Lori Greiner On Shark Tank Season 16
Highlights
- Lori Greiner has invested in diverse products in her years of experience as a Shark.
- Scrub Daddy, one of her investments, is one of the biggest successes ever on the show.
- Boarderie and PhoneSoap are other emerging wins that are making it big with their innovative features.
The association of Lori Greiner with Shark Tank goes beyond a decade. In her long experience on the show, the ‘warm-blooded Shark’ has impressed viewers with her choice of products. Be it a kitchen sponge, an innovative smartphone cleaner, or tasty delights, Lori’s investments have touched different verticals.
The ‘retail queen’ started her term as a regular Shark investor in its fourth season. Right from her first episode, Lori has earned praise for her ability to detect useful and profitable products. Additionally, she often outshines other panelists with her amazing convincing skills through which she locks deals with pitchers.
Below is a discussion of the top three products that Lori Greiner invested in all these years:
1. Scrub Daddy
Aspiring entrepreneur Aaron Krause approached the Shark investors with Scrub Daddy in the fourth Shark Tank season. Seeking $100K for 10% equity, Aaron claimed that his scrubbing pad could change its firmness based on different water temperatures. Plus, it could perform different cleaning tasks in homes.
The Scrub Daddy entrepreneur added that his patented and proprietary scrubbing pad was then available in about 3000 retail stores. Aaron revealed that sales till then were $100.
After refusing a joint deal proposal from Daymond John, Lori offered $100K for 30% equity. The two of them then engaged in an intense bidding fight. Ultimately, Lori’s final offer for Aaron was $200K for 25% equity. When the entrepreneur countered it with 20% equity, she accepted.
The final deal for Scrub Daddy was $200K for 20% equity.
How Is Scrub Daddy A Top Investment By Lori Greiner?
Scrub Daddy is possibly the most successful investment by Lori as it has been steadily growing ever since its appearance on Shark Tank. From being featured on QVC multiple times to finding its place in frequent Shark Tank updates, the scrubbing tool’s visibility has grown manifold.
With $926 million in sales, Aaron’s venture ranks third in the list of the show’s products with the most sales. Plus, it boasts over 270 employees, 160 new products, and a presence in more than 257,000 retail outlets.
2. Boarderie
The entrepreneur duo of Rachel Solomon and Aaron Menitoff appeared before the Shark panelists with Boarderie, a cheese board venture. Seeking $300K for 5% equity, Rachel and Aaron claimed to redefine the edible gifting space by offering catering quality, ready-to-eat cheese boards, and charcuterie boards.
In order to impress the Sharks, the Boarderie entrepreneurs revealed that their previous clients were Prince Harry and Bruce Springsteen. Additionally, in 2022, they were also named among Oprah’s favorite things.
Impressed by the product’s taste and potential success, Lori Greiner offered $300K for 13% equity. Other Shark investors, including Barbara Corcoran, Kevin O’Leary, and Mark Cuban, also joined in. However, after some bidding competition, Aaron and Rachel finalized the deal with Lori for $300K for 9% equity.
How Is Boarderie A Top Investment By Lori Greiner?
Lori’s investment in Boarderie was a great move as the business witnessed the ‘Shark Tank Effect.’ Aaron and Rachel’s venture’s sales grew by 1000% sometime after the episode. Sales went from $3.3 million during Shark Tank to $15 million in 10 months after the show.
Plus, Boarderie found its place on the Guinness Book of World Records for creating the largest charcuterie board in the world. Apart from this, Aaron and Rachel’s venture created many other products, including dessert boards and baked brie boards.
3. PhoneSoap
The entrepreneur duo of Wesley Laporte and Dan Barnes approached the investors with PhoneSoap. Seeking an investment worth $300K for a 7.5% equity, the duo explained that their product disinfected and sanitized any bacteria-laden smartphone to the highest degree.
While discussing the business figures, Wesley and Dan revealed that PhoneSoap had made more than 500K in a year. Additionally, the pitchers boasted about two utility patents.
Lori Greiner tried to convince the PhoneSoap entrepreneurs to make a deal by citing her previous experience with selling phone cases. Claiming to take their venture to QVC, she offered $300K for 15% equity. After having a brief argument with Mark Cuban, she finalized the deal for $300K for 10% equity.
How Is PhoneSoap A Top Investment By Lori Greiner?
After its appearance on the show, Wesley and Dan’s venture witnessed the famous ‘Shark Tank Effect’ and saw a great sales boost. Based on this, PhoneSoap was featured in the seventh season’s update segment. During that time, it had added air purifiers to the business line.
The latest update about the PhoneSoap is that by 2022, it earned an annual revenue of $13.5 million. Moreover, it grew to become the 13th largest Shark Tank business with massive sales by 2023. Its lifetime sales stood at $187 million.
Conclusion
The many investments by Lori Greiner on Shark Tank have constantly showcased her great business acumen and sharp ability to find products with potential. Be it Scrub Daddy, Boarderie, or PhoneSoap – all of these products’ growth has been a result of their innovation that resonated with users.
This is how Lori Griner finds products that solve a purpose and ultimately help her and the venture to score big.
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.
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