Slime is a niche that doesn’t require any introduction. Despite how popular slime and slime businesses are, you can’t deny the fact that there is a saturation in the slime business because of how many small and large-scale businesses are currently operational.
Despite the competition, Slimeyhoney is a brand that came on Shark Tank with hopes to raise $150,000 for 10% of the company. Founded by Mark Lin, the company focuses on creating unique kinds of slimes that are non-edible but look like actual food.
More on the company and how they are doing after Shark Tank will be disclosed in this article.
Shark Tank Sliimeyhoney Update
- Entrepreneurs – Mark Lin
- Business – Non-edible slime
- Ask – $150,000 for 10% equity
- Results – $150,000 for 20% equity
- Sharks – Daymond John
Slimeyhoney isn’t your regular slime store. Instead, they are known for their variety of non-edible slimes that look like food but you can’t eat them. The best thing about their online store is the fact that they sell 100+ types of slime.
The huge variety of slimes is what puts their online store on the map. So, while Mark had a pretty diverse and engaged customer base, the biggest roadblock he was facing was concerning expansion. He was doing everything out of his home, which wasn’t enough to meet the rising demands.
When breaking down the pricing, Mark said that each slime tub he sells costs him $2-$4 per unit to manufacture and he sells them for $10-$16 depending on the scent and the design. The Sharks were quite impressed with the profit margin and the accessible price point of each product.
What shocked the sharks even further was when Mark confirmed that Slimeyhoney had made $1.2 million in revenue. Seeing the potential in the company, it was Kevin O’Leary who made the first offer. He offered $150,000 for 30% of the company.
The two Sharks who dropped out before making an offer were Lori Greiner and Mark Cuban. Although they saw potential in the company, they didn’t think they would be able to contribute much to the growth of the company, so they dropped out.
The last Shark, Daymond John, offered $150,000 for 25% equity but Mark counteracted to reduce the equity share. Lastly, Daymond said he would do it for 20% to which Mark accepted the offer because the stakes at Kevin’s offer were a lot higher.
With how well the company was already doing before Shark Tank, it isn’t surprising that their business extrapolated even after the show. They are currently in business and are thriving. Not only are they selling out quite fast, but Mark is also focusing on the marketing side of things, using TikTok, Instagram, and YouTube to generate more buzz.
Daymond has been actively working with Mark to further boost the business and bring more sales. With the kind of success they have seen, we can confirm easily that the brand is going to hit over a million in annual sales and revenue, which is impressive.