Finding toys that teach important life skills besides entertaining their kids is a challenge for many parents. Most infant toys available today are not very instructive, especially in supporting babies’ emotional development and nighttime rituals.
Teachers and mothers Kelly Oriard and Callie Christensen had this difficulty with their own kids. They recognized the need for toys that actively assisted kids in learning and developing emotionally, rather than just being comforting toys.
They developed the Slumberkins brand of soft, cuddly plush animals and rhyme-filled books to address this issue and assist kids in gaining positive life skills like self-worth, mindfulness, and dispute resolution.
They pitched their product on Shark Tank and requested $175,000 for 5% equity. Did the entrepreneur get a deal on Shark Tank? Check out our Slumberkins update to find out!
Slumberkins Net Worth 2024
Kelly Oriard and Callie Christensen asked for a $175,000 investment in exchange for 5% equity in their company. This meant they valued their company at $3.5 million. They did not make a deal with any of the sharks, as none of the sharks offered an investment. After the show aired, Slumberkins saw a big increase in website traffic, sales, and social media exposure. The company reported over $3 million in sales by 2023 and raised $2.8 million in venture capital funding. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Slumberkins in 2024 is about $3.3 million.
Slumberkins Shark Tank Update
As for a Slumberkins update, Slumberkins succeeded and grew even after Kelly and Callie could not close a deal on Shark Tank. Sales of the company increased after their debut on the show, and they eventually collaborated with The Jim Henson Company to create a live-action series starring the adorable plush figures. With its 2021 premiere, the program increased Slumberkins’ nationwide distribution.
The business was making over $3 million in sales annually by 2023 and had raised $2.8 million in venture capital funding. In 2020, Slumberkins was included in the Inc. 5000 list, demonstrating its explosive growth in those years. In addition, the business established an online school with activities and kid-friendly storytime videos to facilitate remote learning during the COVID-19 pandemic. As of today, Slumberkins remains successful.
No, Shark Tank did not result in a deal for Slumberkins. The sharks expressed doubts about the product’s uniqueness and scalability despite their well-planned pitch. Daymond John, Kevin O’Leary, Lori Greiner, Mark Cuban, and Robert Herjavec were the five sharks who decided not to invest.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Slumberkins Shark Tank Pitch
Slumberkins was the brainchild of educators and mothers, Kelly Oriard and Callie Christensen, who saw a need in the market for toys that supported children’s emotional growth. Their goal was to make going to bed a soothing and informative experience. They created plush toys that go along with instructional books because they are passionate about emotional development. They know how important it is to teach social and emotional skills to children at a young age.
Selecting the manufacturer was one of their initial major problems. It was difficult for them to meet demand and turn a profit at first because it cost $15 to produce each device. However, they discovered a new supplier who cut prices, enabling them to grow their business more efficiently.
Kelly and Callie displayed the stuffed animals and books that go along with them, Slumberkins, on Shark Tank. The books are meant to teach kids valuable life lessons. They made a point of saying that their goods are tools that support kids’ growth in emotional resilience, mindfulness, and self-worth rather than merely being toys. The pair requested $175,000 in exchange for 5% equity, stating that the funds would enable them to expand their inventory in order to fulfill the rising demand for their goods.
The production cost of each Slumberkins set, which comes with a stuffed animal and a rhyme book, is $15. The set is sold for $44 to $52. They had developed a devoted following of parents searching for educational toys for their children on Instagram, which served as their primary sales platform. Keep reading our Slumberkins update to see what happens next!
Lori questioned how they thought of making the texture and what was their plan. The founders replied they wanted to make something unique that was not available in the market, especially fabric. They are making for 18 months and making the products at home. They each invest $200 in the fabric
Robert asked about the selling price. They responded they sell it for $44 to $52.
Mark asked about the cost and their marketing strategy. They revealed it cost $15 to make. They mostly do their marketing on social media with great Instagram following.
Kevin asked about the sales. They replied they did $200,000 in the first year and are expecting to reach over half a million this year.
Daymond John did not participate much because of his poor performance with comparable products in the past. He was hesitant to purchase plush toys.
Kevin O’Leary, Considering the company’s early stages, Kevin thought the valuation was excessive. He left as well.
Mark Cuban, given that the company was mainly using Instagram for sales, Mark was worried about the business’s capacity to grow. He did not offer a deal.
Although Lori Greiner thought the product wasn’t distinctive enough to make a difference in the market, Lori appreciated the concept of helping children develop emotional abilities. She also stepped out.
Kelly and Callie received no offers from any of the sharks. Concerns over the valuation were raised by Daymond John and Kevin O’Leary, while Lori Greiner felt the concept was not sufficiently innovative. Robert Herjavec and Mark Cuban were both concerned about the company’s scalability. The sharks weren’t comfortable enough to invest despite the product’s emotional appeal and well-thought-out pitch.
What Went Wrong With Slumberkins On Shark Tank?
Slumberkins’ inability to secure a deal was primarily because of issues with scalability and uniqueness. Although the concept had potential, the sharks believed it might not develop into a significant enterprise. The sharks were hesitant to invest because the value appeared too much considering the company’s sales.
Product Availability
From our Slumberkins update research, even now, Slumberkins are still widely accessible. You may buy their products straight from their website Slumberkins and on Amazon.com. A unique educational tool for kids, each plush toy comes with a matching rhyme book that teaches vital life skills. Sets are priced between $44 and $52.
Conclusion
Slumberkins has expanded despite Kelly Oriard and Callie Christensen’s failure to close a deal on Shark Tank. Their commitment has moved parents around the nation to use soft toys and bedtime stories to help youngsters develop emotional skills. Through collaborations, venture capital financing, and even a live-action series, Slumberkins has shown that they can thrive without the help of a shark. The business is still doing strong as of today, so we can expect even more thrilling announcements from this endearing brand in the future.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
