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Rocketbook Shark Tank Update

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Have you ever been in a dilemma of choosing between the comfort of writing with hands on a notebook, the leisure that follows it, and the ease of access when you write something on your mobile or laptop? Ever wondered if you could get the best of both worlds?

If not, then here is Rocketbook Cloud Notebook turning this dream into reality. The company offers a notebook where you can write manually and an accompanying app simultaneously synchronizes it to your device !!

Rocketbook Cloud Notebook at a Glance:

IdeaDigitizing hand-written notes
FoundersJake Epstein and Joe LeMay
Asked For$400,000 for 10%
Accepted DealNone
SharksNone
Business statusIn Business
Episode No.Season 8, Episode 24
Buy on AmazonBuy Now!

Index:

What is Rocketbook Cloud Notebook?

Rocketbook Cloud Notebook is an initiative to digitize your hand-written notes so that you can access them from any device or platform.

The notebook aims at combining the leisure of writing by hand with the ease of accessing it from anywhere and at any time.

The company offers an accompanying app, using which your notebook is connected to the cloud and your writings can be synchronized with various platforms such as Google Docs, Dropbox, Evernote, iCloud, Slack, and many other storage apps.

Founder Story:

The company was founded by Jake Epstein, who holds a degree in Electrical and Computer Engineering from Purdue University, and Joe LeMay, who holds an MBA degree from the Massachusetts Institute of Technology in 2006. The duo had individually co-founded a lot of companies before Rocketbook.

The idea of Rocketbook struck Joe when he accidentally forgot a critical notepad back home and hence, wanted to create a cloud-linked notepad.

In 2014, Joe pitched this idea to Jake and he instantly agreed to pursue it. This was how Rocketbook Cloud Notebook was created.

Did Rocketbook Cloud Notebook get a deal on Shark Tank?

The founders entered the tank with an ask of $400,000 for 10% equity, valuating the company to $4 million. They pitched their product and also handed out samples while one notebook was put into the microwave.

They claimed to have sold notebooks worth $2.2 million until that time. When the microwave finished the notebook was empty, and this impressed the Sharks.

The founders explained the science behind the microwaving technology, heat-resistant notepad, and pending patents.

See also  Moberi Shark Tank Update

Even though the Sharks loved the product they were worried because the product seemed to be very gimmicky. They also pointed out that the whole process of writing then sprinkling water and microwaving is tedious and cumbersome. Hence, they could not strike a deal on Shark Tank.

What happened to Rocketbook Cloud Notebook after Shark Tank?

Before entering the Tank, the founders had launched a series of campaigns like Kickstarter and IndieGoGo crowdfunding for the first microwavable notebook edition.

The campaigns raised over $1.8 million using which the first 28,000+ copies were manufactured. They marketed the product so well that it became the best-selling notebook on Amazon in 2016.

After the episode, the founders again started a crowdfunding campaign for Rocketbook Everlast, which was the number one office/school product in the history of crowdfunding.

They ended up raising over $2.7 million with over 42,000 supporters. They also launched Rocketbook Color, both products are made from special fibers on which writings can be erased using damp cloth and crayons respectively.

The company was recently acquired by pen manufacturer BIC for a whopping $40 million. The company’s CEO is Joe LeMay and Jake Epstein is the chief innovation officer.

Product Details:

  • The product aims at digitizing your manually written notes so that they can be accessed from anywhere and at any time.
  • The whole process includes photographing the written pages, microwaving them, and sprinkling water on them so that the notes can be uploaded and the written notes will vanish from the notepad.
  • Each notebook costs $27 and is available in various retail stores.
  • The product comes complete with a notepad and an app that helps synchronize your notes on the device of your choice.
  • The company has recently released Rocketbook Everlast priced at $34, in which writings can be erased with a damp cloth.
  • Another product launched is Rocketbook Color which can be cleaned using crayons and colored pencils and costs $22.

What is the Net Worth of Rocketbook Cloud Notebook?

The company was valued at $4 million before and after entering the tank. Though the company failed to get any deal on Shark Tank, it later got acquired by BIC for a total of $40 million.

Who are the competitors of Rocketbook Cloud Notebook?

The prime alternatives and competitors of the company are Stickies Capture by Miro, Moleskine Smart Notebook, and Brill.

Is Rocketbook Cloud Notebook still in business?

Yes, Rocketbook Cloud Notebook is still in business. Though the company is now acquired by BIC, the products are now in higher demand than ever. It has sold around $2.2 million worth of notebooks in a very short period of time.

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FAQs:

What is Rocketbook Cloud Notebook?

It is a way of digitizing your manually written notes. The notebook aims at combining the leisure of writing by hand with the ease of accessing it from anywhere and at any time.

What's the net worth of Rocketbook Cloud Notebook?

The net worth of the company is $40 million as of 2023.

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