Shark Tank Update
Shark Tank Pitch
ReadeRest Shark Tank Update
Published:
2m
Lewisville, TX
| Name | ReadeRest |
|---|---|
| Main Presenters | Rick Hopper |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 2/1/2019 |
| Main Location | Lewisville, TX Loading Map |
| Order Shown in Episode | 4 |
| Final Deal | All Sharks went Out |
ReadeRest Shark Tank Pitch
Rick Hopper created a solution to losing, dropping, or scratching glasses called ReadeRest. ReadeRest is a strong magnetic clip that attaches to one's shirt and reliably holds glasses while looking slick.
Rick was disappointed to find in a patent search that someone else had patented the idea however Rick found the guy and paid him $5k for the patent.
After plowing through $65k of sales in a test run, Rick ran out of inventory and is back in production mode. His current production is solely him making these by hand and Rick has hand glued over 100k magnets.
Lori made a sharky offer and stuck to it at 65% equity, and as the other sharks went out, Rick was left with a tough decision.
When Lori looked right into my eyes and said, 'I'm going to make you a millionaire.' I believed her.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $150k for 15% of Company | |
| Sharks | Out | Daymond John | Out |
| Sharks | Deal | Lori Greiner | $150k for 65% of Company |
| Sharks | Offered | Lori Greiner | $150k for 49% of Company |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Mark Cuban | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Out
Lori Greiner
Offered
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| 3 | 9 |
| 4 | 1 |
ReadeRest After Shark Tank
In season 3, episode 9, we saw Rick Hopper and Lori Greiner sell ReaderRest on QVC and sell $100k worth of units in a few minutes.
In season 4, episode 1 we got an update that Rick build a proper facility with employees that can produce 14k units a day. In ten months after Shark Tank ReadeRest did $3 million in sales. ReadeRest got into Walmart and Walgreens and Rick projects completing $30 million to $50 million of sales in the following few years—lofty goal Herb.
Rick celebrated success with Lori Grenier at Martha's Vinyard and confirmed Lori was right when she said she would make Rick a millionaire.
According to Shark Tank Blog https://www.sharktankblog.com/business/readerest, Lori got Rick Hopper a propper manufacturer, and over the next three years, they did $12 million in revenue. They expanded to selling glasses, and Rick made that million dollars Lori promised.Link Preview
Shark Tank Blog
In 2022 Shark Tank Blog says ReadeRest does $5 million in revenue a year, however, I see their Twitter, @readerest https://x.com/readerest https://www.readerest.com, hasn't Tweeted since 2019 and their website readerest.com Link Preview
@readerest , has no items to purchase.Link Preview
readerest.com
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