PaddleSmash Net Worth Shark Tank Update

Different outdoor games are played these days to keep us healthy by entertaining ourselves. These games include Pickleball and spike ball where people play outdoor games with paddle and net and make the most out of their leisure time with their teammates.

Tim Swindle and Scott Brown, the owners of PaddleSmash, have invented a baby out of the two favorite games played in the USA. They have introduced paddlesmash which is basically the offspring of pickleball and spike ball combined. It provides a small net used to smash the ball in with a paddle. The game is played in a team competition and can be set up anywhere in no time.

The owners came on Shark Tank to request $250K in exchange for 10% of their company. They also demonstrated how the game works through a video demo. Let’s see if they got the deal or not.

PaddleSmash Net Worth Shark Tank Update

Tim Swindle and Scott Brown were looking for an investment of $250K in exchange for 10% equity in their company, PaddleSmash, which at the time of the episode valued the company at $2.5 million. They successfully secured a deal with Mark Cuban and Robert Herjavec for $250K for 20% equity in the company.

The investment adjusted the company’s net worth to around $1.25 million. After the show aired, PaddleSmash saw a big increase in website traffic, sales, and social media exposure. As per my rough estimate, the current net worth of PaddleSmash in 2024 is around $5 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$250K for 10% equity	$250K for 15% equity	No
Mark Cuban + Robert Herjavec	$250K for 10% equity	$250K for 20% equity	Yes
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A

The Owner’s Backstory

Scott related that they are not the inventors of PaddleSmash. The real inventor, Joe Bingham, has seven kids in total and he is a structural engineer. He basically wanted to play pickleball in his backyards with his kids so he stuck together a bunch of different materials from his garage and founded PaddleSmash.

He played the game for two years and then Tim and Scott helped him in growing the game bigger. They have 25 years of experience in the toy industry and Scott has even founded a group of retail stores. Tim founded a board game that was introduced by Scott’s Retail. Then they both sold their businesses.

Scott is also a pickleball freak and then they are introduced to Joe. They then tested the game in the field with pickleball players and then the rest is history.

Initial Pitch

The owners came on the show to seek $250K for a 10% equity stake. They have introduced a game that is a blend of both pickleball and spikeball. During the game, one of the teammates sets, bumps, and smashes the ball in the net among them and then it’s the other team’s turn to do the same. It is played till 11 points are achieved by any one of the teams. It is also a very portable game that can be set up in a few minutes.

Queries about the Product

Corcoran asked the first question about the average age of players that the game allows. Scott replied that it is the best game for kids over the age of 13. The game involves coordinated movement of hands which can be difficult for kids to play below the age of 13. Otherwise, it can be played by anyone whether teenagers or adults.

Kevin inquired if they bought the right or IP of the business. Scott again pointed out that they have licensed the game and Joe gets a royalty for it.

Corcoran was curious to know about the selling rates of the game and the cost to make one. Tim replied that it costs them $55 to make and they retail it for $200, without including the royalty that they have to pay Joe.

Kevin wanted to know the percentage of royalty the founder gets from the business. He replied that Joe gets 3% of the net sales.

Lori then asked about Joe’s involvement in the business. Scott highlighted that Joe gets fun update calls and gets a royalty check.

He also added that the game set comes with two balls, four paddles, the net system, and the base. Additionally, the base can be folded to act as a cover for the game.

Herjavec questioned their sales. Scott answered that they launched just nine months ago and have sold $700K worth of products so far.

Kevin then wanted to know about their profits from the business. He highlighted that they are break-even for the time being.

Herjavec asked about their medium for selling the product. Tim replied that they started with an e-commerce store and sold directly to consumers. They also send emails and LinkedIn texts to buyers at sports agencies like Dick’s Sporting Goods, Scheels, and Academy Sports. They also replied back to them.

Kevin was curious to know what they need $250K for which they are asking on the show. Scott pointed out that they need the money for inventory and social media marketing.

Shark’s Response and Final Decision

Kevin offered them $250K but for 20% of their company.

Herjavec then highlighted that he and Cuban already invested in a Pickleball company and were also interested in their company. They both collectively offered them $250K for a 20% equity stake. Tim counter-offered them $500K for 20%, which the sharks readily rejected.

Kevin then revised his offer and pitched a deal of $250K for 15%.

Afterward, Tim and Scott counter-offered Cuban and Herjavec $250K for 15% equity. They didn’t like this offer either.

Finally, they accepted Herjavec and Cuban’s offer of $250K for 20% of their company.

Product’s Availability

A recent interview with Scott and Tim highlighted that they made over $100,000 in sales the night their episode aired, and by the end of the weekend, they had reached a few hundred thousand dollars.

As of October 2023, the deal with Mark Cuban and Robert Herjavec hasn’t been finalized yet. They’ve also seen a lot of interest from retailers, media outlets, and international distributors. Paddlesmash is now available at Dick’s Sporting Goods, Scheels, Chicken N Pickle, Amazon, and on their own website.

Conclusion

Paddlesmash has successfully blended two popular games, pickleball and spike ball, into a fun, portable experience that appeals to a wide audience. Tim Swindle and Scott Brown, alongside the original inventor Joe Bingham, have built a product that has gained strong interest from both consumers and retailers.

Their appearance on Shark Tank led to a deal with Cuban and Herjavec, though it is yet to be finalized as of October 2023. Despite this, Paddlesmash continues to see impressive sales growth and has become available in major retail outlets.