Rekkie Shark Tank Update – Net Worth, Pitch & Deal

In Season 15 Episode 7, three super-talented brothers, Henry, David, and Fletcher Pease, came to the Shark Tank with their innovative product. They founded Rekkie, a company that specializes in making smart ski goggles that provide the user with features like time, speed, and compass.

After wearing these unique goggles, you will see all the statuses on the glasses once paired with your phone. Rekkie will help you find your friend or ask for help in dangerous situations. Let’s see if the product can inspire investors.

The sharks involved were Lori Greiner, Mark Cuban, Kevin O’Leary, Daymond John, and Barbara Corcoran. Did the company manage to close a deal with them? If you want to know more about the outcomes, just dive right into the article. So you can enjoy the whole episode scenario. Buckle up!

Rekkie Net Worth

Rekkie’s net worth was estimated to be $1 million. The business is still going strong and today its net worth is estimated to be nearly $2 million. The product has gained popularity through their social media and lots of ski enthusiasts have been snatching them up.

What Happened to The Rekkie After Shark Tank?

Rekkie is still in business and got a major sales boost after appearing on Shark Tank. The co-founders even mentioned that they have the potential to create tech products for the military, too. After the episode aired, tons of people ordered their smart ski goggles and shared their positive reviews on social media.

Did Rekkie Get a Deal on Shark Tank?

Yes, the company remained successful by sealing the deal with Mark Cuban. He offered $300,000 for a 15% stake in the company, but the founders countered with 12.5% equity. Mark accepted the counter offer and that’s how Rekkie secured a deal on the show.

Shark(s) nameOfferDemandCounterofferAccepted?
Barbara CorcoranOut N/AN/AN/A
Lori GreinerOutN/AN/AN/A
Kevin O’Leary$300,00020% stake with distributions of 20 cents for every dollar taken as incomeN/ANo
Daymond JohnOutN/AN/AN/A
Mark Cuban$300,000 15% equity$300,000 for 12.5% equityYes ($300,000 for 12.5% equity)

Rekkie Shark Tank Update

rekkie net worth

Founders  Backstory

Henry, David, and Fletcher Pease are the co-founders of this smart product company. These guys have been hitting the slopes together for years, so they know their stuff when it comes to skiing. The idea for Rekkie came to Henry after a little mishap on the mountain. He got separated from his group and had a tough time finding them again. That’s when he realized there had to be a solution for this kind of situation.

After doing a lot of research work, they created the company Rekkie. It’s a device that helps you explore the whole mountain without losing track of your friends or group. Henry handled the hardware, and Fletcher, being a skateboarding enthusiast, heads up sales, finance, and accounting. And David, he’s the lead manufacturer, marketing, and operations. These brothers teamed up and worked together to bring their ideas to life.

Initial Pitch

The entrepreneurial trio, Henry, David, and Fletcher walked into the Shark Tank and presented their business model. They were seeking $300,000 in exchange for a 10% stake in their company, valuing it at $3 million. They started their pitch by explaining how their Smart Ski Goggles product helps skiers glide through the snow like they’re skating.

Queries About The Product

After the presentation was over, the sharks were given goggles to check out, but Lori Greiner shared a concern. She wanted to know how you can find your skiing friends if you end up going in different directions. Fletcher explained that with Rekkie’s app, you and your group can join and use the location tracking feature. So even if you get separated, you can easily find each other on the app. Moreover, If you’re in an area with bad cell service, the goggles have long-range radio capability to keep you connected.

When it came to sales, they’ve made around $175,000 since their launch late last year. They said that the company sells directly to consumers, and the goggles retail for $349. Manufacturing costs are a bit high right now at $130 per unit, but they are confident they can bring that down to around $100 per unit in the future. Daymond John asked about competition, and David mentioned that there aren’t any direct competitors in the goggles for the action sports market. They’re doing something unique and no one else is offering what they have.

Barbara Corcoran raised concerns about the price compared to other goggles. The brothers explained that while basic snow goggles can cost around $300, they believe their Rekkie goggles are the absolute best on the market, even without the display features. When Daymond asked about the patent, Fletcher mentioned that their patent is still pending for the display feature, so they’re in the process of securing that. They invested $200,000 of their own money and even received a $40,000 grant from a local company.

Shark’s Responses and Final Deal

what happened to the rekkie after shark tank

When it came to making offers for the company, Lori said she’s not into cold-weather sports, but they are amazing and the product is great. However, she decided to pass on investing. Kevin O’Leary made an offer of $300,000 for 20% equity, with a distribution of $0.20 for every dollar taken as income.

Barbara had a specific feature in mind that she would have liked to see on the display, but since it wasn’t there, she also decided not to invest. However, Mark Cuban saw the potential in the idea and offered $300,000 for 15% equity. The brothers countered with 12.5% equity and even mentioned their plans to expand their technology to law enforcement and military equipment. Mark liked their ambition and agreed to the deal. That’s how the Pease brothers left the show with a deal.

Product Availability

Rekkie goggles are a particular type of smart skiing eyewear. They have a transparent display that projects onto the lens, appearing to float in front of your forehead. You can easily check notifications, listen to music, and even see your friends’ locations. Furthermore, you can make calls and see your speed without taking off your snow gloves.

The lenses are advanced, with anti-fog and contrast-boosting technology. They’re amazing products for snow sports enthusiasts who want to stay connected and multitask while hitting the slopes. As for the product availability, customers can purchase a pair of these Rekkie goggles for $349 from the company’s official website. You can simply get them by placing an order there.

Conclusion

Rekkie had a successful journey on Shark Tank. The product’s innovative features impressed the sharks and the company managed to get an investment from Mark Cuban. With this incredible partnership and the support of Mark, entrepreneurs are hopeful for reaching new heights of success.

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