The lack of pockets in women’s clothing has always been an issue. To overcome this problem, founder Sofia Overton started a brand called Wise Pocket Products. The company makes leggings and socks with pockets.
The youngster pitched her brand in season 11 of Shark Tank, bagging a deal with two of the Sharks. At present, the estimated net worth of the company is $300,000.
Many of you wanted to know what happened to Wise Pocket Products after Shark Tank. So here we are with all the details you need to know about the brand.
About Sofia Overton
Sofia Overton is a young entrepreneur who is currently attending high school. She is 15 years old and lives in Bentonville, Arkansas.
She was always a fan of the Shark Tank and wanted to come on the show. She uses to watch her cousin struggling to place her smartphone in her shoes. 11-year-old Sofia quickly realized that the lack of pockets in women’s leggings is an issue that needs to be addressed.
This is how she came up with the idea of adding pockets in socks. She designed socks with in-built pockets to carry phones. She launched her brand Wise Pocket Products in 2017 with her investment.
With her parents’ support, she filed for a patent for her products. Not only that, but she also received help from her regional Chamber of Commerce and Startup Junkie.
Soon after, she raised funds worth $10,000 through an IndieGoGo Campaign. The same year she generated sales of $16,000.
Wise Pocket Products On Shark Tank
The young entrepreneur fulfilled her dreams of appearing on Shark Tank and pitching her products in front of the Sharks. She proposed a deal of a 15% stake in exchange for $30,000. Her goal was to raise funds to increase production.
She explained her products and their benefits to the Sharks. For a 13-year-old, she gave a pretty impressive presentation. She also demonstrated how phones will not drop out of the socks even during fast movement.
The two Sharks Daymond John and Lori Greiner offered her a counter deal of a $33.3% stake in exchange for $30,000. However, Sofia countered them with a 25% stake for $35,000. The Sharks gladly agreed to the offer.
Wise Pocket Products After Shark Tank
According to Shark Tank blogs, Daymond John and Lori Greiner closed the deal with Sofia Overton. However, there’s no report on licensing contract yet.
Although the company is still active, they have been not promoting its products online. It’s been two years since they posted on Instagram. All the products on the website are also sold out.
There’s a possibility that Sofia is currently busy with schoolwork and resume working after she is done. There are no sales reports available. The estimated net worth of the company is approx. $300,000.
Despite grabbing a deal from two Sharks, the business did not do well. It’s not clear if they are still operating the business or if it’s in hiatus.
FAQs
1. Who is the founder of Wise Pocket?
The founder of Wise Pocket is Sofia Overton, who is a teenager and has taken the world by storm. This clothing line aims to make children’s lives easier by providing their clothing with more functional pockets. The idea for the product came to Sofia when she was hanging out with one of her older cousins.
2. Did wise pocket socks get a deal from Shark Tank?
With how unique and needed the idea behind the clothing line was, they snagged a deal with Lori Greiner and Daymond John.
3. What is the valuation of Wise Pocket?
As of 2023, Wise Pocket’s valuation is around $300,000, which is a pretty decent amount when you come to think of it.
