Squid Socks Net Worth Shark Tank Update

We all have socks that go missing, especially when it comes to babies. Parents often deal with this because babies love to pull off their socks, and one always seems to disappear.

Jessica and Gabe Miller, the co-owners of Squid Socks, have the perfect solution for all parents. They have introduced socks that are not only comfy to wear but also stick to the foot like a squid. These socks have in-built squiddy dots that hold the sock to the foot.

The couple came on Shark Tank to request $125K for 20% of their company. They also brought with them their two kids to demonstrate how the socks hold tight to the baby’s foot. Let’s explore whether they made a deal or not.

Squid Socks Net Worth Shark Tank Update

Jessica and Gabe were looking for an investment of $125K in exchange for 20% equity in the company. At the time of the episode, they valued Squid Socks at $625K. Jessica and Gabe successfully secured a deal with Daymond for an investment of $125K for 33% equity in the company. The investment adjusted the company’s net worth to around $379K. After the show was aired, the company experienced a surge in demand and exposure. As per my rough estimate, the current net worth of Squid Socks in 2024 is around $3 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	Out	N\A	N\A
John Daymond	$125K for 20% equity	$125K for 33% equity	Yes
Robert Herjavec	$125K for 20% equity	$125K for 40% equity	No

The Owner’s Backstory

The idea for the business came 4.5 years ago from a family gathering of Jessica and Gabe Miller on their honeymoon. In the gathering, a cousin highlighted his frustrations over missing socks. This at once struck the couple’s mind and they searched for socks that can stick on to baby’s foot. To their surprise, there was no such product and this resulted in the creation of Squid Sock.

Initial Pitch

The owners came on the show with their kids to demonstrate the secure grabbing mechanism of Squid Socks. They requested $125K for a 20% equity stake. Even Lori Greiner checked the product herself and affirmed their function. The squiddy dots inside the sock are the major reason that can end the sock battle in every household.

Queries about the Product

Lori asked about patenting the product. Gabe highlighted that a utility patent is already in process and they have trademarks as well.

Cuban asked about how they would educate people to buy the product. Gabe answered that they already have made a video of a demonstration for the retailers.

Herjavec then inquired about their growth and sales. Jessica replied that they have been in business for 16 months and have generated $40K in sales. They pointed out that their company has major production issues which lagged behind in terms of inventory.

Herjavec also asked about their medium of marketing. Jessica highlighted that they started with an online website and sold only $20K worth of units as they were missing out on inventory. Additionally, their second batch had quality issues as well, so they found a new manufacturer and expanded their size range in 7 months duration.

Herjavec then asked about the Squid Socks price. The owner highlighted that they are retailing it for $24 and wholesaling it for $12. Moreover, the cost of making the product is $5.85 for the three-pack.

Shark’s Response and Final Decision

Kevin was the first shark out as he was not getting the point of cuffed socks being a different brand instead of merging with already established sock companies.

Then Cuban highlighted his no expertise in the sock industry, which led him to back out too.

Lori Greiner was not confident in investing in their business. So, she dropped out.

Herjavec made it clear that although he has worked in a clothing line their company has a lot of unfinished work on their plate. He offered them $125K but for 40%.

Daymond was the only shark to offer $125K for 33% of their company. He also highlighted that he is already in a sock company called Bombas, which can be helpful for them. Lori also offered Daymond to join him in the offer, but he disliked the idea.

Herjavec then changed his offer by pitching them $240K for a 40% equity stake or $125K for 30%.

The couple counter-offered them $125K for a 25% stake. The sharks didn’t accept the counteroffer. Finally, they accepted Daymond’s offer of $125K for 33%.

Product’s Availability

Since their Shark Tank appearance, the company has experienced a surge in demand, bringing their estimated annual revenue to $3 million. Their innovative socks have gained significant media attention, with The Today Show presenting them as a top holiday pick in 2018. Additionally, Parents Magazine featured Squid Socks as a ‘Genius Baby Product’ in its November 2018 edition.

Before its closure, Bed Bath & Beyond carried Squid Socks, and they remain available on Amazon and at numerous stores across the U.S. Squid Socks has since expanded its offerings, introducing new designs, a children’s book, and even socks for adults.

Conclusion

Thus, after making an impression on the sharks and the audience, the Squid Socks gained success in practical life as well. The deal with Daymond marked their inception of success. Additionally, the company has launched new products as well like adult’s socks and children’s books. The business proved to be a new brand in the face of old sock industries.