As per the latest update from Shark Tank, Hug Sleep has a net worth of $60 million. Hug Sleep is generating $24 million in revenues annually through its product, ‘Sleep Pod’.
Mark Cuban and Lori Greiner invested $300k in the company for 20% equity shared between them equally.
After appearing on Shark Tank, Hug Sleep has become a huge success and now sells its products in over 60 countries.
Hug Sleep Net Worth
- Net Worth: $60 Million
- Annual Revenue: $24 Million
- Profits: $10 Million
- Lifetime Sales: $85 Million
- Employees: 15
- Investors: Mark Cuban, Lori Greiner
Sales after Shark Tank
Hug Sleep’s sales exploded after appearing on Shark Tank. During the first year after the Shark Tank episode, Hug Sleep’s revenues were $10 million. Since then, the company has been growing at 40% annually.
As of today, Hug Sleep generates $2 million in monthly revenues. The product is available in over 1,000 retail stores and sold in over 60 countries.
The company is generating net profits of $1.4 Million each month, making it one of the most successful products on Shark Tank.
Profits for Mark and Lori
Mark Cuban and Lori Greiner have hit a jackpot with Hug Sleep. Their investment of $150k is now worth over $6 million each.
In addition to an increase in their investment value, the Sharks have also enjoyed huge dividends from Hug Sleep.
As of today, they have received $1.8 million as their share in profits, which is more than 10 times their actual investment.
About Hug Sleep
Hug Sleep offers a sleep pod, a first-of-its-kind sleep solution designed to simulate the feeling of being hugged or cuddled.
It uses a specialized four-way stretch material that wraps around your entire body.
As the fabric stretches, it wants to compress, providing a gentle and calming pressure helping you to relax and fall asleep.
Hug Sleep is made from a breathable material that doesn’t trap heat. It is lightweight and so easy to travel with.
Hug Sleep’s pod comes in three sizes and is of identical shape, which makes it easy to manufacture.
Shark Tank Pitch
Daymond John is the first Shark to show interest in Hug Sleep, offering $150,000 for 20% equity in the company.
Before the founders could respond to Daymond, Kevin swoops in and offers $150k for 15% of the company.
Lori gives an identical offer to Kevin, $150k for 15%. After listening to the sad story of one of its founders, Mark Cuban offers $300k for 20%. Soon after, Mark and Lori join and the partners accept the deal.