There is no doubt that Scrub Daddy is one of Shark Tank’s most successful products. In 2012, after its pitch, it became an instant success and became a multi-million dollar company. Now Scrub Daddy is the third-biggest sponge provider in America. The company deals in cleaning tools like smiley face erasers, sink dispensers, scrubbers, sponges, and accessories. But how much is Scrub Daddy’s net worth, and Aaron Krause’s net worth? What is its valuation this year?
In this blog, we have covered everything that is related to Scrub Daddy’s revenue, sales, and valuation.
This Article Include
- What Is Scrub Daddy’s Net Worth (2023)?
- How Did Scrub Daddy become successful?
- How Did Scrub Daddy Get On Shark Tank: Scrub Daddy On Shark Tank
- Scrub Daddy After Shark Tank
- Scrub Daddy Founder: Aaron Krause
- Scrub Daddy before Shark Tank
- Aaron Krause Net worth in 2023
What Is Scrub Daddy’s Net Worth (2023)?
According to CA Knowledge Article (Which was Last Updated on 23 May 2023), Scrub Daddy made a net worth of $310 million in 2023. The renowned cleaning company has sold over 10 million units, generating more than $50 million since its debut in December 2012. Within a mere four years of being featured on Shark Tank, this innovative sponge achieved an impressive $110 million in retail sales. Scrub Daddy’s revenue milestones further reveal its remarkable success.
In January 2017, the company surpassed $100 million in revenue, and by October 2019, it reached a staggering $209 million, becoming the highest-earning product pitched on Shark Tank. With the introduction of over 20 new products in 2021, Scrub Daddy experienced an 80% growth in revenue and is projected to achieve another 50% growth, surpassing $100 million in sales for 2023.
|Net Worth||$310 Million|
|Sales Revenue||$82 Million|
|Lori Greiner Investment||$200,000|
|Lori Greiner Share Value||$80 Million|
|Shark Tank Episode||Season 4 Ep.7|
How Did Scrub Daddy become successful?
Scrub Daddy is a cleaning product company best known for its eponymous sponge, which is made of a polymer that changes texture – firm in cold water and soft in warm water. The company was founded by Aaron Krause in 2012, who had previously owned a car-washing business and sold car buffing pads all over the world. Since its appearance on the hit TV show Shark Tank in 2012, Scrub Daddy has become one of the most successful companies in the show’s history, with revenues of over $150 million. Here are some factors that contributed to Scrub Daddy’s success:
Innovation and Product Development
Scrub Daddy’s founder, Aaron Krause, keeps his eye out for problems to solve and constantly sees problems. When he experiences a problem that he doesn’t like, he immediately starts taking action. He thinks a lot of people are inventors, actually. They just fail to turn a fleeting moment into something. In the beginning, most of Scrub Daddy’s product line was conceived this way. Today, the company’s next great idea is just as likely to come from its team of product developers. Scrub Daddy has released new products at a relentless clip, including Eraser Daddy, Scrub Daddy’s take on the famous eraser material popularized by Mr. Clean.
Marketing and Branding
Scrub Daddy’s marketing strategy has been the virality of the product’s quality and effectiveness. The company has been promoted by cleaning influencers on social media, especially on TikTok, who have millions of followers. Scrub Daddy’s happy face, with cut-out eyes and mouth, is made unique by its patented texture-changing FlexTexture. The company has also been featured on QVC several times, selling out each time.
Scrub Daddy has partnered with Unilever to create, market, and distribute co-branded products, which gives homemakers access to innovative cleaning products. The partnership will allow Scrub Daddy and Cif to reach more consumers across the US, Europe, and Asia.
Quality and Effectiveness
Scrub Daddy’s products have efficient results and quality, which have stolen the hearts of those who take cleaning seriously. The company’s patented texture-changing FlexTexture is a unique selling point that sets it apart from other cleaning products.
In conclusion, Scrub Daddy’s success can be attributed to its innovative product development, effective marketing and branding, partnerships, and the quality and effectiveness of its products.
How Did Scrub Daddy Get On Shark Tank: Scrub Daddy On Shark Tank
On the Shark Tank episode originally airing in October 2012, Lori Greiner made a 20% equity stake deal with Krause for $100 million – the highest of any Shark Tank product. Since then, Scrub Daddy has sold more than 25 million sponges and has become one of the most successful companies in Shark Tank’s history.
The exposure from Shark Tank led to partnerships with leading retailers such as Bed Bath & Beyond, Wal-Mart, Home Depot, Kroger, Target, QVC, Meijer, and many more. Scrub Daddy has also expanded its product line to include other cleaning tools such as Scrub Daisy, Fishwaffle, Mudball, Barbeque Daddy, Scour Daddy, and the Soap Daddy soap dispensing system.
In 2014, the 20/20 special “Swimming with Sharks” named Scrub Daddy the most successful Shark Tank product of all time. Today, Scrub Daddy is worth upwards of $200 million for 20% equity in the company.
In January 2023, Scrub Daddy returned to Shark Tank for a recap on how the brand is doing 10 years since it originally appeared on the show. During the episode, Scrub Daddy gave an update on its new global headquarters in Pennsauken, as well as highlighted a recent bilateral partnership agreement with Unilever’s household cleaning products brand Cif.
Scrub Daddy After Shark Tank
After its appearance on Shark Tank, the company achieved a revenue of over $100 million in January 2017, making it the most profitable product ever featured on the show. By December 2021, the company had successfully sold more than 10 million units of their happy face sponge, generating a total revenue exceeding $50 million.
Towards the end of 2019, the company’s value reached $209 million, based on business data and revenue. Lori, one of the Shark Tank investors, revealed that the company had achieved sales exceeding $75 million within three years of its appearance on the show. Moreover, the company expanded its facilities from a 5,000-square-foot space to an impressive 80,000 square feet.
Furthermore, ShopRite and Bed Bath and Beyond reached out to Aaron, resulting in swift deals being established with both companies. On the other hand, Lori Greiner forged partnerships with major retailers such as Target, Staples, and Ace Hardware.
Scrub Daddy Founder: Aaron Krause
Aaron Krause, an accomplished inventor, and entrepreneur, owns the company. With over two decades of experience in patenting and manufacturing innovative products, he holds a bachelor’s degree in psychology from Syracuse University, graduating in 1992. In 1993, he embarked on his entrepreneurial journey by launching his first company, Dedication to Detail, Inc. After dedicating more than sixteen years to this venture, Aaron Krause of Scrub Daddy went on to establish his second business, known as Ion Tech Wear.
However, it is his third and current business, Scrub Daddy, that has emerged as his most successful venture. Since its inception in May 2012, Aaron Krause has served as the company’s president and CEO and continues to do so.
Scrub Daddy before Shark Tank
Aaron accidentally damaged his car during the cleaning process, but this unfortunate incident sparked a brilliant idea within him. It served as the catalyst for him to develop and manufacture his own line of buffing and polishing pads. However, in August 2008, the global conglomerate corporation 3M acquired his company.
Nevertheless, 3M decided not to adopt the founder’s sponge inventions, allowing Aaron’s company to exclusively possess the smiley face sponge. Five years later, he stumbled upon an interesting revelation while utilizing the remaining sponges to clean his lawn furniture and dishes. He observed that the sponges’ rigidity changed in response to the temperature of the water. During an interview, he expressed his discovery by saying:
It was then that I realized that the stiffeners in the foam changed with temperatures, becoming hard in cold water and soft in warm water.
Upon realizing this, he made the decision to utilize this unique experience more effectively, leading him to submit an application for Shark Tank season four.
Aaron Krause Net worth in 2023
As per Source, Aaron Krause who founded Scrub Daddy has a net worth of $100 million.
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Q: What is Scrub Daddy’s net worth in 2023?
A: Scrub Daddy, owned by Aaron Krause, has a net worth of $310 million in 2023. [May Updated]
Q. How much did Lori Greiner make on Scrub Daddy?
A. As reported, Lori Greiner has reportedly made more than $9 million, considering the company’s products’ success.
Q: Who is the owner of Scrub Daddy?
A: Aaron Krause, an accomplished inventor and entrepreneur, is the owner of Scrub Daddy.
Q: What is Aaron Krause’s net worth in 2023?
A: Aaron Krause’s net worth exceeds $100 million.
Q: Is Scrub Daddy successful now?
A. Yes, Today Scrub Daddy is the third-biggest sponge provider in America.
Q: What investment deal did Aaron Krause secure on Shark Tank?
A: Aaron Krause secured a deal with Lori Greiner, who invested $200,000 for a 20% stake in Scrub Daddy.