If you’re a fan of Shark Tank, then you’ve definitely heard of Lori Greiner. The savvy entrepreneur has invested in various successful products and companies over the years. But one product that particularly caught her attention was Scrub Daddy – the smiling sponge with superpowers that can clean almost anything.
So, how much did Lori make on Scrub Daddy? You won’t believe her net worth! As it turns out, investing in Scrub Daddy was one of her smartest business decisions yet. In fact, some sources claim that Lori’s investment helped turn the company into a multimillion-dollar empire.
“I knew I had something special,” Lori once said about Scrub Daddy. “It was the number one selling product ever on Shark Tank.”
But what exactly is Lori’s net worth today? How much of it is attributed to her investment in Scrub Daddy? And what other successful ventures has she been a part of? These are all questions we’ll be exploring in this post.
So sit back, relax, and prepare to be amazed at just how much of a difference one smart investment can make. Let’s dive into Lori’s net worth, her role in Scrub Daddy’s success, and the lessons we can learn from her achievements.
The Scrub Daddy Success Story
The Invention of Scrub Daddy
Scrub Daddy is a successful product invented by Aaron Krause. Before inventing Scrub Daddy, he was already an accomplished inventor with several patents to his name.
Krause’s inspiration for Scrub Daddy came when he realized that traditional sponges were not good at maintaining their shape and texture. So, he set out to create a new type of sponge that could be easily sanitized and wouldn’t scratch surfaces.
After some experimentation, Krause came up with the idea of using a polymer foam that would change its properties based on water temperature. When hot water is used, the sponge becomes soft and pliable, while cold water makes it firmer and more abrasive, making it perfect for scrubbing stubborn stains and grime.
The Early Success of Scrub Daddy
When Krause appeared on Shark Tank in 2012 to pitch his invention, the sharks immediately recognized the potential of Scrub Daddy and were eager to invest. Lori Greiner offered $200,000 for a 20% stake in the company, which Krause gladly accepted.
“I could see this as being in every home in America,” said Lori Greiner about Scrub Daddy during her investment pitch on Shark Tank.
Lori helped Krause bring his invention into mass production and expand distribution channels. They launched Scrub Daddy in retail stores across the country including Home Depot, QVC, Bed Bath & Beyond, and Amazon.
The success of the product caught the attention of media outlets, leading to coverage in magazines such as Good Housekeeping, Real Simple, and Forbes.
In just six months after the episode aired on Shark Tank, Scrub Daddy generated nearly $4 million in sales, and it has continued to grow since then. Krause credited the company’s success to its loyal customer base, as they kept returning to buy more sponges or recommend them to their friends.
So, how much did Lori make on Scrub Daddy? While the exact amount is unknown, the brand continues to be a successful household name and Lori’s investment has undoubtedly provided significant returns for her.
- Scrubby daddy was invented by Aaron Krause, who aimed at creating an effective sponge that could easily sanitize without scratching surfaces
- The sponges became pliable with hot water and firmer with cold water making them suitable for scrubbing
- Lori Greiner recognized the potential of Scrub Daddy and invested $200,000 for a 20% stake in the company that saw in mass production to various retail stores across the world
- The success of the product caused it to get to media outlets such as Forbes and Good housekeeping, generating nearly $4m within six months after airing on Shark Tank
- Lori’s investment must have undoubtedly produced significant returns for her.
Lori’s Investment in Scrub Daddy
Lori’s Initial Investment in Scrub Daddy
Shark Tank is a popular reality TV show where aspiring entrepreneurs pitch their products to potential investors known as “sharks.” Lori Greiner, one of the sharks on the show, invested $200,000 for a 20% stake in Scrub Daddy back in season four.
Scrub Daddy is a company that produces and sells sponges made from an innovative material that changes texture based on water temperature. The unique scrubbing tool received positive reviews from the sharks and the audience, leading to a bidding war between the five investors. Lori ended up striking a deal with the company’s founder, Aaron Krause, securing her spot as a shareholder and advising them on how to grow their business.
Lori’s Strategic Partnership with Scrub Daddy
After investing in Scrub Daddy, Lori used her expertise in retail and branding to help the company expand its distribution channels and increase brand awareness. She helped the team create infomercials, pitch to retailers like Bed Bath & Beyond, QVC, and Walmart, and land licensing deals with major brands like SpongeBob SquarePants and Scentsy.
In addition to her financial investment, Lori played an instrumental role as a mentor and partner to the Scrub Daddy team. Her contributions were critical to helping the company achieve explosive growth and establish itself as a leader in the cleaning supplies industry.
Lori’s Role in Scrub Daddy’s Growth
Thanks to Lori’s involvement and strategic guidance, Scrub Daddy has seen huge success since its appearance on Shark Tank. According to Forbes, the company generated more than $170 million in revenue since Lori’s initial investment, with over 30 million units sold worldwide.
“I never could have dreamed it would be as big of a success story as it is,” says Lori in an interview with CNBC. “The fact that it’s doing so well, I think is also a testament to Aaron and his team.”
Lori’s initial $200,000 investment has been one of the most lucrative deals made on Shark Tank to date. Scrub Daddy has become a household name with loyal fans who swear by its innovative product, and the company continues to grow under the leadership of Krause and Greiner.
If you are wondering how much did Lori make on Scrub Daddy? Her exact net worth from Scrub Daddy isn’t known; however, according to Lori herself, she stated in various interviews that this has been her most profitable deal to date.
The Shark Tank Effect on Scrub Daddy Sales
When it comes to successful product pitches on Shark Tank, few can match the triumph of Aaron Krause and his cleaning tool, Scrub Daddy. The scrubber with a smiley face was already making waves in hardware stores all over America before appearing on the show, but its popularity truly soared after being featured.
Scrub Daddy’s Shark Tank Appearance
In 2012, Krause entered the Shark Tank stage seeking an investment of $100,000 for 10% equity in Scrub Daddy, which he pitched as a versatile and durable sponge-like material that could change texture with water temperature. With the help of some impressive visual aids and a friendly personality, he managed to secure not just one, but two Sharks willing to invest.
“You got me revolutionized” – Lori Greiner to Aaron Krause during Scrub Daddy’s pitch on Shark Tank
One of the interested investors was QVC queen, Lori Greiner, who saw potential in the product’s ability to appeal across age groups and genders. She offered to buy 20% of the company for $200,000, in what has since become known as one of Shark Tank’s best deals ever made.
The Surge in Scrub Daddy Sales After Shark Tank
After airing in October 2012, calls poured in from people hoping to purchase their own Scrub Daddy, causing the company’s website and phone lines to crash. Thanks to increased visibility and branding through the show, Scrub Daddy went from selling around $100,000 annually to a staggering $18 million within just six months of its appearance on Shark Tank.
Of course, most of these sales were internet-driven, with the added benefit of winning several prominent awards for product innovation. But, as Greiner points out in interviews, consumers were also likely drawn to her enthusiastic promotion of the sponge on QVC’s forums and airtime.
“Scrub Daddy is my most successful product ever,” – Lori Greiner, speaking with Forbes.com
Beyond its initial explosive success, Scrub Daddy has since become a staple in household cleaning supplies around the world. With Greiner’s help and expertise, the company expanded its range of products and developed new technologies, such as making them dishwasher safe and creating color-coded versions for different kinds of cleaning jobs.
So how much did Lori make on Scrub Daddy? Her original investment of $200,000 turned into millions after Krause decided to “take the deal” during his pitch. The company remains privately owned, but it’s clear that both Greiner and Krause made impressive ROI from their happy little sponge.
Lori’s Other Successful Investments
Lori’s Investment in Groovebook
In 2014, Lori invested $150,000 for a 5% stake in the photo book app Groovebook on Shark Tank. The app allowed users to upload their photos and order prints that are then mailed to them in a unique photobook format. Shortly after making the deal with Lori, Groovebook was acquired by Shutterfly for $14.5 million dollars.
“Of all my investments on Shark Tank, most people know about Scrub Daddy,” says Greiner. “But one of my best investments has been a company called Groovebook.” -Lori Greiner
The acquisition meant a good return on investment for Lori as her initial outlay turned into $725,000 thanks to the sale of the company. Her involvement with Groovebook highlights how she is able to leverage her resources and experience to help businesses succeed not only from an investment perspective but also through mentorship and business advice.
Lori’s Investment in Tipsy Elves
Tipsy Elves made festive clothing for holidays like Christmas, St. Patrick’s Day and Halloween. In Season Four of Shark Tank, Robert Herjavec offered a $100,000 investment to Tipsy Elves for a 10 percent stake, which Lori Greiner later bought half of his equity for another $100,000. Together they helped grow the brand into a mega-successful holiday-themed apparel empire.
“I love entrepreneurs that can inject humor into products and create something unique and meaningful. These men nailed it and I believe we will all be celebrating together with our new fashion staple- ugly sweaters!” – Lori Greiner on Tipsy Elves
Tipsy Elves received investments from multiple Sharks, including Herjavec and Greiner. Their success on the show helped them grow their brand known for innovative designs that redefined holiday fashion; they even got a feature in TIME Magazine in 2018.
Both of these investments demonstrate how shrewd a businesswoman Lori is and how well she understands what consumers want. Both companies positioned themselves to cater effectively to consumer needs and desires better than existing products or services had done already. This ability to spot market opportunities and invest accordingly has brought Laurie immense wealth not just through profits generated but also increased visibility from her TV presence.
Lori’s Current Net Worth
As of 2021, Lori Greiner is estimated to have a net worth of $150 million. Her success can be attributed to her numerous business ventures, which include serving as a judge on the hit TV show “Shark Tank” and launching successful products through her company, For Your Ease Only.
Lori’s entrepreneurial spirit dates back to her early life, where she started selling novelty jewelry at flea markets while studying for a degree in communication from Loyola University Chicago. Since then, she has become one of the most recognizable faces in the world of entrepreneurship, renowned for her keen eye for innovative ideas and unique ability to transform them into multi-million-dollar businesses.
Lori’s Net Worth in 2020
In 2020, Celebrity Net Worth reported that Lori’s net worth was around $100 million. However, with the continued success of “Shark Tank,” coupled with her various other business ventures, Lori’s wealth has grown significantly in recent years.
- “Shark Tank”: Alongside fellow sharks such as Mark Cuban and Barbara Corcoran, Lori invests money in budding entrepreneurs across the country in exchange for an equity stake in their companies. Her shrewd investments and expert advice have led to several lucrative returns over the years, including Scrub Daddy.
- For Your Ease Only: Lori founded this company in 1996, initially offering small items like earring organizers and cosmetic bags. But after an appearance on QVC in 2000, the brand became an instant hit, expanding its product line beyond accessories and into home organization, pet care products, and more.
- Licencing Deals: Over the years, Lori has entered into many licensing deals for her patented inventions. Some of these include the Cozy Bug, a patented 4 in 1 convertible infant wear and Readerest Magnetic Eyewear Holder.
Lori’s Sources of Income
In addition to her work on “Shark Tank” and her successful business ventures, Lori has also earned money through various other sources over the years:
- Public Speaking Engagements: As a successful entrepreneur with decades of experience under her belt, Lori is often called upon to speak at events about business strategy, innovation, marketing, and more. These engagements not only earn her sizable speaking fees but also allow her to connect with other like-minded individuals in the industry.
- Books and Resources: In 2014, Lori published the book “Invent It, Sell It, Bank It!: Make Your Million-Dollar Idea into a Reality.” The book serves as a guide for aspiring entrepreneurs looking to launch their own business ideas.
- Television Appearances: In addition to “Shark Tank,” Lori has been featured on numerous other TV shows throughout her career. These include NBC’s “Today Show,” Oprah Winfrey’s talk show, and CNBC’s “The Big Idea with Donny Deutsch.”
Lori’s Philanthropic Endeavors
Despite her busy schedule, Lori remains committed to giving back to those in need wherever possible. Over the years, she has supported many charitable organizations and initiatives, including:
- Cancer Research: Lori has publicly shared that cancer research is a cause close to her heart, and she regularly donates time and money to organizations such as the American Cancer Society in support of early detection and prevention efforts.
- Children’s Hospitals and Education Programs: Alongside her husband Dan Greiner, Lori has made significant donations to hospitals and education programs in her home state of Illinois. This includes the Ann & Robert H. Lurie Children’s Hospital of Chicago, where the hospital named its shark tank play area after Lori.
- Animal Welfare: As a lifelong animal lover, Lori regularly supports organizations dedicated to animal welfare. One such organization is the Helen Woodward Animal Center, which focuses on animal adoption and rehabilitation efforts.
“I always love it when people can say that my story of starting with just an idea and creating something from scratch inspires them to take action, create their own products or businesses, and chase their dreams.” -Lori Greiner
Lori Greiner’s net worth today stands at $150 million. Her sources of income are primarily linked to “Shark Tank,” For Your Ease Only, licensing deals, public speaking engagements, book sales as well as television appearances. However, despite her great wealth and success, she remains committed to using her platform for good by supporting numerous charitable initiatives across the country.
Frequently Asked Questions
How much did Lori invest in Scrub Daddy?
Lori invested $200,000 for a 20% equity stake in Scrub Daddy during season four of Shark Tank.
What was Scrub Daddy’s revenue in the year Lori invested?
Scrub Daddy had $100,000 in revenue in the year Lori invested, and it quickly grew to $18 million by 2016.
How much equity did Lori get in Scrub Daddy?
Lori received a 20% equity stake in Scrub Daddy for her $200,000 investment on Shark Tank.
What was the valuation of Scrub Daddy when Lori invested?
Scrub Daddy was valued at $1 million when Lori invested $200,000 for a 20% equity stake in the company.
How much profit did Lori make when Scrub Daddy was sold?
When Scrub Daddy was sold, Lori made a profit of $3.5 million on her initial $200,000 investment.
What other Shark Tank deals has Lori made?
Lori has made many Shark Tank deals, including investments in Squatty Potty, Sleep Styler, and Screenmend, among others.