Foot Fairy Shark Tank Update – Net Worth 2024

Taking kids out for shoe shopping is a problem faced by many but Dr. Sylvie Shapiro and Nicole Brooks came up with the perfect solution to avoid the chaos. They created Foot Fairy, a foot-measuring app that can accurately measure kids’ feet in the comfort of your home.

The app linked to shoes fitting that exact size criteria on Zappos, a major online shoe retailer. Both moms came to the Shark Tank with an ask of $75,000 for a 15% stake in their app. Were they able to secure an offer from the entrepreneurs, or did they return empty-handed? Find out in our Foot Fairy Shark Tank Update!

Foot Fairy Net Worth

Sylvie Shapiro and Nicole Brooks asked for a $75k investment in exchange for 15% equity in their company. This meant they valued their company at $500,000. They made a deal with Mark Cuban for $100k in exchange for 40% of their company. This new deal valued their company at $250,000. After the show aired, Foot Fairy struggled to maintain its operations and eventually went out of business within six months. Given the business failure and lack of growth, the current net worth of Foot Fairy is $0.

Foot Fairy Shark Tank Update

What Happened To Foot Fairy After Shark Tank?

Unfortunately, things didn’t go as planned for Foot Fairy after their appearance on Shark Tank. The reasons behind the company’s failure are not entirely clear, but they likely faced challenges in promoting the app and integrating it with Zappos. Additionally, Foot Fairy may have struggled to establish a strong online presence and market its product effectively. Despite that, both women moved on to more successful ventures. Sylvie continues to practice podiatry in Beverly Hills. She also has a successful line of spa and resort footwear called Planet Flops. Nicole has since co-founded Strike Club, a men’s skincare line.

Did Foot Fairy Get a Deal On Shark Tank?

Kevin was the first to withdraw, expressing concerns that the app’s features could be easily replicated by major retailers. Robert stepped back after Kevin, expressing similar concerns about its lack of originality.  Lori was next to step away, noting that the idea was still in its early stages. Barbara’s perspective was that the entrepreneurs were overly enthusiastic and blinded to the practical challenges they faced. Ultimately, Mark Cuban was the sole investor to make an offer, proposing $100,000 in exchange for 40% equity. His offer was accepted by the pair.

Shark(s) Name	Offer and Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N/A	N/A
Mark Cuban	$100,000 in exchange for 40% equity in the business	N/A	Yes (But the deal didn’t go through later)
Robert Herjavec	Out	N/A	N/A
Barbara Corcoran	Out	N/A	N/A
Lori Greiner	Out	N/A	N/A

Founders Backstory

According to Sylvie, many of the foot problems experienced by her patients were caused by ill-fitting shoes. Meanwhile, Nicole shared her experiences of the chaotic nature of taking her children shoe shopping. Juggling four kids in a busy store made the process overwhelming and stressful. The duo put their heads together and came up with the idea of Foot Fairy. Both of them shared similar concerns about balancing their demanding careers with family life. They were always on the lookout for tools or strategies that could ease the challenges of parenting. The app showed their desire to find innovative solutions that make parenting easier. 

Initial Pitch

Sylvie and Nicole entered the room with a clear objective. They were seeking an investment of $75,000 in exchange for a 15% stake in their innovative app, Foot Fairy. The app was designed to accurately measure children’s foot sizes, solving a common problem for parents everywhere. To demonstrate the app’s functionality, Sylvie brought along her daughter, Sienna.

They emphasized the app’s convenience for parents. It helps them avoid the stressful task of shoe shopping with young children. With Foot Fairy, parents could measure their child’s foot size from the comfort of their home and receive personalized shoe recommendations. This could make the process easy and reliable. The investment they were seeking would allow them to further develop the app, expand its features, and bring Foot Fairy to a wider audience.

Queries About the Product

Barbara’s major concern was why did the team need more money.  Nicole confidently explained that the funds were essential for enhancing the app’s functions and driving further development. Sylvie highlighted the need for sponsorships to support these efforts which signaled the team’s commitment to expanding their product’s reach. Barbara also questioned whether their enthusiasm alone would translate into a profitable business.

Robert asked how many downloads the app had accumulated so far. The team responded with a figure of 13,144. Robert’s concern deepened when he learned that the app had not received any commission or advertisement revenue from Zappos. Lori also supported this concern, emphasizing that without advertising support, the app might struggle to achieve financial success. The absence of these revenue streams raised concerns about the app’s future profitability amongst the sharks. 

Kevin inquired about the app’s special features, trying to figure out what made it different from rivals. When he saw that the app offered little in the way of distinction, his doubts sharpened. He did not think that the app would offer much competency. Mark also expressed concerns that the app might struggle to succeed on a larger scale due to its lack of unique features.

Shark’s Response and Final Deal

Kevin stated that the app didn’t offer enough of a competitive edge to protect it from being copied by industry giants. In his view, the absence of proprietary elements made the business too vulnerable in the market, and he didn’t make an offer. Despite Nicole’s enthusiasm,  Lori had reservations. She pointed out that the business was still in its early stages, with a lot of groundwork yet to be done. In Robert’s view, the app didn’t offer a strong enough differentiator to make it a game-changer. Barbara didn’t invest because of the same reasons.

However, Mark saw real potential in the Foot Fairy app and believed it could become a successful business with the right approach. Mark made them an offer of $100,000 in exchange for 40% equity in the company. However, his offer came with a few contingencies. Mark wanted to take the app through a rigorous testing process to ensure its accuracy and effectiveness. He also aimed to work on making the app distinct from anything else in the market, addressing concerns about its competitiveness. Mark’s offer gave them a chance to secure the funding they needed. It also provided the expertise and guidance to help turn their vision into a reality. Nicole and Sylvie accepted his decision and walked away with an offer.

Product Availability

This deal never closed, and the business was effectively out of business six months after airing in May 2014. As of August, 2021, they are no longer operational.

Conclusion

Nicole and Sylvie came to the Shark Tank with an ask of $75,000 with an equity of 15%. The sharks had their doubts, but despite that, they were able to secure an offer from Mark of $100,000 with an equity of 40%. The deal would have proved quite beneficial to the business if the app hadn’t stopped functioning right after six months.