To meet the needs of end users, Apolla offers a range of premium socks that are specifically designed with comfort in mind. For 15% of the company’s share in Shark Tank, the founder of this company has requested $300,000 in exchange for a 15% stake in the company.
Every person wears socks daily, but until recently there haven’t been any innovations that have been able to provide comfort to those who wear them.
In addition to taking shoes, it is advisable to take socks for walking, dancing playing, etc., even though they can become comfortable in them over time.
It is common to find people with ankle pain, in some cases they are young and are inexperienced with shoes, getting in the wrong shoes, etc, due to injuries. Therefore, this type of problem can be solved by this company.
It was two best friends, Kaycee Jones and Brianne Zborowski, who started this company after seeing the staggering injury rate that dancers face every day.
A prototype of her product was made in 2015 and 50 tests were conducted on it. The first thing she did before making the product was to conduct research and design.
She started selling her product, which is the footwear of choice for Emmy and Tony-nominated choreographer Sonya Tayeh’s dance symphony, in August 2016.
Socks Net Worth/Valuation:
To ensure optimal user satisfaction, Apolla Performance Socks are offered to deliver the utmost comfort. Since its inception in 2015, the brand has experienced consistent sales growth, garnering substantial revenue.
Despite the gradual annual expansion, Current Apolla Socks net worth is estimated to be in the vicinity of $1.2 million. With this steady trajectory, there is a promising prospect for further escalation in both the company’s net worth and valuation soon.
How Did Apolla Socks Tank Pitch Go:
In April of 2022, the duo appeared on Shark Tank for the 13th season, as part of the 13th season. Although they had a global business at the time that was doing well and had a global presence, they were seeking a $ 300,000 investment in exchange for a 15% equity stake in the business.
As Kaycee and Brianne begin their pitch, they explain that at least 75% of Americans suffer from foot pain and that their product – can come to the rescue. The socks are made from a special material that wicks away moisture and provides arch support, which is something that many people need because they tend to sweat a lot.
The founders of the company indeed started the company originally to assist dancers in their activities, but they want to make sure that a larger audience can enjoy the benefits of their socks as well. A brief explanation of the patents is then given by the pair. The company has two utility patents and a design patent. Having this kind of protection gives them a certain level of security, but it doesn’t stop others from trying to emulate their product in any way.
As a result of the start-up of their company a few years ago, the company has sold 120,000 socks, equivalent to more than $ 4,1 million in sales, of which $ 800,000 was earned in the year 2021 alone. The sales of the company are direct to the customer in 85% of the cases, while the remainder is distributed to wholesalers. Under 2% of the products are returned.
The duo faced some challenging times due to the COVID-19 pandemic, which hit their business hard as the dance industry came to a screeching halt as a result. However, they have managed to recover since then. In addition, they found that between 53% and 70% of customers returned to buy more socks from them in the future.
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Apolla is the brainchild of Kaycee Jones and Brianne Zborowski and was founded in 2016 by the two of them. After witnessing the staggering injury rates in the dance world, Kaycee Jones and Brianne Zborowski decide it’s time to take a chance at changing them.
They need to research to design a high-quality product in 2016 which has all the features that are needed. As of the year 2023, Kaycee Jones and Brianne Zborowski, the owners of Apollo, have a net worth of 900,000 USD each.
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Apolla Performance enters the Shark Tank
The Sharks were excited to hear that Brianne and Kaycee were moving the business toward profitability in 2022 when they heard their pitch on Shark Tank Season 13, Episode 18.
In an interview with the Sharks, Brianne explained to them that the socks cost her between $6 and $10 per pair to make, but sell for between $32 and $40 per pair in retail stores, a margin that had Mark Cuban gaping in astonishment.
According to Brianne, Apolla’s marketing budget is around $40,000 to $50,000 per month, which Robert Herjavec said explains why the socks had not yet “gone viral” in the mass market due to the tiny marketing budget.
However, while Apolla’s growth trajectory was moving in the right direction, it wasn’t rising as quickly as guest Shark Emma Grede thought it should be.
“There’s something that’s not quite clicking. There is no way I can get passionate about this company, so I am out of it.
Apolla was also perceived as being unsuitable for Mark Cuban, Kevin O’Leary, and Robert Herjavec. Considering Bombas, another sock company with a mission to do good in the world, had a record-breaking year, this was perhaps a surprise, given its record-breaking success.
It doesn’t matter to me. It was clear from the beginning that the founders had their eye on Lori Greiner, and they were keen to hear what she thought about the venture.
You haven’t been able to sell as well as you could, and I can help you out there. It has been a pleasure to convert you. Lori told me she would make you an offer as soon as possible.
Lori offered the full $300,000 the partners had asked for, but in exchange, she wanted 25% equity, a substantial increase over the 15% equity offered by the company.
After a brief deliberation, Brianne asked Lori if she was open to settling for 20% equity, but Lori remained firm in her stand on the matter. As a result, all three parties agreed to the terms of the agreement, and they shook hands with joy.
During the signing ceremony, Lori Greiner and Brianne Zborowski celebrated after having reached an agreement.
Apolla Shark Tank update
A few months ago, Brianne told entrepreneur Joe Pardo in an interview that the deal was still in its due diligence phase, but she expected it to be complete within the next few months, according to Joe Pardo, at the time of writing in July 2022.
It is during this period that we will be doing what we do best: working on the company. Until then, everything will go smoothly.
There is no doubt that running a startup as a mother and wife is challenging, and Covid-19 has caused unforeseen challenges due to the closures decimating the dance industry, to begin with.
There are times, however, when God closes a door and opens another, as he has done with Apolla many times in the past. We were allowed to accelerate our five-year plan for expanding outside of dance and we were inspired to apply for Shark Tank as a result of the pandemic.
“This was a life-changing experience that we will forever be grateful for, and I know that the Universe guided us and pushed us to make this happen.”
A recent collaboration between Apollo Performance and Boston Ballet has resulted in the creation of two compression socks for ballet dancers: the Joule, a sock with cutouts for the heel and toes to allow it to be worn over pointed shoes, ballet shoes, or bare feet, and the K-Warmer, a compression legwarmer designed for thigh-high wear.
Apolla Performance has released a new product called the Joule
The sales of the product to non-dancers have also been increasing as well. In its social media channels, the company regularly advertises its No Show, Crew, and Mid-Calf socks to “everyone with feet” to make them more accessible.
According to Kaycee, the response to the Shark Tank episode has been far better than anyone could have expected.
During the application process to be on the show, the producers gave them an idea about the sales volume they could expect due to the advertising exposure they would receive. To be on the safe side, the two of them decided to multiply those expectations by 2.5, just in case the demand would be much higher than expected.
Kaycee said that it was a good thing they did because it was the right thing to do. Within 15 minutes of the show going on air, they were able to sell out of all the inventory that they had.
It wasn’t until 5 am that we were up answering orders, and then we got up for a few hours of sleep before getting up to process even more orders. In the weeks that followed, we were inundated with inquiries. In other words, when we say that our life has changed, we don’t joke around.”
As Brianne Zborowski and her coaching partner practised their pitch routine as well as drilled their numbers in preparation for the Sharks, it was a “full-time job” to prepare for the pitching encounter.
There have been a lot of people who have been so patient, understanding and cheering us on throughout this whole process,” said Brianne. As a result of such incredible support, we believe that all the sacrifices we made and the long days we put in were well worth it after all, and that we are going to succeed.
Looks like they might be able to pull it off. They will also be able to help a lot of dancers avoid getting hurt along the way and sustaining painful injuries.
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