Golf is a sport of the rich. This is something we have heard growing up. It is one of those sports that involve a lot of work and precision, something that people enjoy on a global scale.
The concept of hand-crafted putters might sound pretty off-beat but somehow, the brand managed to see success, which is why the founder Phillip Lapuz and Eric Williams went on Shark Tank with hopes to secure a better round of funding for their brand.
After securing a deal with Robert Herjavec, Kronos Golf currently has an estimated valuation of around $5 million and they are consistently growing their business.
About the Founders
Eric and Phillip are from very different backgrounds but had a unified love for golf, which brought them together.
While Eric hails from Phoenix, Arizona, Phillip is from Carlsbad, California. Phillip completed his education at UC San Diego. Following his graduation, he relocated to Japan, where he further acquired his Master’s and started working there.
Eric, on the other hand, has worked in multiple niches, including tech, photography and even teaching. Finding a common ground in golf, Eric and Phillip wanted to give their business idea a shot.
Founding Kronos Golf
Phillip and Eric’s journey toward creating Kronos Golf wasn’t very linear. The two of them worked with several golf brands and companies before they wanted to branch out and start their journey.
Their idea behind Kronos Golf was to manufacture hand-made putters. During the initial year of founding their company, the duo managed to gain around $100,000 in investment. They rigorously promoted their products with the hopes to generate better sales.
Soon after, Kronos Golf started gaining traction and managed to make over $260,000 in revenue. While most of their sales came from Japan, the founders wanted to expand their market pool, which is why they went on Shark Tank.
Kronos Golf on Shark Tank
On Shark Tank, Eric and Phillip pitched their business asking for $150,000 for 15% equity. During the pitch, both of them emphasized the importance of hand-crafted putters as opposed to mass-produced ones.
However, what moved the Sharks was Phillip’s story when he narrated how his girlfriend’s parents won’t agree to their marriage because of him being an entrepreneur.
Although most of the sharks didn’t want to go ahead with the deal, it was Robert Herjavec who took the leap of faith and counteracted for 30% equity. The founders closed the deal with him.
Kronos Gold after Shark Tank
Following their Shark Tank episode, the founders got the investment boost they needed to improve their manufacturing. To this day, the majority of their sales come from Japan.
Besides selling the standard hand-crafted putters, Kronos Golf has added a series of other products to its portfolio. Some of the premium putters are sold by leading brands like Adidas, Nike, etc.
There isn’t much information about their annual sales and revenue yet. However, reports suggest that they are making around $2-$3 million in sales.