In the era of remote work and virtual sessions, communication has become significant for connectivity. Likewise, Business and school management systems rely on telecommuting. The rise of remote work has underscored frustrating issues, such as casual unmuting. Owing to unmuting resulted in distraction and background noise.
Parm Dhoot and Tye Devis pitched MuteMe Illuminated Mute Button in season 13, episode 2 of Shark Tank. They asked for $200k in exchange for 10% equity. MuteMe Illuminated Mute Button is convenient in allowing you to mute the computer’s microphone swiftly. Will the entrepreneurs become successful in making a deal with the sharks? Let’s find the company’s updated shark tank website.
MuteMe Net Worth 2024 Shark Tank Update
Parm Dhoot and Tye Devis were looking for an investment of $200k in exchange for 10% equity in the company. At the time of the episode, they valued their company at $2 million. They did not secure a deal with any of the sharks, as the closest offer from Daymond John was $200k for 50% equity in the company. The lack of a deal kept the company’s net worth unchanged at around $2 million. After the show was aired, the company faced supply chain challenges but managed to boost its sales. As per my rough estimate, the current net worth of MuteMe in 2024 is around $2.66 million.
Shark(s)
Offer and Demand
Counteroffer
Accepted?
Daymond John
$200k for 50% stake
N/A
No
Lori Greiner
Out
N/A
No
Kevin O’Leary
Out
N/A
No
Peter Jones
Out
N/A
No
Mark Cuban
Out
N/A
No
Founders Backstory And Their Initial Pitch
Founders Parm Dhoot and Tye Davis launched the MuteMe Illuminated Button. During COVID-19, parents with infants were facing difficulties regarding muting the sessions. They relied on working remotely. The MuteMe is a convenient and simple button on the screen. It clicks when there is a nuisance in the background. The button allows others in the online meeting to mute you.
The founders conceptualized the notion in August 2020. They transmitted the product quickly and knew how to identify and control the microphones in virtual meetings. Later, they encountered the milestones and were fortunate to participate in two campaigns in January 2021. The IndieGoGo crusade uplifted $289, 075 while Kickstarter peaked $154,756 target. The orders droved in July 2021.
Similarly, the MuteMe Illuminated Button operates with all the online meeting platforms. First, you will install software on your PC so, that the button corresponds with the forum and microphone. The button costs $39 and renders a discount for companies that order 25 units. Likewise, each unit is valued at $11.66 and retails for $39.95.
Queries, Shark’s Responses, And Final Deal
After presenting the product on Shark Tank, the entrepreneurs claimed they had done $61k in e-commerce. They are in the Staples store for 4 weeks and vend150 units. Mark stated that the founders do not have expertise in sales thus, he is out. Kevin declared they are “going to zero” so, he is out while Peter quoted, he retains a “gadget company” in Asia, but he wants to know about the valuation. He expected to team up with entrepreneurs if they cost him under $1.00.
Daymond also offered $200k for a 50% stake. Meanwhile, Peter decided to team up with Kevin and Daymond, but Kevin refused. Lori stood on the same page and was out. Peter said he was torn. He was anxious that his team would make fun of him for investing $200k on a “@#$!ing button that turns red and green”. Daymond giggled at the statement and was out. Following the rejection, Peter was also out.
What Happened With MuteMe Illuminated Button After Shark Tank?
Shark Tank frequently updates their website and follow-ups regarding the pitches. Earlier, the company was in dire challenges and supply chain traumas. High shipping valuation and chip dearth aided in remittances. The founders wanted to possess the chips and would fix them. They launched a small button; MuteMe on Amazon for venturing. Regardless of provocations, in October 2022, the company boosted up to $1 million in retaliation. By July 2023, the sales doubled to over $2 million.
Product Availability
The products are available on the official portals of MuteMe Illuminated Button and Amazon. It is accessible in smaller sizes, with additional color options, a capacitive touch, a USB-C connector, custom engraving, and more. The button is easy to use and it synchs with video conferencing tools. MuteMe works with Zoom, Webex, Teams, Skype, Google Meet, and more. Additionally, customers have given outstanding reviews of 5 out of 5 stars.
Conclusion
Entrepreneurs, Parm and Tye pitched MuteMe Illuminated Button on the shark tank. They asked for $200k in exchange for a 10% stake in their company. Even though they were not successful in making a deal with the sharks they boldly faced the major challenges. Their business grew and expanded, introducing goods and boosting $1 million retail. They encountered trustworthy feedback and constructive criticism from the sharks. Later on, the founders put into action the strategies and expanded their company.
Hi! I’m Maleeha Alam, a content writer, English poet, and MPhil Linguistics Scholar. I love watching Shark Tank episodes because it helps me extract business-related ideas. The thrilling series of the Shark Tank fosters competent market analysis, presentation skills, and pitching.
