Krapp Strapp, a unique and practical solution for outdoor enthusiasts, has made quite a stir in the business world, particularly after its appearance on the famed television show ‘Shark Tank.’
Founded by Bob Legg and Keith Lindsey, the product’s purpose is to provide comfort and convenience for individuals who find themselves needing to answer nature’s call while exploring the great outdoors. With its innovative design and practicality, Krapp Strapp has managed to leave a mark in the outdoor gear marketplace.
The Krapp Strapp Shark Tank Pitch and Deal
Season 15 of Shark Tank saw the founders of Air Boss Outdoors, Bob Legg and Keith Lindsey, stepping into the spotlight with their unique product, the Krapp Strapp. They sought a sum of $65,000 in exchange for a 10% stake in their company. The pitch, though unusual, caught the attention of the Sharks, mainly due to the product’s practicality and potential market demand.
After much deliberation, successful entrepreneurs Lori Greiner and Daymond John agreed to invest in the product. However, they proposed a counteroffer, asking for a 33.3% equity stake in the company for the same investment of $65,000. Recognizing the potential growth and exposure that could come from partnering with such experienced investors, Legg and Lindsey agreed to the deal. The new partnership valued the company at an impressive $195,195, a significant jump from its initial valuation.
Is Krapp Strapp Still in Business?
Since their appearance on Shark Tank, Krapp Strapp has seen a surge in popularity and demand. The TV appearance resulted in a substantial increase in website traffic, sales, and social media exposure, contributing to the company’s growth. Although their social media page is not the most active, the sales growth has been positive, indicating a strong customer base and market presence.
Before their Shark Tank appearance, the company had sold 4,000 units, generating a revenue of $200,000 without any advertising. Each unit costs around $17 to manufacture, and they were sold at a retail price of $49.95. Post-Shark Tank, the company has been aiming to sell around 50 units per week, a target that seems attainable given the increased exposure.
The company has also expanded its product line, introducing a new product called The Tinkle Strap. This product is a pink version of the Krapp Strapp designed for women, showing the company’s commitment to catering to a diverse range of customers.
By maintaining a steady growth rate, updating their product line, and capitalizing on the exposure from Shark Tank, Krapp Strapp has managed to stay in business and grow. The unique product has garnered positive reviews from customers, with many considering it an essential item for camping and outdoor activities. As of 2024, the company’s net worth is estimated to be around $237,836.
The Current Updates
Since the Krapp Strapp’s appearance on Shark Tank, a lot has unfolded. The company has experienced a significant upswing after the show, with an increase in website traffic, sales, and online visibility. Their goal of selling 50 units per week, which seemed ambitious before the show, now looks within reach, thanks to the exposure they received.
Even though their social media presence might not be buzzing, the company has managed to maintain a positive sales trajectory. Despite the traditional advertising channels not being heavily utilized, their product continues to draw interest and sales. This is a testament to the product’s unique design and functionality, which has undoubtedly struck a chord with outdoor enthusiasts.
Moreover, the company has been proactive in expanding their product range. They have introduced The Tinkle Strap, a pink version of the Krapp Strapp, specifically designed for women. This move demonstrates the company’s commitment to inclusivity and their desire to cater to a diverse customer base.
Krapp Strapp’s Net Worth
Financially, Krapp Strapp has made some impressive strides since their Shark Tank appearance. The deal with Lori Greiner and Daymond John not only provided them with necessary funding but also re-valued their company at a substantial $195,195. That was a significant leap from their initial valuation and gave the company a much-needed boost.
With the assumption of a 10% yearly growth rate, the company’s net worth is projected to be around $237,836 as of 2024. It’s an encouraging figure that reflects the company’s steady growth and its ability to capitalize on the Shark Tank opportunity effectively.
Impact of Krapp Strapp Appearance on Shark Tank
The impact of the Krapp Strapp’s appearance on Shark Tank cannot be understated. The show served as a great platform for the product, exposing it to a larger audience and giving it a much-needed push in the market. The surge in website traffic, sales, and social media presence post-show indicates the positive impact of this exposure.
The Shark Tank appearance also led to an infusion of fresh capital into the company, which has undoubtedly aided in its growth. The deal with Lori Greiner and Daymond John not only brought in investment but also their experience and insights, which are invaluable for any growing business.
Plus, the show helped Krapp Strapp in gaining customer trust and confidence. The positive reviews and feedback from the customers, many of whom consider it a camping essential, are a clear indicator of this trust. The Shark Tank platform has definitely played a significant role in the success story of Krapp Strapp.
Krapp Strapp Business Overview
When Bob Legg and Keith Lindsey, founders of Krapp Strapp, stepped into the Shark Tank, they brought with them a unique product that aimed at addressing a rather unconventional problem faced by outdoor enthusiasts. The innovative design of their product, Krapp Strapp, which provides comfort and support for individuals in the wilderness, caught the attention of Sharks, Lori Greiner and Daymond John.
Before their TV appearance, the company had managed to sell 4,000 units of their product, garnering a revenue of $200,000 without any advertising efforts. Each unit was sold at $49.95, while the cost of manufacturing stood at around $17. These figures, though impressive, were just the beginning of their entrepreneurial journey.
Shark Tank Deal and Its Impact
During their pitch on Shark Tank, Legg and Lindsey sought $65,000 in exchange for a 10% stake in their company. The Sharks, recognizing the potential of this unique product, countered with a deal offering the same investment but for a 33.3% equity stake. The founders, seeing the value in partnering with such seasoned investors, agreed to the deal, thus valuing the company at around $195,195 post the deal.
This Shark Tank deal did more than just provide the necessary financial boost to Krapp Strapp. It also brought Legg and Lindsey the experience and insights of Lori Greiner and Daymond John, whose knowledge and expertise in the business world were invaluable for the growth and development of Krapp Strapp.
Post Shark Tank Developments
Post their Shark Tank appearance, Krapp Strapp saw a significant surge in popularity. Their website traffic increased, as did their sales and social media visibility. The goal of selling 50 units per week, which seemed ambitious pre-Shark Tank, was now within their reach.
In addition to capitalizing on the increased exposure, Krapp Strapp has also been proactive in expanding its product line. The company introduced The Tinkle Strap, a pink version of the Krapp Strapp, catering specifically to women. This move not only showed the company’s commitment to inclusivity but also their understanding of a diverse customer base.
Conclusion
Today, Krapp Strapp stands as a testament to the power of a unique idea, backed by the right kind of support and exposure. From its initial days of selling 4,000 units without any advertising to its current goal of selling 50 units per week, the company has come a long way.
The positive customer reviews and feedback about Krapp Strapp being a camping essential are clear indicators of the product’s success and acceptance. As of 2024, the company’s net worth, which is projected to be around $237,836, speaks volumes about its growth and success.
In conclusion, the Krapp Strapp journey is a classic example of how a unique product, coupled with the right kind of exposure, investment, and business acumen, can carve a niche for itself in the market. Their story is not just about their product but also about their unwavering commitment to their idea, their understanding of their target audience, and their ability to adapt and grow in an evolving market.
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