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Hot Tot Shark Tank Update

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Hot Tot – a kid’s hair care product/ kid’s hair care kit. Hot Tot is a hypoallergenic hair kit for babies and kids without harmful chemicals. Hot Tot is the safest and most specialized medium with a gentle formulation to clean, condition, and styling of kids’ hair. Hot Tot is nourished with aloe Vera, sea kelp extract, soy-free and cruelty-free. This hair kit is designed for the structural uniqueness of children.

Hot Tot provides professional hair care via its products. Hot Tot has the vision of creating a full of confident and stylish youngsters. Hot Tot comes with extra hair care for babies and can be used daily in a mild quantity. Hot Tot is an innovation in a health care segment specialized for kids. Hot Tot is also famous for its charity work as they donate a specific portion of its earnings.

Hot Tot at a Glance:-

IdeaSpecial hair care products for babies and Children
FoundersMegan Gage
Asked For$50,000 For 15%
Accepted Deal$75,000 For 40%
SharksMark Cuban
Business statusIn Business
Episode No.Season 4, Episode 12
WebsiteHot Tot
Buy on AmazonBuy Now!

Index:

Who are the founders of Hot Tot?

Megan Gage is the founder of Hot Tot. When Megan came to know that various harmful chemicals and artificial scents are used in hair care products available on the market for kids, she decided that she’d not allow a lot of harsh chemicals on her kids. Megan started doing research and experimenting along with her husband and finally developed the prototype of her hair kit for kids.

Megan made ‘ Hot Tot ‘ with the complete use of safe and natural ingredients and substances. Megan believes that she should make her children learn by example. Hot Tot was started in 2011 and has been growing since. Megan has a mission of enhancing self-esteem and valuing creativity.

Did Hot Tot get a deal on the Shark Tank?

Megan Gage came on the show looking for investment and shark expertise for their advice to expand her business smoothly. Megan asked for an investment of $50,000 in exchange for a 15% equity in the company. Megan shared that she is a new startup that was started 15 months back and has had sales of $20,000 till then. Megan shared that her hair care products are far better than marketed products. Kevin O’ Leary said no one cares about kids’ hair, so just stop this here and just go out.

Lori Greiner didn’t like the packaging of products and felt it was too early to invest, so she also went out. Mark Cuban said he was impressed with Megan as well as Hot Tot and gave an offer of $75,000 in exchange for a 40% equity in the business. Mark said they’d first do the testing so they could label that kit as hypoallergenic, which would be a game-changer for his business. Robert Herjavec said he could not offer less than Mark, so he went out.

Daymond John said he had a connection with Paul Mitchell, who could help her in this segment, but he took his hands out. On the show, Megan had only one offer on the table and she didn’t want to lose it, so she made a deal with Mark Cuban by accepting his offer and receiving her check.

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What happened to Hot Tot after Shark Tank?

After the show, the picture of Hot Tot changed completely. After the show, Mark Cuban and Megan Gage did the deal along with testing products to check whether they were hypoallergenic or not. After the testing, Hot Tot is now officially a hypoallergenic brand that is completely safe to use. After the show, many distributors also approached Megan about the distribution of products, but she said she’ll continue with her principle of slow and gradual growth along with distribution to the top-class sector, like the luxurious hair salon segment.

Kevin’s statement seems wrong that people don’t care about kids’ hair. Hot Tot is available in various luxurious salons, on Amazon, and on their website. During the pitch, they asked for a valuation of $333,33.33. By the end of the show, Mark lowered the valuation to $187,500.

Hot Tot started with a single hair product but gradually made many additions, including sweet pea curl hair serum that costs $16 per unit, Shampoo which costs $14.50, Styling Gel which costs $16.50 per unit, and Structure whip costs $19.50 per unit. Hot Tot has created a brand new category called high-end. As of 2022, she is doing a great job in sales and the expansion of her business.

Competitors of Hot Tot

Hot Tot still works with limited hair care products on the market. Still, it competes with various businesses to improve itself. A few competitors for Hot Tot are:-

  • Fairy Tales
  • SO COZY

What is the net worth of Hot Tot?

The company asked for a valuation of $333,33.33 for the show. In the end, Mark gave an offer that valued the company at $187,500. But this valuation was not bad for Hot Tot, as from now till then they are growing on the scale of a growth meter. As of 2022, they have annual revenue of $5 million.

Is Hot Tot still in business?

Hot Tot is still in operation and is doing great. Hot Tot has captured many big salons and branded itself as a high-end, kids’ hair care product. Hot Tot uses PET plastic, which is environmentally friendly and the most recycled plastic in the USA. Hot Tot is consistently growing in terms of profit and customer addition. Mark Cuban seems to be a lucky charm for Megan and her business. Bizz Bucket wishes more success to Hot Tot.

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FAQs:

What is Hot Tot?

Hot Tot is a hypoallergenic hair kit for babies and kids without harmful chemicals. Hot Tot is the safest and most specialized medium with a gentle formulation to clean, condition, and styling of kids’ hair. Hot Tot is nourished with aloe Vera, sea kelp extract, soy-free and cruelty-free.

Who founded Hot Tot?

Megan Gage is the founder of Hot Tot. When Megan came to know that various harmful chemicals and artificial scents are used in hair care products available on the market for kids, she decided that she’d not allow a lot of harsh chemicals on her kids.

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