Rekkie Net Worth Shark Tank Update

Winter brings joy by covering the earth in a blanket of snow. This allows people to enjoy outdoor activities like skiing and snowboarding. However, skiers can sometimes get separated, making it hard to find their partners. Although phones can help with communication, they are often difficult to use while skiing.

Fletcher, Henry, and David Pease, the owners of Rekkie, have introduced a high-tech way to stay connected with your friends and partners. Their product is basically a smart Google with a built-in heads-up display. The notification display will float on the goggles in front of the forehead. It will indicate your friend’s location, your skiing pace, unread texts, and control music along with answering phone calls without touching your phone.

The owners came on Shark Tank to request $300K in exchange for 10% of their company. The brothers also demonstrated how their innovative skiing goggles work by fitting a camera inside of them. Let’s explore their journey on the show.

Rekkie Net Worth Shark Tank Update

The Pease brothers were looking for an investment of $300K in exchange for 10% equity in their company. At the time of the episode, they valued their company at $3 million. The brothers successfully secured a deal with Mark Cuban for an investment of $300K for 12.5% equity in the company. The investment adjusted the company’s net worth to around $2.4 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Rekkie in 2024 is around $10 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$300K for 10% equity	$300K for 20% equity + distributions of $0.20 for every dollar taken as an income.	No
Mark Cuban	$300K for 10% equity	$300K for 12.5% equity	Yes
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A
John Daymond	Out	N\A	N\A

The Owners’ Backstory

Henry has a mechanical and aerospace engineering degree from Princeton. Then he was also working in Silicon Valley as a research engineer for a car company.

The other two brothers, David and Fletcher, have a background in business. David started with management consulting and then shifted towards private equity. On the other hand, Fletcher worked in investment banking in New York and then moved in with David to private equity. They have completely financed the goggle business themselves, contributing $200K of their personal funds. In addition, they won a $40K grant from a local business.

Initial Pitch

The brothers came on the show to seek $300K for a 10% equity stake. Their product is a high-tech goggle that helps to connect with your group while skiing. They are not like VR but they come with a lens that is clear and fog-resistant. The dashboard of the goggles displays speed, elevation, time, new notifications, and the compass to provide direction to its users.

They have an app system that connects all the group members through a GPS tracker or if a person is in a low cell services area, the goggles have a low range radio service to still connect the group members to one another.

Queries about the Product

Kevin asked the first question about the way members are connected to one another. Fletcher highlighted that they are all connected through their cell phones.

Lori wanted to know the cost of making the product, its selling rate, and their time in the business. David pointed out that they launched their product late last year and thus have been through only one ski season. Currently, their full sales are about $175K. Moreover, they are selling the goggles for $349 and as the chip prices increased during the pandemic they are investing $160 on each unit.

But for now, it costs them $130 to make one and they are hoping to minimize it to $100 with more exposure.

Corcoran inquired about their medium for selling the goggles. He replied that they are selling it through D2C only.

Corcoran was also curious to know about the price comparison of their goggles with others found in the market. David replied that they are on the same line and most of the high brands offer goggles for a minimum $300.

Daymond asked about their competitors who had the same functioning goggles. One of the brothers highlighted that even though there are such goggles in other sports, in their action sports there are none.

The shark also wanted to know about the patents for their goggles. Fletcher replied that they have a patent in process for the display and the way it reflects on their goggles.

Cuban was interested to know about the brother who looks after the tech part of the goggles. David and Fletcher pointed towards Henry as he is a tech detector in the business.

Lori inquired about their involvement in the Rekkie business. Henry replied that he is a full-time worker in the business while the other two brothers have side businesses too which are D2C as well. They will also make $8M to $10M from those side businesses too.

They also added that their customer acquisition is about $120 per customer but their average order value is about $475.

Corcoran was curious to know their plans to add the ski runs and the chairlifts in the map feature. Henry replied that it is part of their R&D (Research and development) funding.

Shark’s Response and Final Decision

Lori was the first shark to drop out of the deal as she was not fit for the cold-weather sports industry.

Kevin then offered them $300K for 20% equity with distributions of $0.20 for every dollar taken as an income.

As their goggles have no ski runs detection feature, Corcoran also backed out of the deal.

Cuban offered them $300K for 15% of their company. Then the brothers counter-offered Mark $300K for a 12.5% equity stake.

Finally, Cuban accepted their offer.

Product’s Availability

Rekkie has been growing since its appearance on Shark Tank, and with Cuban’s support, the Peace brothers are likely to continue growing their business and brand.

Their website also highlights that their goggles come with interchangeable lenses, letting users customize the look and color. The goggles have gained attention from leading winter sports magazines, and customer reviews show that buyers are very satisfied with their products. However, their deal with Cuba is not finalized yet.

Conclusion

Rekkie has made impressive growth since its appearance on Shark Tank with its innovative smart goggles to provide a unique and tech-based solution for skiers and snowboarders. With Cuban’s support, the company is expected for further growth, as they continue to refine their product and develop new features like ski run detection. The Peace brothers’ diverse backgrounds and personal investment have driven the business forward, attracting attention from winter sports enthusiasts and industry publications.