Monica Ferguson and Becca Brown faced an issue. They enjoyed putting on high heels. However, their heels would dig into the grass or sway on unsteady terrain. It was irritating and unsafe. They chose to resolve this issue. Thus they established Solemates. Solemates are tiny rubber protectors designed for high heels. These covers prevent heels from digging into the grass.
They additionally enhance the safety of walking. Monica and Becca aimed to expand their business. They required funds to grow. They showed up on Shark Tank to present their concept. They requested $500,000 in exchange for a 10% stake in their business. Will the entrepreneurs get a deal on Shark Tank? Check out the Solemates update to find out!
Solemates Net Worth Shark Tank Update 2025
Monica Ferguson and Becca Brown asked for a $500k investment in exchange for 10% equity in their company. This meant they valued their company at $5 million. They made a deal with Robert Herjavec for $500k in exchange for 20% equity, which adjusted their valuation to $2.5 million. After the show aired, Solemates 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 Solemates is about $4.02 million.
Following the episode’s broadcast Solemates experienced a significant transformation. The business expanded rapidly. In 2018 the company secured a significant agreement with CVS. This collaboration contributed to increasing their yearly revenue to $1.8 million. The item was available in more than 4000 shops. They began offering additional products as well.
These comprised blister ointments and protective sprays for the weather. The brand received increased attention when celebrities such as Oprah Winfrey and Demi Lovato supported it. Solemates was also available for purchase on Amazon and their website. As of 2024, the business was still thriving. Their yearly income hit approximately $2 million.
Yes Solemates got a deal on Shark Tank. Robert Herjavec offered $500,000 for 20% equity. Monica and Becca asked for $500,000 for 10% equity but agreed to give Robert 20%. However, the deal was not finalized. Monica and Becca preferred to keep control of their business. So they did not accept the deal with Robert.
| Shark(s) Name | Offer & Demand | Counter Offer | Accepted? |
| Lori Greiner | N/A | N/A | N/A |
| Kevin O’Leary | $100,000 for 10% equity | N/A | N/A |
| Mark Cuban | N/A | N/A | N/A |
| Daymond John | N/A | N/A | N/A |
| Robert Herjavec | $500,000 for 25% equity | $500,000 for 20% equity | Yes |
Solemates Shark Tank pitch
Monica and Becca were both employed women. They frequently donned high heels but encountered the same dilemma. Their heels would embed in grass or get caught on uneven ground. This rendered walking challenging and unpleasant. Monica and Becca aimed to discover an answer. They began to consider ways to develop a product that could assist. They developed the concept of Solemates.
The item was a rubber cover designed to slip over high heels. The slip-over would aid in keeping the heels steady and prevent them from sinking into the grass. Monica and Becca put in great effort to create the product. They encountered difficulties in locating the appropriate materials and design. It required time to ensure the product functioned properly. They desired it to be sturdy and simple to operate. Having put in significant effort and invested capital into the project they were prepared to launch Solemates.
Monica and Becca began their presentation by describing a shared issue. Numerous women who don high heels encounter the same problem. Heels may sink into the grass or become lodged in cracks. This makes it challenging to walk in them. They demonstrated to the sharks how Solemates could address this issue. Solemates are silicone covers designed to slip over high-heeled shoes.
They assist in keeping the heels steady on soft ground such as grass. They also stop the heels from becoming lodged in crevices. The slip-ons provide stability and safeguard the heels. Monica and Becca disclosed their sales figures. The previous year, they achieved $1.1 million in sales. They anticipated achieving $1.5 million in sales shortly. The item was available in more than 3000 locations such as Nordstrom and David’s Bridal. Even with these positive figures Monica and Becca were hardly making a profit. They required additional capital to expand their business. They requested $500,000 from the sharks in return for a 10% stake.
The sharks posed numerous inquiries throughout the pitch. They sought to gain a deeper understanding of the product. Kevin O’Leary inquired about the sales figures. Monica and Becca revealed that they achieved $1.1 million in sales and expect to reach $1.5 million. The sharks were curious to learn additional details regarding the product’s success. They inquired about its comparison with similar products.
Monica described that Solemates were unique since they were crafted from rubber. They were long-lasting and can be used again. Lori Greiner tested them on her heels. The male sharks experimented on a grassy area. They were amazed at how effectively the product performed. They noticed it provided stability and assisted in stopping heels from sinking. The sharks were eager to learn additional details about the product’s marketing strategy. Monica and Becca stated that they were already present in numerous retail stores.
Initially, the majority of the sharks showed no interest in investing. Mark Cuban believed the product was not suitable. Daymond John also declined the proposal. Lori Greiner found it impressive but chose not to extend an offer. Kevin O’Leary proposed $100,000 for a 10% stake and a loan of $400,000. Robert Herjavec proposed an investment of $500,000 in exchange for a 25% equity stake.
Monica and Becca believed this was an excessive amount of equity to forfeit. They responded with 20% ownership. Robert consented to the revised conditions. He aimed to assist them in expanding the business but advised them against accepting Kevin’s proposal.
What Went Wrong With Solemates On Shark Tank?
Although the sharks showed interest the deal fell through. Monica and Becca chose to maintain control over their enterprise. They believed that relinquishing 20% equity was preferable to accepting Kevin’s offer. They aimed to maintain greater control over their business. This was the primary reason they didn’t agree with Robert.
Product Availability
Solemates are available in many places. They can be bought online or in stores. The product is sold on Amazon and the company’s website. Solemates are also available in over 4000 stores. These stores include major retailers like Nordstrom and CVS. The product is priced reasonably for its quality and durability. The company now offers other products like blister balms and weather protection sprays. These products are sold alongside the heel protectors.
Conclusion
Solemates began as a modest enterprise founded on a straightforward concept. Monica and Becca aimed to address an issue encountered by numerous women. They developed a product that made it easier for women to wear high heels comfortably. They encountered obstacles yet continued to strive for business growth. Although the agreement on Shark Tank fell through Solemates thrived. The firm secured significant retail agreements and broadened its range of products. Currently, Solemates remains a thriving enterprise generating $2 million in yearly revenue.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
