Roominate: Shark Tank Success & Net Worth Today

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Roominate, a toy construction set designed to inspire girls' interest in STEM (Science, Technology, Engineering, and Mathematics), gained national attention when it appeared on Shark Tank. But what happened to Roominate after Shark Tank, and what is its net worth today?

The Roominate Pitch on Shark Tank

Roominate was founded by Alice Brooks and Bettina Chen, two female engineers who wanted to create a toy that would encourage girls to explore their creativity and technical skills. They entered Shark Tank seeking an investment to scale their production and expand their market reach.

  • The Pitch: Alice and Bettina presented Roominate as an innovative construction toy that allowed kids to build and wire their own dollhouses and structures.
  • The Ask: They asked for $500,000 in exchange for 5% equity in their company.
  • The Sharks' Response: The Sharks were impressed by the concept and the founders' passion. However, concerns about valuation and scalability led to tough negotiations.

The Deal (or No Deal)

Ultimately, Alice and Bettina struck a deal with Mark Cuban and Chris Sacca. They agreed to invest $500,000 for 16.67% equity, a deal that valued Roominate at $3 million.

What Happened After Shark Tank?

Following their appearance on Shark Tank, Roominate experienced a significant boost in sales and brand recognition. The investment from Cuban and Sacca helped them to:

  • Expand their product line.
  • Increase their marketing efforts.
  • Improve their distribution channels.

The company continued to grow, and their products were sold in major retailers like Toys"R"Us and Barnes & Noble.

Roominate's Net Worth Today

While it's challenging to pinpoint an exact current net worth for Roominate, some reports suggest that the company was acquired by toy giant GoldieBlox in 2017. The terms of the acquisition were not publicly disclosed, so the final valuation remains private.

Conclusion

Roominate's journey from a promising startup to a Shark Tank success story and eventual acquisition highlights the potential for innovative toys that inspire and educate. While the specific net worth today is not publicly available, the impact of Roominate on the toy industry and its contribution to encouraging girls in STEM fields are undeniable.