Boona Shark Tank Update – Net Worth 2024

Brett and Jeff are the co-founders of Boona. They joined Shark Tank in Season 15 Episode 17 and brought their business model. Boona specializes in creating innovative products for couples that make them spend more time together.

The company makes personal care products, and one of their products is the Tandem Shower. It’s an attachment that you can easily install on a regular shower to make it more advanced and dual. There would be no need for contractors or renovations for this purpose.

Let’s see if the product can impress the investors. The sharks involved were Lori Greiner, Mark Cuban, Robert Herjavec, Kevin O’Leary, and Barbara Corcoran. If you have missed the episode somehow and want to know more about the outcomes, just dive right into the article and you can enjoy the whole scenario. Gear up!

Boona Net Worth

Brett and Jeff asked for a $400K investment in exchange for a 10% equity in their company. This meant they valued their company at $4 million. They did not make a deal with any sharks, so their company valuation remained $4 million. After the show aired, Boona saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Boona is about $4.88 million.

Boona Shark Tank Update

What Happened To Boona After Shark Tank?

Even though the episode just aired, Brett and Jeff are expecting a huge surge in orders. They are hoping their website can handle all the traffic without crashing. Right now, they’re in the pre-order stage, but confident that they will sell out their inventory over the weekend. The showerhead market is worth a whopping $7 billion in 2022, so there’s a lot of room for growth in Boona. To ensure long-term success, Brett and Jeff will need to keep coming up with unique products to keep those sales strong.

Did The Boona Get A Deal On Shark Tank?

Unfortunately, Boona failed to secure any deal on the show. The sharks liked the innovative features of the product, but no one was ready to invest in the company. Kevin made two offers but the founders were not ready to accept. That’s why the company remained unsuccessful in getting a deal from the sharks.

Shark(s) name	Offer	Demand	Counteroffer	Accepted?
Barbara Corcoran	Out	N/A	N/A	N/A
Lori Greiner	Out	N/A	N/A	N/A
Kevin O’Leary	$400,000	10% stake and a royalty of $40 per unit sold until $1.2M is paid ‘or’ 33.3 % stake	$600,000 for a 20% stake	No
Robert Herjavec	Out	N/A	N/A	N/A
Mark Cuban	Out	N/A	N/A	N/A

Founders and Backstory

Brett Skaloud and Jeff Feiereisen are ex-Amazon engineers who founded Boona. Brett worked at Scout, Amazon’s delivery robot, and Go, the cashier-less stores. Jeff started at Microsoft before joining Amazon and also worked on the Go project. They became best buds.

It all started when they were talking about personal relationships and shower habits and realized that showering with a partner was uncomfortable. They couldn’t find an easy-to-install solution for this niche problem, so they decided to create their own.

They created a prototype and found out it was affordable to mass produce. They launched Tandem Shower under their parent company, Boona. To raise funds, the entrepreneurs invested in marketing, filmed a demo, and hired a crowdfunding consultant.

They even had 50 people test the upgraded showerheads and provide testimonials. In 2022, they launched a Kickstarter campaign with an initial goal of $10,000. But guess what? They raised a whopping $774,113 from 3,430 backers! One reason for their success was a TikTok video that went viral with 6 million views, showcasing the ingenuity of this innovative shower system.

Initial Pitch

The entrepreneurs, Brett Skaloud and Jeff Feiereisen walked into Shark Tank with their product. They were looking for $400K in exchange for a 10% stake in their company. They talked about how their product is all about making it super convenient for couples to enjoy some quality time together. They shared their backstory and how they came up with this amazing idea. And to give the Sharks a real taste of their product, they even showed them a sample. It was a great way for the Sharks to get a complete idea of what the product is all about.

Queries About The Product

After the presentation, Barbara started the discussion by asking how the product distributes water pressure. Brett replied, saying that pressure was the first thing they considered, and they already have 5000 customers with a fantastic rating of 4.7 out of 5. However, Barbara repeated her question about the pressure distribution. This time, Jeff chimed in and mentioned that pressure is always a top concern for customers, and their impressive 4.7 rating reflects that.

Robert then asked about the timeframe in which they acquired those 5000 customers. The entrepreneurs explained that they are still in the early stages and started in April 2022. Robert then praised the innovation behind the product. Mark joined the discussion and saw it as a great business opportunity, which brought some laughter. Jeff shared that they went live on their social media platforms in July and received an overwhelmingly positive response from viewers. People liked the product.

Kevin shifted the focus to sales, and the entrepreneurs revealed that they had sold 750,000 units after their successful Kickstarter campaign. The gross margin for the product is an impressive 71%, with a net profit of 54%. The Sharks were impressed by these numbers.

Lori inquired about the retail cost and availability of the item. The entrepreneurs mentioned that the product normally retails for $249, but it’s currently on sale for $199. For those seeking even more shower power, the Tandem Shower Two-Shower Head is usually priced at $299 but can be purchased for $249 during the sale. Interested buyers can find these awesome shower heads on Boona’s official website.

Sharks Responses And Final Deal

When it came to making an offer for the company, four out of five sharks were already out due to their reasons. Barbara said she wants more water pressure while bathing but this product is divided in two. Lori and Robert couldn’t relate to the product, and Mark was skeptical about getting his money back. But then Kevin stepped in with two offers: $400K for a 10% stake with a royalty, or $400K for a 33.3% stake.

The founders countered with $600K for 20%, which made Mark Cuban a bit upset. He thought they were trying to entice him, and that raised a red flag. Mark believed they would make big bucks without giving up that much equity. Meanwhile, Kevin got frustrated with all the back-and-forth and pulled out his offers. Boona founders had a tough time convincing the Sharks.

What Went Wrong With The Company on Shark Tank?

Sharks had their reasons for not investing in the product. Lori and Robert appreciated it, but they just couldn’t see themselves investing in it. Barbara had two concerns: she didn’t like how the product divided the water pressure, and she wanted some privacy while taking a bath. Mark was worried about not getting his money back, and Kevin made offers, but the entrepreneurs countered. This made Kevin annoyed, so he decided not to make a deal either. In the end, the company couldn’t secure a deal with the Sharks.

Boona Availability

In today’s modern world, we’ve moved way beyond the days when one person froze while the other enjoyed a nice hot shower. Thanks to the advanced Boona Tandem Shower, you don’t have to deal with the hassle of calling contractors or doing major renovations anymore.

This incredible shower system can be installed in just a few minutes, bringing the joy of a luxurious shower experience to both renters and homeowners without breaking the bank. Brett and Jeff, the team behind Tandem Shower, really know their stuff when it comes to showering. They’ve created an environment that’s all about fostering connection and intimacy between couples.

By getting rid of distractions and focusing on that special bond, the Tandem Shower experience is truly something else. With an insulated hose to keep the water temperature steady and specially designed shower heads for the perfect water pressure, Tandem offers a showering experience tailored to your preferences. Plus, it comes in three cool colors: Chrome, Black, and Miami, so you can easily match it to your bathroom decor.

When it comes to product retail and availability,  it costs $249, but right now, it’s on sale for $199. And if you want even more shower power, the Tandem Shower Two-Shower Head is normally $299, but you can grab it for $249 during the sale. You can buy these awesome shower heads straight from Boona’s official website. People are raving about the Booa products in their reviews. It’s making a splash.

Conclusion

Unfortunately, things didn’t go well for Boona on the show. The sharks appreciated the product, but none of them invested. They were concerned about the company’s ability to generate a return on their investment. However, the entrepreneurs behind this company are still super confident in their products. They believe that their great social media following will help them expand their business. With a strong online presence, they can reach more customers and continue to grow.