The Scrub Daddy, one of the most notable successes from the show Shark Tank, has grown significantly in value and is now a staple for users around the world.
Throughout the years, numerous entrepreneurs have appeared on the reality TV show, hoping to secure an investment for their cherished products.
In October 2012, Aaron Krause presented his invention to the panel of investors known as ‘Sharks.’
Krause described Scrub Daddy as both the ‘cutest’ and the ‘most high-tech scrub tool in the world.’
His goal was to secure a $100,000 investment in return for ’10 percent equity’ in the company.
Krause confidently stated, “It’s the greatest kitchen scrubbing tool you’ll ever use,” adding that the Scrub Daddy changes its texture with water temperature adjustments.
Kevin O’Leary proposed $100,000 for a 50 percent share in the business, while Daymond John offered $50,000 for 15 percent on the condition that Krause could secure the remaining funds from Lori Greiner.
Greiner referred to the product as a ‘hero’ and presented an offer of $100,000 for a 30 percent stake, promising to launch the product through an infomercial immediately.
Krause chose to partner with Greiner, finalizing a deal for a 20 percent equity stake in exchange for $200,000.
Since then, Krause has enjoyed significant success, reportedly earning about $20 million annually thanks to Scrub Daddy.
By 2024, the company’s valuation soared to an impressive $250 million, with millions of users each year.
Reflecting on the success of Scrub Daddy, Krause shared with The CEO Magazine in 2019, “If you told me 25 years ago that my greatest invention would be a kitchen sponge, I wouldn’t have believed you.”
He continued, “Despite what you might think, this product was no overnight success story. It goes all the way back 25-30 years ago after my college graduation. My parents, both doctors, sat me down to discuss my future.”
“To their dismay, I announced that I was going to start my own car washing business. To me, I wasn’t simply a car washer – I was the president and CEO of a company.”
Krause concluded, “I’ve been inventing since I was a kid, but this was the first time I’d acted on it. From the moment I tried my new buffing pad, I knew that it was something extraordinary.”