offered $2.4 million for it, CNBC, Megan Sauer
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
Speak Your Mind