SplashZen Net Worth Shark Tank Update

Cleanliness plays a vital role in our lives, contributing to our health and well-being. However, maintaining it can be challenging, especially when young children are involved. Bath time with kids often turns into a scene just like a day at the beach, with water splashing everywhere. The bathroom ends up soaked, with water covering every surface and creating a mess that can take an extra hour or more to clean up afterward.

 Rodney and Tanya Rasmussen, the owners of SplashZen, have invented just the right product to help every caregiver and parent. Their product is a bathtub splash guard that helps to keep the water inside the tub only. The product is attached to one side of the tub which can be pulled to hook it at the other end of the tub.

The bottom also has a suction cup strip to stop the splashes from moving around. Moreover, the bathtub can also be shifted into a dog wash to help the owners wash their pets as well.

The owners came on Shark Tank to request $100K in exchange for 10% in their company. The couple also presented the shark with their SlashZen product to highlight the strength of their product. Let’s see if they got the deal or not.

SplashZen Net Worth Shark Tank Update

Rodney and Tanya were looking for an investment of $100K in exchange for 10% equity in the company. At the time of the episode, they valued their company at $1 million. They successfully secured a deal with Barbara Corcoran for an investment of $100K for 14% equity in the company, along with a $100K line of credit. The investment adjusted the company’s net worth to around $714K. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of SplashZen in 2024 is around $1.8 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban	Out	N\A	N\A
Lori Greiner	$100K for 10% equity	$100K for 17.5% equity + a $100K line of credit	No
Robert Herjavec	Out	N\A	N\A
Barbara Corcoran	$100K for 10% equity	$100K for 14% equity + a $100K line of credit	Yes

The Owners’ Backstory

The idea for SplashZen emerged somewhere between the birth of Randy and Tanya’s second and third sons. Like many kids, the boys loved bath time, but the constant splashing quickly became an issue. The bathroom suffered from water damage, and bath time became a rushed, chaotic routine.  Determined to find a better way, the couple set out on a journey to create a solution.

They conducted focus groups and surveys with other parents, went through countless design ideas and prototypes, and carefully refined their product. Finally, SplashZen was born. 

Now, SplashZen is helping solve a common parenting problem by transforming bath time from a stressful chore into an enjoyable bonding experience, giving parents more quality time with their kids.

Initial Pitch

The owners came on the show to seek $100K for 10% equity stake. Their product is a stool attached at the two sides of a tub to act like a curtain, stopping the splash of water around the bathroom. It is also a two in one option that can be used not only for kids but also to shower pets too.

Queries about the Product

Herjavec asked the first question about the price of the product. Rodney highlighted that it costs them $40 to make one and then they sell it for $99.

Kevin was concerned with the education for the product’s usage to the general masses. The husband replied that they were on the show basically for that very reason.

Herjavec was also curious to know about their selling medium of the product. Tanya pointed out that they are currently direct to consumers and have been working on Tik Tok to sell their product.

Kevin asked about their sales. Rodney related that their total sales are $80K. About $10K from the total was collected in the last three months of the previous year.

Corcoran asked about their plans regarding a shark by their side. Tanya highlighted that they need the expertise of marketing and bringing the cost down to strengthen their margins more and for that, a shark will be very helpful.

Shark’s Response and Final Decision

Herjavec was the first shark to drop the deal as he thought the business was not that functional as the bathrooms already have tiles that can be washed easily even after a heavy splash.

Cuban was next to pass the deal as the product is not a necessary one and he is not fit for it either.

Kevin highlighted that the product is not fit to be sold in retails, thus he won’t invest in it either.

Lori then offered them $100K for 20% equity in their company.

Corcoran also offered them $100K for 15% equity along with an extra $100K as a line of credit.

Lori then revised her offer to $100K for 17.5% of their company along with a $100K line of credit.

Corcoran also revised her offer to $100K for 14.5% equity with a $100K line of credit.

The couple then counteroffered Corcoran and pitched a deal of $100K for 14% equity with a $100K line of credit.

Finally, Corcoran accepted their counter offer and the couple left the tank with a shark by their side.

Product’s Availability

After getting a deal with Corcoran on the show, the couple left the set in high spirits. However, there is not any confirmation that the deal was finalized. Additionally, there has not been much recent news about the business. For those interested, the product is still available for purchase on their SplashZen website.

Conclusion

SplashZen offers a practical solution to a common parenting problem, transforming messy bath times into more manageable, enjoyable experiences for families and even pet owners. Despite leaving Shark Tank with a deal from Corcoran, there is no official confirmation that the deal was finalized. However, the SplashZen splash guard is available for purchase on their website, providing a convenient option for those looking to make bath time a little easier.