Ride Frsh’s founders Donovan Brown and Trey Brown appeared on Season 14 of Shark Tank.
Ride Frsh has a net worth of $5 million. Barbara Corcoran invested $200k in the company for a 20% equity.
Ride Frsh Net Worth
- Net Worth: $5 Million
- Annual Sales Revenue: $2.2 Million
- Profits: $270,000
- Lifetime Sales: $6 Million
- Availability: 3,800+ Retail Stores
- Pitched For: $200k for 5%
- Investor: Barbara Corcoran
- Shark’s Deal: $200k for 20%
Sales Update
When Ride Frsh appeared on Shark Tank, they made a lifetime sales of $1.2 million and are projected to do $750k in that concurrent year. The company’s profits stood at 10% on Gross Sales.
After appearing on Shark Tank, the company saw a huge sales boost. As of today, Ride Frsh generates over $190k in monthly revenues.
Company Growth
Since appearing on Shark Tank, Ride Frsh has further raised $350k and $500k each from two Venture Capitalists based out of New York.
The company also entered into licensing deals with the NBA, MLB. Under this deal, Ride Frsh will pay 30% of sales revenues as a License Fee.
Shark Tank Pitch
The founders of Ride Frsh approached Shark Tank seeking $200k investment for 5% equity in the company. Ride Frsh offers products to solve the problem of stinky car rides.
Ride Frsh offers subscription-based air freshener products for cars. During the pitch, the founders crack a joke at Mark Cuban, which doesn’t go well with him, and he looks seemingly upset.
Reaction from Sharks
Lori is the first Shark to comment, mentioning that the products are more male oriented and she likes to see a complete line of products catered to females. She then drops out.
Robert is the next Shark to drop out, telling a strange story about how, as a child, he travelled a lot in his dad’s car and all he could see was an air freshener.
Kevin O’Leary has a problem with the huge valuation that the founders are asking for and therefore says No.
Barbara makes an offer on contingency that the company lands a deal with a major retail chain. However, she quotes a 200k investment for 25% of the company. Finally, they agree to the deal for a 20% stake.