Scrub Daddy is one of the most successful brands to appear on Shark Tank. Founded by Aaron Kraus, the company started its operations in 2012. It became popular after being featured on the reality show.
Scrub Daddy is a smiley-faced multi-purpose cleaning sponge. It bagged a deal from Lori Greiner for a 20% stake in exchange for $200,000.
Greiner who is known as “The Queen of QVC” promoted the product on QVC which catapulted the cleaning sponge to success. Today, Scrub Daddy is sold in 20 different countries. It is also available at Target, Walmart, and Bed Bath & Beyond. As per online sources, the estimated net worth of the company is $70 million.
About the Founder: Aaron Krause
Aaron Krause was born on 1st February 1969, in Wynnewood, Pennsylvania. He is an American inventor and entrepreneur. He is the man behind Scrub Daddy, the best-selling cleaning sponge.
He invented the smiley-faced cleaning sponge that went on to become a revolutionary product. He also founded other ventures and built a massive fortune through his businesses.
Krause has always been a very hardworking and ambitious person. He possessed an entrepreneurial spirit since he was a child. Over the years, he built many business ventures. But Scrub Daddy is the most successful of them all.
Founding Scrub Daddy
Krause started inventing at a young age. After his college graduation, he set up a car washing business. This is where he learned about various cleaning materials. He found buffing pads for cleaning, but he was not satisfied with them.
After applying for a patent for buffing pads, he shifted his focus from car washing to cleaning pads. During this time, he designed cleaning products for his warehouse.
He ordered custom-made foam from Germany and created a smiley-faced sponge. In 2008, Krause sold its buffing Pad Company for $3 million. However, his smiley-faced sponge was not a part of the deal.
A few years later he found out that his sponge can change texture in cold and hot water. This led to the foundation of Scrub Daddy in 2012 and promoted it on QVC.
Scrub Daddy on Shark Tank
Although Scrub Daddy received a huge response from the QVC campaign, it was not enough. Krause decided to take his product to Shark Tank. He pitched his brand on Shark Tank season 4.
He walked in with a deal of a 10% stake in his company for $100,000. The Sharks were pretty impressed by his product and started a bidding war. In the end, the deal was closed by Lori Greiner who offered him a 20% stake for $200,000.
Scrub Daddy After Shark Tank
After the airing of the Shark Tank episode, Scrub Daddy sold over 42,000+ sponges in a few minutes. Griener helped Krause to get his product into all the major retail stores in the U.S.
As per reports, the company’s lifetime sales have surpassed $670 million. The company’s average annual revenue is around $100 million.