Scrub Daddy Made Lori Greiner An Absolute Fortune After She Invested In It On Shark Tank
For more than a decade, Shark Tank has been a huge hit for ABC because it has such a loyal legion of fans. A big portion of the reason why many fans invest in Shark Tank is they naturally want to learn all the most interesting facts about the show.
Given that the sharks are presented as major business leaders, viewers are instantly left with questions like which one of them is the richest. On top of that, each time the show features a compelling pitch, it makes sense for viewers to research what has happened to the company since.
Of course, some Shark Tank deals are better than others, and it has always been said that Scrub Daddy became a huge hit after appearing on the show. For that reason, many fans have been left wondering how much money Lori Greiner has made from her Scrub Daddy investment.
How Much Money As Lori Greiner Made From Scrub Daddy?
When most people think about what it takes to launch a successful business, they envision creating a revolutionary product that changes the world. While coming up with a product like that obviously can be incredibly financially rewarding, many people would likely be surprised by the reality of the business world.
In many cases, the companies that make a lot of money aren't reinventing the world. Instead, they simply improve an already popular product. As the famous saying goes, "Build a better mousetrap, and the world will beat a path to your door".
During a 2012 episode of Shark Tank, Aaron Krause introduced Shark Tank viewers to his better version of the traditional sponge which he called the Scrub Daddy. The biggest thing that makes the Scrub Daddy special is that it changes texture depending on the temperature of the fluid it is in. As a result, the Scrub Daddy is better at cleaning a wider array of messes.
When Krause pitched Scrub Daddy to the sharks, Lori Greiner, Daymond John, and Kevin O'Leary all were interested in making a deal. However, in the end, it was Greiner who got a deal done after paying $200,000 for 20% of Scrub Daddy after telling Krause she would make him a "millionaire within a year".
After the Scrub Daddy segment aired on Shark Tank, it didn't take long for the product to become a huge hit. The following day, Greiner sold 42,000 sponges to QVC viewers in just seven minutes.
On top of their QVC success, Greiner and Krause did an amazing job getting Scrub Daddy products into a slew of retail stores. As a result of that and the company's online presence, lots of people who'd never seen Shark Tank before wound up purchasing Scrub Daddy products.
Thanks to the company's multi-prong approach to driving sales, a staggering amount of Scrub Daddy products have been sold since Greiner made her deal.
According to Yahoo! Finance, more than 10 million units had been sold as of July 2022. More recently, it has been reported by a less credible source that Scrub Daddy has produced more than $209 million in revenue as of 2023.
Since a less credible website reported that figure, it makes to take it with a grain of salt. That said, given how many Scrub Daddy units Yahoo! Finance reported had been sold, it is very easy to believe that the company has at least brought in close to $209 million in revenue.
Since Scrub Daddy is a privately held company, there is no way to know exactly what it costs to produce its products. However, when Krause first appeared on Shark Tank, he explained that he had nearly two decades of experience in running a manufacturing plant. As a result, Krause stated he knew "exactly what [he needed] to do to make [the manufacturing process] efficient".
Between Greiner and Krause's experience, there is every reason to believe that they have perfected the process to manufacture Scrub Daddy products as cheaply as they can. That said, there is another element to consider.
To maximize Scrub Daddy's retail store sales, making sure the company's products are located in a prominent place in-store is imperative. What many people don't realize is that retail companies actually charge manufacturers to locate their products in a prominent location in-store. In all likelihood, the Scrub Daddy company has paid those kinds of fees.
Between all the factors that dictate how profitable Scrub Daddy is as a company, outsiders can't know how much money Greiner has made from her investment. However, considering Scrub Daddy's reported sales figures and the fact that Greiner bought 20% of the company, there is no doubt that she made many millions from her investment.
What Are Lori Greiner's Most Profitable Shark Tank Investments?
Looking back on the deal that Lori Greiner made to invest in Scrub Daddy, it is amazing how rewarding in became for her. However, considering how many Shark Tank deals Greiner has made over the years, it is fascinating to look at if she has been hugely successful with any of her other investments.
After several seasons of Shark Tank, the show has welcomed several guest sharks into the tank which means Greiner has more people to compete with. Despite how many sharks there are competing for the best deals, it turns out the Greiner has an amazing track record of making stellar investments.
One of Greiner's most notable deals was the one she brokered with the lab testing company Everlywell. According to Everlywell's mission statement, the company works to bring lab testing to people around the country. After Greiner got a 5% ownership in Everlywell, the company was valued at $2.9 billion in 2021.
Another fantastic Shark Tank deal that Greiner made was with Simply Fit Boards which she acquired 18% of for $125,000. After Greiner's deal went through, she used her connections to get Simply Fit Boards on QVC where its products sold out in only six minutes. Following that success, Simply Fit Boards went to bring in over $200 million in revenue.
Greiner also made an amazing deal with the people behind Bantam Bagels. After Greiner negotiated, she made a deal to invest $275,000 for 25% of the company. The company wound up garnering a lot of fans and it was sold in 2018 for $34 million which resulted in Greiner cashing in.
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