Toybox Labs Shark Tank Update – Net Worth 2024

Parents and guardians are constantly looking for entertaining and informative toys for their children. It can be difficult to find a toy that combines technology, education, and creativity. The majority of toys on the market are either very basic or don’t keep kids’ attention for very long. 

The founders realized the absence of this product in the market and created Toybox Labs. The business provides a unique solution in the form of a 3D printer made just for kids. Using this device, kids may create and print their own toys at home, adding an interactive and enjoyable element to learning.

Ben Baltes and Jenn Chin, the founders of Toybox Labs, developed this concept to fill a market gap for a modern and instructive toy. This will also create a curiosity in kids about technology and open their imaginations.

The founders are seeking $150,000 for a 5% equity in the business. Ben and Jenn presented their 3D toy printer in Shark Tank to get a deal that will help them grow their business. Let’s find out if they succeeded or not. 

Toybox Labs Net Worth

Ben Baltes and Jenn Chin asked for a $150k investment in exchange for 5% equity in their company. This meant they valued their company at $3 million. They made a deal with Kevin O’Leary for $150k in exchange for 13% equity and 2% in advisory shares. This new deal valued their company at approximately $1.15 million. After the show aired, Toybox Labs saw a significant increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Toybox Labs is about $1.72 million.

Toybox Labs Shark Tank Update

What Happened To Toybox Labs After Shark Tank?

After appearance on Shark Tank, Toybox Labs has kept up its growth and audience expansion. The company is still operating and doing well in 2024. Their online presence has remained solid through sales on their own website and social media promotion. After Shark Tank’s debut, the company gained greater publicity, which has enhanced sales and consumer interest.

They still have a large variety of printable toys. Parents who are searching for imaginative and educational gifts for their children mostly choose their 3D printer. After the most recent developments in Toy technology and customer expectations, Toybox Labs has also increased the functionality and toy possibilities available in its range.

Did Toybox Labs Get A Deal On Shark Tank?

Yes, toybox got the deal in shark tank with Kevin O’Leary of $150,000 for 13% equity and 2% in advisory shares. First Kevin O’Leary, offered $150,000 in exchange for 10% stock. After some negotiations, they agreed on $150,000 for 13% equity and 2% in advisory shares.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$150,000 for 10% equity $150,000 for 15% equity	$150,000 for 12% equity$150,000 for 13% and 2% in advisory shares	Yes
Lori Greiner	Out	N/A	N/A
Jamie Siminoff	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Ben Baltes and Jenn Chin Founders Backstory

Ben Baltes and Jenn Chin have backgrounds in software development and technology which motivated them to build a solution that would enable 3D printing technology to be used in homes for kids. Their objective was to make technology enjoyable and approachable for children. This product encourages invention and creativity from an early age. In the start, they had to make sure the product was inexpensive and safe and to build a design that was easy for kids to use. Despite these challenges, their constant determination succeeded in producing a unique instructional instrument that could also function as an enjoyable toy.

Initial pitch:

During their Shark Tank pitch, Ben and Jenn presented the Toybox 3D printer. They showed its ease of use and simplicity, which make it ideal for kids. They gave an explanation of their business strategy, which focused on using digital marketing and online sales to reach their target audience. They highlighted that kids may make a variety of toys with only a few clicks with the 3D printer’s huge collection of toy designs.

They showed that you have to simply select the toy that you want and press print. Toybox also has an app on which kids can draw and design toys and print their own Toys. They also talked about the cost structure, mentioning that each printer has a $299 price tag and a $150 production cost. Their cost and selling price show a healthy profit margin. The innovators were interested in convincing the sharks that their product was not only unique but also had huge potential for expansion in the market for instructional toys.

Queries About The Product

Lori said that these 3D printers are common in the market. The only thing that makes them different is that they are for kids and small, so they must be comparatively cheap. She further inquired about the price of the 3D printer. The founders replied that the 3D printer is for $299 which is the cheapest in the market.

Mark Cuban was concerned that the printer needed three hours or more to manufacture a toy. He was worried that children might not be able to wait so long. In response, Ben and Jenn stated that their main target audience is the  parents seeking educational materials rather than just entertainment 

Daymond John asked about the cost of gaining customers and the marketing plan. Jenn clarified that their main strategy, which had been successful in boosting online sales, was Facebook advertising. Daymond thought this could limit their market reach. 

Kevin O’Leary inquired about the company’s scalability and long-term goals. Kevin discovered Ben and Jenn’s intentions to add additional features and expand the product line. 

Shark’s Responses and Final Deal

Kevin O’Leary liked the idea and saw potential in the product because of its educational aspect. He offered $150,000 for 15% equity, but the founders did not accept it. After negotiation, they locked the deal on $150,000 for 13% equity plus 2% advisory shares.

Mark Cuban declined to invest because he thought the product’s lengthy printing time would not hold children’s attention. 

Daymond John also declined because he didn’t like the marketing plan and the business’s ability to survive in the future.

Jamie Siminoff liked the idea but declined to invest because of the strong competition in the industry. This will produce possible difficulties in growing the business. 

Lori  had a problem with this product. She thinks that the product is only for very young kids. She would think about this product If the product was at least for 8 years old or above.

Product Availability

The Toybox 3D printer is available in different online shops as well as on the company’s official website Toybox Labs . Toybox Labs is still growing strong and expanding in 2024. The simple 3D printer is still selling for $299 in this competitive 3D printer industry.

Conclusion 

After getting the deal in Shark Tank, Toybox Labs has experienced an amazing journey. The business has effectively created a position for itself in the market for educational toys by combining kid-friendly design with 3D printing technology. This printer allows kids to print their own toys of their own choices which entertain and educate them.

Some of the sharks had initial concerns over the product’s economic potential and its ability to expand.  Their partnership with Kevin O’Leary has paid off, allowing the business to expand and attract new clients. Toybox Labs is still operating and going strong in 2024. 

Toybox Labs is a business to keep updated as it develops and adds new products to its portfolio. Toybox Labs never stops coming up with innovative and fun ways to grow the range of their goods. Instead of simply staying to what they already have, they’re constantly thinking of new and creative methods to develop and provide the market with entertaining instructional items. This is extremely important in this modern world because technology and education are getting increasingly connected.