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Swim Zip Shark Tank Update

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Swim Zip, as the name suggests, is a line of swimwear. But what makes it different from the hundreds of swimwear brands already existing in the market? Swim Zip is a unique brand because it offers kids’ swimwear that is comfortable, easy to put on and off, and protects against harmful UV rays. Swim Zip manufactures swimwear of the highest quality fabric and is also resistant to chlorine.

The shirts can be zipped and unzipped, which makes them comfortable for the kids to wear and remove. The designs offered are fun and stylish, according to the preferences of kids. Swim Zip has an official website where it is available and is also available for sale on Amazon. Swim Zip does not want kids to be exposed to harmful chlorine and ultraviolet rays that can scar them with skin cancer.

Swim Zip at a Glance:-

IdeaSkincare and UV protective swimwear.
FoundersBetsy Johnson and Berry Wanless
Asked For$60,000 for a 5% equity
Accepted Deal$60,000 for 20% equity
SharksLori Greiner
Business statusIn Business
Episode No.Season 5, Episode 15
WebsiteSwim Zip
Buy on AmazonBuy Now!

Index:

Who are the founders of Swim Zip?

Betsy and Berry Wanless are the founders of Swim Zip. Betsy decided to make this suit as she had suffered from skin cancer when she was 26. Betsy and Berry decided to start something which can protect swimmers from UV rays, which is a cause of skin cancer.

Betsy got the seed of business when she noticed that it caused huge pain to take on and off the costume, especially on kids. Betsy and Berry took this as a major concern and did something helpful for everyone and that’s how they came into the market.

Did Swim Zip get a deal on Shark Tank?

Betsy and Berry came on the show seeking an investment of $60,000 for 5% equity in their business. Swim Zip went into the shark tank to catch sharks and their expertise. Betsy shared how Swim Zip is different from other swimming costumes on the market and demonstrated the wearing process and benefits. Kevin O’Leary asked about the sales.

The founders shared that they had sold up to $225,000 in the past year and they made a profit of $100,000 in the same year. Mark asked if there was anything different in the quality of the material used, to which Betsy said no. Betsy replied that they have used basic swimsuit equipment but the designs and features Swim Zip has are unique.

Kevin O’Leary shared his opinion that ‘ I can’t see it as a scalable business, also high risk is there and went out. Daymond John gave a few suggestions and said it was too early to invest and went out. Robert Herjavec said he couldn’t turn Swim Zip into a million-dollar business, so, I’m out.

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Mark Cuban said it’s like a family business and also you’re at a too early stage and went out. Lori Greiner said that I could see myself in Betsy and gave them an offer of $60,000 in return for 20% equity. Betsy gave a counteroffer of $120,000 in exchange for 20% equity. Lori Greiner refused the counter. Berry and Betsy took a moment and made a deal with Lori Greiner.

What happened to Swim Zip after the Shark Tank Show?

After the show, once the show aired, the deal made on the show between Lori Greiner and Swim Zip got closed. After the show, in a few days, they had sales of around $225,000. Lori Greiner believed Betsy and Berry turned out to be true. Betsy and Berry started featuring complementary brands and products on their social media platforms.

During the pitch, they had a valuation of $1,200,000, which was updated by the end of the show by Lori’s offer to $300,000. After the show, Lori showed constant support as an investor and a big sister to these two young women entrepreneurs. Betsy’s passion and vision had brought a huge victory into the pocket of Swim zip.

Swim Zip serves babies, boys, girls, men, and women,  which means everyone. Along with the suits, they have various other product lines which include hats, round beach towels, sunglasses, and rush guards. Swim Zip price ranges, including all the accessories, range from $15 to $39.99. Swim zip has family matching outfits and offers various discounted deals on their official website.

Swim Zip generally generates revenue through retail distribution and its website. Swim Zip has various color options and has added a few new designs to its chain. As of 2022, Swim Zip’s official website is active and is on the journey to expand worldwide.

Competitors of Swim Zip are:-

  • Boohoo
  • Cotton Wood
  • Hylete
  • Cotopaxi

What is the net worth of Swim Zip?

The valuation for the show was $1,200,000, which was updated to $300,000 by Lori Greiner. The estimated net worth of Swim Zip is $5 million as of 2022.

Is Swim Zip still in business?

Swim Zip is still in business and has also added various new designs to its existing product line. Swim Zip seems to be very active on its official website. Betsy and Berry are learning and earning through this journey. Bizz bucket wishes them a long journey and more success ahead.

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FAQs:

What is Swim Zip?

Swim Zip, as the name suggests, is a line of swimwear. But what makes it different from the hundreds of swimwear brands already existing in the market? Swim Zip is a unique brand because it offers kids’ swimwear that is comfortable, easy to put on and off, and protects against harmful UV rays.

Who founded Swim Zip?

Betsy and Berry Wanless are the founders of Swim Zip. Betsy decided to make this suit as she had suffered from skin cancer when she was 26. Betsy and Berry decided to start something which can protect swimmers from UV rays, which is a cause of skin cancer.

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