Scrub Daddy is one of the most successful brands to appear on Shark Tank. Founded by Aaron Kraus, the company started its operations in 2012. It became popular after being featured on the reality show.
Scrub Daddy is a smiley-faced multi-purpose cleaning sponge. It bagged a deal from Lori Greiner for a 20% stake in exchange for $200,000.
Greiner who is known as “The Queen of QVC” promoted the product on QVC which catapulted the cleaning sponge to success. Today, Scrub Daddy is sold in 20 different countries. It is also available at Target, Walmart, and Bed Bath & Beyond. As per online sources, the estimated net worth of the company is $70 million.
Contents
| Business details: | Cleaning Product, Sponges |
| Founders name: | Aaron Krause |
| Founded in: | 2012 |
| Location (Country): | NJ, USA |
| Lifetime Sales | $670 million |
| Sharks on board (Investers) | Lori Greiner |
| Accepted Deals: | $200,000 for 20% stake |
| Shark Tank Episode: | Season 4 Episode 7 |
| Net Worth | $310 million |
| Business Status: | Active |
| Social Media | Instagram YouTube |
| Last Updated: | May 13, 2024 |
Aaron Krause was born on 1st February 1969, in Wynnewood, Pennsylvania. He is an American inventor and entrepreneur. He is the man behind Scrub Daddy, the best-selling cleaning sponge.
He invented the smiley-faced cleaning sponge that went on to become a revolutionary product. He also founded other ventures and built a massive fortune through his businesses.
Krause has always been a very hardworking and ambitious person. He possessed an entrepreneurial spirit since he was a child. Over the years, he built many business ventures. But Scrub Daddy is the most successful of them all.
Krause started inventing at a young age. After his college graduation, he set up a car washing business. This is where he learned about various cleaning materials. He found buffing pads for cleaning, but he was not satisfied with them.
After applying for a patent for buffing pads, he shifted his focus from car washing to cleaning pads. During this time, he designed cleaning products for his warehouse.
He ordered custom-made foam from Germany and created a smiley-faced sponge. In 2008, Krause sold its buffing Pad Company for $3 million. However, his smiley-faced sponge was not a part of the deal.
A few years later he found out that his sponge can change texture in cold and hot water. This led to the foundation of Scrub Daddy in 2012 and promoted it on QVC.
Although Scrub Daddy received a huge response from the QVC campaign, it was not enough. Krause decided to take his product to Shark Tank. He pitched his brand on Shark Tank season 4.
He walked in with a deal of a 10% stake in his company for $100,000. The Sharks were pretty impressed by his product and started a bidding war. In the end, the deal was closed by Lori Greiner who offered him a 20% stake for $200,000.
After the airing of the Shark Tank episode, Scrub Daddy sold over 42,000+ sponges in a few minutes. Griener helped Krause to get his product into all the major retail stores in the U.S.
As per reports, the company’s lifetime sales have surpassed $670 million. The company’s average annual revenue is around $100 million.
Aaron Krause, an American entrepreneur and inventor is the founder of Scrub Daddy. It is a top-selling cleaning sponge company that he established in 2012.
Aaron Krause pitched Scrub Daddy on Shark Tank, offering a 10% stake in his company for an exchange of $100,000. After a bidding war with the sharks, Lori Greiner closed a deal for a 20% stake for $200,000.
Following Scrub Daddy’s appearance on Shark Tank, the company experienced a huge surge in sales. They sold over 42,000 sponges in just a few minutes.
Lori Greiner assisted Aaron Krause in getting Scrub Daddy into major retail stores across the U.S.
Scrub Daddy’s lifetime sales exceed $670 million. The company has average annual revenue of about $100 million.
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