Solemates was introduced as a “Heels-Base-Protector” which is used to protect the heels from getting sucked in any cracks on roads and sidewalks, slipping on various smooth surfaces, and gives us a hassle-free confidence walking experience. It was invented to protect the heels from not losing their momentum and provides us with as easy as possible walking experience.
To use Solemates, these are to be attached below the base of the heels which increases their surface area. It is made up of rubber which also provides us with a perfect grip when we wear them. This product can help us to protect and increase the durability of our expensive heels.
Solemates at a glance
| Season | Season-08, Episode-04. |
| Business Idea | Heels Base Protector. |
| Founders | Monica Ferguson and Becca Brown. |
| Asked For | $500,000 for 10% of Equity. |
| Accepted Deal | $500,000 for 20% of Equity. |
| Sharks | Robert Herjavec. |
| Business Idea | In Business. |
| Website | Solemates |
| Buy on Amazon | Buy Now! |
Index:
Founder Story:
Solemates was introduced and developed by two young entrepreneurs and familiar friends named “Monica Ferguson” and “Becca Brown”. They both meet at working at Goldman Sachs right after completing college and they were there for several years in different roles.
Later, they both left their job and wanted to start their own business as they saw women suffering from various side-effects of wearing heels. They want to solve this problem; therefore, they researched this area and invented their product called “Solemates”.
Did Solemates get a Deal on Shark Tank?
Solemates was introduced on ABC’s famous reality show Shark Tank in Season 8 and Episode 4. The owners demonstrated their product and explained the problems of women wearing heels and how their product can solve this problem as heels are the most important part of every women’s dressing and wear which gives them a perfect shape of their body and improves their personality and can give them a tall height too. But sometimes also create problems when they are sucked in various cracks of roads and sidewalks. Also, it may cause our heels serious damage and can become a sense of shame among various people and society.
Therefore, they invented Solemates that can be attached to the base of the heels and can protect them from damage and also increases their surface area so that, one can walk tension free. Solemates are available in three colors which are Clear Black, Silver, and Gold. They also distributed their samples to the Sharks and asked for an investment of $500,000 in exchange for 10% of their company.
Sharks liked their product and asked for their sales as each pair is sold at $10 which comes in a box of three pairs that are sold at $30. Last year they were able to make $1.1 million of revenue from 3000 stores in the country including Nordstrom DSW and David’s Bridal and they are expecting their revenue up to $1.5 Million this year. The founders were in the business for the past five years. It seems to be a good revenue but they managed to save only $30,000 as net profits from their revenues as they have to bear various office, person, and marketing expenses which cut their profit very bad.
Sharks loved their product but they didn’t like their valuation as they could not justify their business up to their valuation. Therefore, all sharks backed themselves except Robert Herjavec and Kevin O’ Leary. Robert initially offered them an investment of $500,000 in exchange for 25% of their equity. Later Kevin also offered them $100,000 for 10% of equity and a loan of $400,000.
The owners liked both offers but found Kevin’s offer unsuitable therefore they countered Robert to make a deal at 20% equity. They accepted Robert’s offer and here they got a deal on Shark Tank.
What Happened to Solemates after Shark Tank?
After the show, they experienced a huge increase in their sales as they made sales of $1.8 million within a year after the show. However, the deal with Robert has never been closed as they backed themselves by saying they want to protect their company. Later they made a deal with CVS and listed their products in approximately 4,000 retail shops throughout America.
Solemates also expanded their product lines as they are now selling Shoe-Fresheners, Blister-Protectors, and lots of more stuff. Now, the company is generating a secure revenue of over $2 Million annually.
Competitors of Solemates:
Solemates are one of its kind a unique product that is available in the market and the makers of Solemates have patented their product’s manufacturing rights. Therefore no one can copy their idea. Hence no competitors are founded in front of them.
Net Worth of Solemates:
Solemates was valued at $2.5 million at the time of its Shark Tank appearance with total revenue of $1.1 million annually, but the company grew rapidly and started selling its products in various retail outlets and fashion and wedding shops throughout the country.
Thus, today in the year 2022 the company is generating a secure revenue of $2 million. However, the data about their present valuation is not available anywhere.
Is Solemates Still in Business?
Yes, the company is still in business and selling its line of products in the market and doing great in its area as it became a top player in its area of business in America.
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FAQs:
What is Solemates?
Solemates was introduced as a “Heels-Base-Protector” which is used to protect the heels from getting sucked in any cracks on roads and sidewalks, slipping on various smooth surfaces, and gives us a hassle-free confidence walking experience.
Who founded Solemates?
Solemates was introduced and developed by two young entrepreneurs and familiar friends named “Monica Ferguson” and “Becca Brown”. They both meet at working at Goldman Sachs right after completing college and they were there for several years in different roles.