Stormbag Shark Tank Update – Net Worth, Pitch & Deal

Maurice and Miles appeared on Shark Tank Season 15 to ask for an investment in their innovative product called Stormbag. These bags are not ordinary. They absorb gallons of water and save lives, homes, and crops in case of any emergency. In case you are not home, these bags can also water your plants for 2 to 3 weeks. Isn’t it amazing? They are looking for an investment of $200k in exchange for 10% equity in the company. Did they get a deal on Shark Tank or not? Let’s find out.

Stormbag Net Worth

Maurice and Huffman asked for a $200k investment against 10% equity in their company. They valued their company at $2 million at the time of the show. They successfully secured a deal with Mark and Lori for an investment of $200k in exchange for 30% equity. The investment adjusted its valuation to around $667k. After the show aired, the company experienced a great boost in its website traffic and sales. As per my rough estimate, with the 10% growth rate (typical business growth) over the years, the Stormbag’s current net worth is estimated at around $2.66 million.

What Happened to Stormbag After Shark Tank?

Stormbag Sandbags are now recognized by the Department of Homeland Security and FEMA. Later it was also approved by the Salt Lake City Bomb Squad and the National Guard. Stormbag Sandbag is still making its way to smooth sales.

Did Stormbag get a deal on Shark Tank?

Yes, they did a deal with Mark and Lori for an investment of $200,000 with 30% equity in the company.

Shark(s) Name          Offer & Demand  Counteroffer      Accept?
Lori + Mark$200,000 for 30% equityNoYes
Daniel + Daymond#1: $200,000 for 40% equity
==========
#2: $200,000 for 30% equity
NoNo
Kevin O’LearyOUTN/ANo

Stormbag Shark Tank Update

stormbag net worth

Founders & Their Backstory

Maurice owes a company Swiss Link Military Surplus. Whereas, Miles was a graphic designer before he joined his father. Maurice and Miles were stuck by the Hurrican Irene back in 2011. It stuck on the East Coast in the U.S. and lost 58 lives and thousands of dollars. This motivates him to create an innovative product.

Initial Pitch

Maurice and his son, Miles begin their pitch. They demanded for $200,000 for 10% equity. They introduced their innovation, Stormbag Sandbag. This product can soak gallons of water and save lives. It can help save your home, crops, and inventory in storms and hurricanes. It’s a sandless bag, that weighs just one pound, and anyone can deploy it. 

Miles soaked a Stormbag in a glass container filled with water to demonstrate its working. It can soak up to 30 pounds of water in 4 to 5 minutes. Maurice concluded the pitch by asking Sharks interest on it. A sample of sand was presented to all Sharks.

Queries about the Product

what happened to stormbag after shark tank

The container has 50 pounds of sand that can absorb water. Mark inquired about the material. Miles replied that it’s a super absorbent polymer. He further explained that each grain can absorb 300 times its weight. Kevin inquired if there was any possible way to reverse the process after its use. Miles replied that it should be placed in the sun and that it would dehydrate to its previous state. 

Mark inquired if it could be used multiple times. Maurice stated that it can be used up to 3 times. Lori inquired if they had been in this field before. Maurice said he had a business before. It was a military and vintage clothing import business. Along with emergency supplies. Lori then turned towards Miles. 

Miles stated that he was a graphic designer before he turned to business. He further informed me that Maurice hasn’t done any marketing and has had some old customers. So they took it to trains how and made a video. The video went viral on TikTok and Facebook with 7 billion views. Daniel inquired if it was their first time working together. 

Then Miles shared a painful experience. Back in Paradise, California, an entire town was burned down, killing 84 people and burning properties. They lost their home and warehouse so they know the pain of losing. Kevin then inquired about sales. Daniel was shocked by his heartless question. But of course, the show goes on. Miles responded that they have closed with $90,000 in sales this year with zero marketing.

Lori inquired about the cost of each bag. Miles replied that they sold the bags for $5.50. Kevin inquired about the cost to manufacture each to Mile Maurice replied $2. Miles added that with better machinery, the cost of manufacturing each can be reduced to $1.75. Kevin explained that it’s a tough place to compete and it will require education to help people understand how it works.

Miles explained that it could be used for pipe leaks. Maurice also added that his wife uses it to keep her plants hydrated while on vacation. Lori questioned how long it takes a Stormbag to dehydrate. Maurice replied that it depends on the weather. He added that where he lives has a 110-degree summer that lasts for 2 to 3 weeks. Lori was astonished.

Shark’s Responses & Final Deal

did stormbag get a deal on shark tank

Kevin said he could compete in the marketplace for free so he stepped out. Miles asked if he could counter negotiate but Kevin refused.

Lori was curious about the fact that he dehydrated and released water. While in conversation with entrepreneurs, Daniel and Daymond had a short talk about a deal proposal. As Lori was finished, Daniel placed his proposal. He demanded $200,000 for 40% equity, half of each Shark. Mark was shocked and stepped towards Lori for a discussion.

Lori then bombarded her offer with Mark. She demanded $200,000 with 30% equity; half of each Shark. Mark suggested that they need to repackage their product according to their application. Mark inquired about their selection. While the entrepreneurs were discussing, Daniel and Daymond revised their deal. They offered $200,000 for 30% equity. After a couple of discussions, they choose Mark and Lori. 

What Went Wrong with Stormbag Sandbag on Shark Tank

The pitch was good and the Sharks enjoyed it as well. However, Kevins stepped out due to the lack of awareness regarding the usability of the product. Otherwise, the pitch was great.

Product Availability

The Stormbag Sandbag is available on their website and Amazon, It can be reused three times. The 10 packs are available for $79.99 and 25 packs for $159.99.

Conclusion

Maurice and Miles, a father-son duo, presented their innovative product on Shark Tank. They demanded for $200,000 with 10% shares. Stormbag sandbag absorbs gallons of water and is used in floods and hurricanes. Moreover, it releases water when placed under the sun so it can be used to water plants whenever caretakers are on long vacations. Kevin stepped out but received deals from all other Sharks. Daniel and Datmond offered $200,000 with 40% equity, which was later revised to 30%. It was revised after Mark and Lori offered $200,000 with 30% equity. The entrepreneurs chose Mark and Lori as their investors and left happily. 

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