Cubicall: The Shark Tank Success Story and Its Net Worth
Cubicall is a soundproof phone booth designed to provide a quiet and private space for individuals to take phone calls in open offices or noisy environments. The company's founders, Nick and Peter, appeared on Season 11 of Shark Tank, seeking an investment of $200,000 in exchange for 10% equity. In this article, we'll delve into the Cubicall Shark Tank experience and explore the company's net worth.
The Shark Tank Pitch
During their Shark Tank pitch, Nick and Peter demonstrated the effectiveness of their soundproof phone booths, showcasing how they could reduce distractions and improve productivity in open offices. They highlighted the growing demand for their product, citing the increasing trend of open office spaces and the need for privacy in these environments.
The duo impressed the Sharks with their sales figures, boasting $1.5 million in revenue over the past year, with a gross margin of 40%. They attributed their success to their strategic partnerships with companies like Google, Facebook, and Amazon.
The Shark Tank Deal
After a brief negotiation, Mark Cuban and Lori Greiner offered Nick and Peter a joint deal of $200,000 for 12.5% equity, which they accepted. This deal valued Cubicall at $1.6 million.
Post-Shark Tank Success
Since appearing on Shark Tank, Cubicall has experienced significant growth and success. The company has expanded its product line to include various sizes and designs, catering to different office spaces and needs.
In an interview with Inc.com, Nick mentioned that their revenue had grown to $5 million annually, with a projected growth rate of 20% year-over-year. They have also established partnerships with major furniture retailers, such as Office Depot and Staples.
Cubicall's Net Worth
Based on the company's revenue growth and partnerships, it's estimated that Cubicall's net worth has increased significantly since its Shark Tank appearance. While the exact figure is not publicly disclosed, a rough estimate based on their revenue and growth rate would place their net worth around $10-15 million.
Conclusion
Cubicall's success story is a testament to the power of innovative products and strategic partnerships. From their Shark Tank appearance to their post-show growth, the company has demonstrated its ability to capitalize on the growing demand for private phone booths in open offices. With a net worth estimated to be around $10-15 million, Cubicall is a shining example of entrepreneurial success.