Stealth Bros & Co Shark Tank Update – Net Worth 2024

People have been really conscious about carrying and disposing of their medicine, injectables, and needles while they are on the go. However, a trans man is on a mission to help patients, and the ignored medical communities wear their medical needs on their chest with pride. 

Stealth Bros & Co was a solution meant to make the medical dosage simple by arranging everything. It had a sharp shuttle to collect the needles and blades for subsequent disposal. The dopp kit initially seemed like a gimmicky product, but the profits, sales, and vision won the Sharks’ trust. How did Braxton Fleming succeed on Shark Tank? Find out in our Stealth Bros & Co Shark Tank Update. 

Stealth bros Net Worth

Braxton Fleming asked for a $200k investment in exchange for 15% equity in his company. This meant he valued his company at approximately $1.33 million. He made a deal with Barbara Corcoran and Mark Cuban for $200k in exchange for 20% of his company, which valued his company at $1 million. After the show aired, Stealth Bros saw a big increase in website traffic, sales, and social media exposure. They also secured a deal to sell sharp shuttles in 3,000 CVS stores across the USA. With an estimated 40% yearly growth rate (based on the company’s revenue growth), the current net worth of Stealth Bros & Co. is about $2.74 million.

Stealth Bros & Co Shark Tank Update

What Happened To Stealth Bros & Co After Shark Tank?

There is not any update available regarding the deal getting officially materialized between Braxton Fleming and the Sharks. However, the company is making waves with its mission and value proposition. Stealth Bros & Co. went out of stock a few days after the episode was aired. Braxton did manage to arrange the inventory and introduced new variants of his product to expand the customer base. The sharp shuttle is available in 3000 CVS stores around the USA, which is an impressive development.

Did Stealth Bros & Co Get A Deal on Shark Tank?

Stealth Bros & Co did get a deal on Shark Tank. The owner, Braxton Fleming, impressed every panelist with his vision and determination to help the unhelped and underrepresented medical communities. Lori Greiner opted out due to an unusual reason. She thought that Braxton did not need a partner because the company could eventually make profits without Sharks. 

Robert Herjavec had problems with the current scale of the company while Kevin O’Leary did not want to invest in the product due to its nature. Barbara Corcoran could relate to Braxton’s vision because she also faced problems carrying and discarding needles when she was trying to get pregnant. 

She offered Braxton $200,000 for 20% of the company. $100,000, out of which was cash and the remaining in line of credit. Mark Cuban saw the bigger picture and wanted to help Braxton and Barbara scale the business. He and Barbara agreed to split the investment and ownership equally, while Braxton agreed to the offer. 

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Mark Cuban and Barbara Corcoran	$200,000 for 20% of the company. $100,000 as cash while $100,000 is available as a line of credit	$200,000 for 18% of the company	Yes (original offer)
Lori Greiner	Out	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Robert Herjavec	Out	N/A	N/A

Braxton Fleming’s Backstory

Braxton Fleming, a resident of May Landing, New Jersey, had been working as a nurse for over 11 years when he appeared on Shark Tank. He was born to two entrepreneurial parents. The family always accepted Braxton in every form. However, his life changed when he was 27 years old, and he discovered that he was missing something.

Braxton found out that he was transgender. Since then, he started watching YouTube videos of trans people going through hormone replacement therapies. He felt the need to introduce a dopp kit for trans people with the help of his nursing background. 

Braxton saw trans people putting their needles and injectables in shoe boxes and plastic bags. He wanted to help them by offering them dopp kits that organized everything.

Initial Pitch

Braxton Fleming appeared on the show to seek $200,000 for 15% of his company, Stealth Bros & Co. He started off the pitch by sharing his personal experience. Six years prior, his life changed entirely when he found out that he was transgender. This news came with a lifelong commitment to take hormonal shots. 

Braxton was eagerly taking on the challenge, but he had nothing to store his injections neatly and stylishly. Stealth Bros & Co was his solution to the problem as it revolutionized the method of storing medicines and disposing of sharp equipment. 

Braxton explained that the product was an invention of a trans man, but it helped all the communities. The dopp kits were compatible with diabetic patients, children with injectable needs, and people fighting infertility. He emphasized the need for underrepresented medical communities to travel around with ease and confidence. In the end, he presented Sharks with his product line to let them have a closer look at his concept.

Queries About The Product

The Sharks inspected the product and were impressed by the look and feel. The product line was very versatile, as Braxton continued explaining every variant concisely. He explained that the biohazard container popped open and closed multiple times to collect the used needles and store them until it was full. Once the container was full, it wan closed permanently to enable a safe discard. 

Barbara Corcoran was surprised by the disposability of the shuttle, since she was expecting to use the product over and over a hundred times. Braxton disclosed that he offered the shuttles in packs of one, three, and five on his website. He also has received a purchase order from one of the largest retailers in the US where the company would sell the shuttles in a pack of four.

Mark Cuban said that there were other dopp kits on the market, but Stealth Bros & Co.’s product was more stylish. Robert Herjavec wanted to know the value proportion of the dopp kits compared to the competitors on the market. 

Braxton shared his daunting experience when he used to take hormone shots. He had been a nurse for over 11 years and gave injections to numerous people each day. When watching the YouTube videos of his community taking injections, he could see the anxiety on their faces. Braxton wanted to organize everything for his community to help and comfort them. 

Barbara asked about the selling and marketing strategy of the company. Braxton elaborated that he sold the dopp kits on e-commerce platforms, and the brand had been growing organically through influencers. He had sold 147,000 units in the previous year while in the current year, he sold 110,000 units so far. The revenue grew by almost 40%.

Kevin O’Leary asked about the cost and price of each unit of dopp kit. Braxton disclosed that each kit cost him $5.80 to make, and he sold the same on his website for $34. However, Make Cuban was more focused on the sharp shuttle because it differentiated Stealth Bros & Co.’s products from other kits on the market. 

Braxton explained that if he purchased 10,000 units of sharp shuttle from the manufacturer, he had to pay 28 cents per unit. However, he sold the same unit on his website for $4. A pack of 5 sharp suttle was available for $15. Braxton sold the same pack for $7.50 to wholesalers and retailers to expand the distribution channels.

Mark Cuban was impressed by the jaw-dropping profits, so he clapped for Braxton’s achievement as an entrepreneur. 

Lori asked Braxton if he wholly owned the business. He replied that he handled everything. He worked in his basement and prepared the products down there. He explained that he was also doing his nursing job but wanted to slow down because the business took most of his time. 

Mark and Robert wanted to know the story behind the logo and the name of the company. Braxton Fleming explained that the stealth in the name was related to the ability of users to keep the medicines discrete. Bro was for the brotherhood between the male and female genders, while Co represented the allied genders. He also explained the thought process behind the sword logo which meant genders coming together to help each other.

Sharks’ Response And Final Decision

Lori Greiner liked Braxton’s vision to help his community. She liked the progress of the business, but she felt that he did not need a partner. He deserved all the profits from the business. Lori wanted Braxton to go step-by-step to expand his business. She wished him good luck and went out. 

Robert Herjavec also praised Braxton for his aura and warm personality. However, he was excused from investing because the company’s present size was not big enough for him. 

Barbara Corcoran shared her personal experience when she wanted to get pregnant and had to inject herself with medicines for around 7 years. She recalled her misery when she had to inject herself in business meetings, museums, and theaters. She used to keep the injections hidden because she did not know what to do with the needles. 

Barbara had to carry a book and cut the pages in the middle to create a stop for the needles. Even after sorting out the carriage of needles, she did not know where to throw them. Barbara found the idea relevant, so she offered Braxton $200,000 for 20% of the company. However, $100,000 was straight cash, while the remaining $100,000 was in the line of credit.

Kevin O’Leary appreciated the company and called the dopp kits a merit product. However, it did not suit him, so he opted out. 

Mark Cuban talked to Barbara and agreed that the deal was not about just financing the company but it also required them to sort out the operations. Mark said that developing and scaling a business from the basement was a challenge, so he wanted to join Barabara and split the agreed ownership. Braxton tried convincing Mark and Barbara to take 18% of the company. Upon refusal, Braxton agreed.

Product Availability

Stealth Bros & Co.’s products might seem like ordinary medical kits, but they offer a blend of functionality and style. The price is obviously high but the company leads the competition due to its product differentiation. 

High gross margins are one of the best things about Stealth Bros & Co.’s kits. However, the product has great utility because it has the capability to revolutionize the health-care industry. The disposable sharp shuttles are also an excellent add-on to make people reorder from the company.

Customer retention is high for the company due to the discrete design and recurring orders for the sharp shuttles. It is available currently on the official website. You can also find the sharp shuttle on the CVS stores around the USA.

Conclusion

Braxton Fleming’s appearance on the show, positive response from the panel, and securing the deal signifies the equality Shark Tank offers irrespective of the gender orientation of the contestants. Barbara Corcoran and Mark Cuban invested in the company because the cause was noble, and the entrepreneur was determined to make the world a better place. 

Stealth Bros & Co is better than most medical kits on the market because it merges functionality with style. Everything gets organized for the person already going through medical anxiety and stress. The company is performing well while the deal seems to have fallen through. The Shark Tank effect did play its trick because Braxton is trying his best to maintain stock levels.