MuteMe Shark Tank Update – MuteMe Net Worth 2024

One of the most unpleasant issues that comes with working remotely is not knowing when you are being muted in a virtual meeting. We’ve all been in meetings where someone is talking, but nobody can hear them because they forgot to unmute, or worse, someone doesn’t mute themselves and their background noise disrupts the meeting. This might cause uncomfortable and annoying situations, particularly while you’re on crucial business calls.

Parm Dhoot and Tye Davis devised MuteMe, an illuminating button that makes it easy to mute and unmute during conference calls, as a solution to this issue. It is a useful tool for remote workers because it is made to clearly reveal when you are muted (shown by a red light) and when you are live (shown by a green or blue light).

Parm and Tye presented their idea on Shark Tank hoping to land a deal to expand their company. They asked for 200,000 for 10% equity. Did the entrepreneur get a deal on Shark Tank? Check out our MuteMe update to find out!

MuteMe Net Worth 2024

Parm Dhoot and Tye Davis asked for $200k in exchange for 10% equity in their company, MuteMe. This meant they valued their company at $2 million. They did not secure a deal on Shark Tank, so their valuation remained at $2 million. After the show aired, MuteMe continued to grow, making over $1 million in sales and introducing new products. With an estimated 10% yearly growth rate (typical business growth), the current net worth of MuteMe in 2024 is about $2.64 million.

MuteMe Shark Tank Update

As for a MuteMe update, MuteMe survived despite Parm and Tye’s failure to close a deal on Shark Tank. The business is still operational and has expanded. They actually made over $1 million in sales in 2022. A new product called the MuteMe Mini, a scaled-down replica of the original button was also introduced.

A Kickstarter effort was successful in raising money for this new product. They still sell MuteMe on their website and other online retailers like Amazon, even though their product is no longer offered at Staples.

MuteMe is still widely used, particularly since many people still work remotely. The business has undoubtedly established a devoted following of clients, and its expansion shows that they are still expanding.

No, Shark Tank did not result in a deal for MuteMe. The founders’ request did not convince the sharks for $200,000 in exchange for 10% ownership of their business. The founders left the tank without an investment.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Daymond John	$200,000 for 50% equity	N/A	No
Lori Greiner	Out	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Peter Jones	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

MuteMe Shark Tank Pitch

MuteMe was founded by Parm Dhoot and Tye Davis because they understood how frustrating it can be to control microphones in online meetings, particularly for non-techies. They identified a need in the industry for users to have a straightforward physical button to regulate muting instead of relying on often difficult-to-use on-screen controls. Their own experiences served as inspiration, as did the growing demand for improved communication tools in the age of remote work.

One of their main early challenges was spreading the word about the product. They began by using Kickstarter to crowdfunding, which helped them gain some initial interest and purchases. However, they had trouble growing their company and establishing MuteMe as a household brand.

Parm and Tye were confident of their product when they entered the Shark Tank. They described how MuteMe’s ability to display the microphone’s on/off status plainly helps users avoid awkward circumstances during virtual calls. They want $200,000 in return for 10% ownership of their business.

The product’s goal was to improve the efficiency of virtual meetings, particularly for those who might not be as proficient in technology. It’s a physical button with a clear red or green light to show the microphone status that connects to a computer via USB. Even though the device was straightforward, its creators thought it could address a widespread issue. Keep reading our MuteMe update to see what happens next!

The sharks enquired about the goods and the business plan multiple times during the pitch.

Kevin asked about the selling price and cost. The founders replied they were selling the product for $39 and the cost was $11.62. They also got 280,000 from crown funding. 

Sharks asked about the funding and investments. The founders revealed they did $145,000 on Kickstarter and $135,000 on Indiegogo 

Kevin questioned about the sales and how they sell the product. The founders responded they did $61,000 in sales. They sell them through their own website and they are also available on every staple of the US for the last four weeks. 

Peter Jones asked about the sales in the last four weeks. They replied they sold over 150 units in the last four weeks. 

Mark Cuban enquired as to their marketing plan and the reason behind their lack of social media sales promotion. To Mark’s confusion, the creators admitted they hadn’t given that any thought.

Kevin O’Leary questioned why they weren’t concentrating on online sales and instead were selling in physical stores. In his opinion, shopping wasn’t the ideal setting for a product such as MuteMe.

Daymond John expressed reservations regarding the product’s high price and heavy manufacturing costs. To thrive, he believed the company needed a significant makeover.

Mark Cuban decided not to invest because of the absence of a strong marketing plan and online sales.

Kevin O’Leary also rejected agreeing with Mark that the product was more appropriate for online sales rather than retail establishments.

Lori Greiner chose not to take part, even though she thought the product was a good fit for her.

Daymond John made an offer of $200,000 for 50% of the business, but the owners rejected it because they weren’t prepared to give up that much ownership.

After expressing early curiosity, Peter Jones concluded the product lacked sufficient uniqueness to be worth his investment.

Parm and Tye left without making a deal once all the sharks were gone.

What Went Wrong With MuteMe On Shark Tank?

The sharks felt that MuteMe needed a lot of changes, which is why they backed out of the deal. First, they felt the product was too simple and not protected enough against competitors. Second, they were concerned about the high price and manufacturing costs because they thought it would be difficult to grow the business without lowering costs. Last, the product’s low sales numbers ($61,000 since launch) didn’t inspire confidence in its potential, especially since it had already been in Staples stores but had only sold 150 units.

Product Availability

From our MuteMe update research, MuteMe is sold on their website MuteMe and on online retailers such as Amazon. The company is an excellent alternative for organizations because it offers bulk orders with personalized customization. Besides the $49.99 price of the original MuteMe, a smaller version known as the MuteMe Mini is also offered for sale.

Conclusion

Even though Parm and Tye could not close a deal on Shark Tank, MuteMe’s adventure continued. The business has kept expanding and changing, launching new goods and exceeding $1 million in sales. They gained valuable feedback from their Shark Tank experience, which they used to advance their company. Given the ongoing importance of remote work in today’s workplace, MuteMe’s significance is certain to increase. We’re interested to watch how this business develops and what fresh ideas they may provide in the future.