Women have a special relationship with shoes, and Solemates helps you make that relationship better. The Solemates high heeler is a heel cap that prevents high heels from sinking in grass, or getting stuck. They are pitching their product in Shark Tank Season 8.
Each pair of Solemates retails for $10, and are $30 for a box with three different sizes. They have brought high heels in that will fit the Sharks and allow them to step into the demo grass to see that they work.
They tell the Sharks, they learned from Goldman Sachs that they are not expected to know everything, but they need to know where to go to get the answers they need.
Solemates has been in business for five years and sold $1.2 million last year. They are sitting in between the wedding industry and the shoe industry. Monica and Becca invested $100,000 when they left Goldman to star this business and they have raised just under $1 million. They have $650,000 in gross profit, with a salary of $80,0000 each. The net profit is $30,000 because they use third party vendors in their business.
The problem they have is they need to be everywhere in order to make this go.
Solemates Episode Data
- Company: Solemates – Website
- Entrepreneurs: Monica Ferguson and Becca Brown
- Ask: $500,000 for 10% equity
- Episode Season 8 Episode 804
- Companies in this episode:
- First Aired: 10/14/2016
- Deal: Robert Herjavec $500,000 for 20%
What do the Shark Tank Investors say about Solemates?
- Mark Cuban – doesn't see how they will get to $50 million in sales to get a return on his investment.
- Daymond John – says, say you do go up to $50 million, you have research and development that over the period of five years would at best get him his money back. He is out.
- Kevin O'Leary – likes it, but he is struggling with this deal. He has the marketplace, and wants to change the deal. He will give them $100,000 for 10% and loan them $400,000. Kevin O'Leary tries to get a second offer out to them, but they accept Roberts offer first.
- Lori Griener – is not sure how big a problem they have to solve so she is out.
- Robert Herjavec – says their sales prove themselves, costs are going to rise, but he likes the business and he is going to give them an offer that they may not like, but he likes it. He offers $500,000 for 25%. You are either going to get acquired or create a new category. His money is taking a big risk. They ask Robert to go to 20% so that they can retain a slight majority between the two of them and he says done. They have a deal.
Solemates after Shark Tank
Solemates is now in CVS stores, which is a huge deal for them as they have over 4,000 locations nationwide. In the end, they declined to complete the deal with Robert Herjavec after the show.