In 2012, Lori Greiner invested $200,000 for a 20% stake in Scrub Daddy, a company that produces smiley-faced sponges that change texture based on water temperature.
Since then, Scrub Daddy has become a massive success story, with sales totaling over $400 million in just 9 years since airing on Shark Tank. But just how much did Lori make on her investment? Let’s take a closer look at the numbers and explore the story behind one of Shark Tank’s most lucrative deals.
How Much Did Lori Make On Scrub Daddy?
Lori Greiner, the warm blooded shark of Shark Tank, made a staggering amount of money through her investment in Scrub Daddy, a versatile cleaning sponge featured on the reality TV show Shark Tank. Among all the Shark Tank investors, Mark Cuban, Robert Herjavec, Kevin O’Leary, and Daymond John, shark Lori Greiner, renowned as the “Queen of the QVC” was the only person who put her faith in Scrub Daddy and spent a staggering $200,000 for a 20% investment!
After her investment in the company, sales of the company went through the roof. In 2017, the company was valued at $50 million making her investment worth $10 million.
By 2021, the sales of the company stood at $209 million and the company was valued at more than $500 million, making Lori’s stake worth more than a $100 million.
This success can be attributed to Lori’s experience, business acumen, and the product’s unique, innovative design.
What Are Other Successful Investments Made By Lori Greiner On Shark Tank?
Lori Greiner has made numerous successful investments throughout her time on Shark Tank. Some of her notable investments include:
- Squatty Potty – Squatty Potty is a product designed to help us poop better by encouraging a healthier posture . It has generated over $222 million in sales in 7 years since airing on Shark Tank. Lori owns 10% of the company which she acquired for $350,000 in 2014. This tool helps by elevating users feet and results in a more natural squatting position.
- Simply Fit Board – The Simply Fit Board is a balance board that is designed for helping improve your balance and helps in working out your core. Lori invested $125,000 for a 20% stake in 2015. By leveraging her QVC connections Lori wasa able drive the sales to more than $160 million by 2018.
- Sleep Styler – The sleep styler is a haircare product which is designed to style a users hair while they sleep. Their rollers promise fizzle free and beautiful curls without damaging hair. Lori invested $75,000 for a 25% stake in 2016 in the company. By 2019, the company had done more than a $100 million in sales.
- Readerest – A magnetic eyeglass holder that has garnered over $27 million in sales. Lori invested $150,000 for a 65% stake in the company.
- Drop Stop: Drop Stop is a practical car accessory designed to prevent items from falling between car seats. In 2012, Lori invested $300,000 for a 20% stake in the company. The product gained widespread popularity, selling in major retailers such as Walmart and Bed Bath & Beyond. By 2019, Drop Stop had sold over 2 million units and amassed more than $24 million in sales. Lori’s investment in Drop Stop demonstrates her ability to recognize and capitalize on simple yet effective solutions to everyday problems.
These investments showcase Lori’s keen eye for potential and her ability to turn innovative ideas into successful businesses.
Also Read: Shark Tank Most Successful Products
What Is Lori Greiner’s Net Worth?
As of 2021, Lori Greiner’s net worth was estimated to be around $200 million. This impressive figure is the result of her numerous successful investments and ventures. Lori’s wealth can be attributed to her entrepreneurial spirit, innovative product ideas, and her ability to spot and nurture potential in others.
She’s got more than 120 patents to her name, and she’s created over 500 products. She’s been dominating the retail space for years, especially on QVC, where she’s sold millions of dollars’ worth of merchandise.
Her investments on Shark Tank have also contributed significantly to her wealth. She’s made some of the best deals in the show’s history – like Scrub Daddy, which we’ve already talked about. And let’s not forget about other huge successes, like Squatty Potty, Simply Fit Board, and Sleep Styler. These investments have earned her millions upon millions of dollars, and she’s showing no signs of slowing down.
Also Read: Aaron Krause Net Worth
How Did Lori Greiner Get Rich?
Lori Greiner’s journey to wealth began with her innovative spirit and entrepreneurial mindset. She started her career by creating and selling her own products, with her first invention being a plastic jewelry organizer.
This product led to a successful appearance on QVC, which eventually resulted in Lori hosting her own show, “Clever & Unique Creations by Lori Greiner.” Over the years, she has developed more than 700 products and holds over 120 patents. Her success on QVC and her role on Shark Tank have played significant roles in building her wealth.
Early Days Of Lori Greiner
Lori Greiner was born in Chicago, Illinois, in 1969. As a child, Lori’s parents encouraged her to explore her interests and talents. Her father was a real estate developer, and her mother was a psychologist. This diverse background provided Lori with a unique blend of business sense and understanding of human behavior, which would later become invaluable in her career.
Lori attended Loyola University Chicago, where she studied communications, with a focus on journalism, television, and film. These studies laid the foundation for her impressive communication skills and ability to connect with people, which would later help her excel in the world of television and business.
While in college, Lori began her entrepreneurial journey by creating and selling her own unique jewelry. Her passion for creativity and innovation drove her to develop her first patented product, a plastic earring organizer, in the late 1990s. This invention was the catalyst that launched her into the world of retail and home shopping networks.
Lori’s early success with her earring organizer was just the beginning. She quickly made a name for herself in the world of home shopping, eventually becoming a fixture on the QVC network, where she showcased her inventions and products to millions of viewers.
It’s important to remember that Lori’s rise to success wasn’t without its challenges. She faced many of the same obstacles that all entrepreneurs encounter, such as limited resources, self-doubt, and fierce competition. However, her relentless determination and unwavering belief in herself enabled her to overcome these hurdles and achieve her dreams.
Lori Greiner’s early life and experiences set the stage for the incredible success she enjoys today. By embracing her passion for creativity, pursuing her education, and leveraging her unique talents, she transformed herself from a college student with a dream into one of the most successful entrepreneurs and inventors of her time.
Lori Greiner’s First Breakthrough Move
Lori Greiner’s first breakthrough came with her plastic jewelry organizer invention. She borrowed money from her husband to create the prototype and manufacture the product. Soon after, she secured a spot on QVC to showcase her creation. Her product quickly sold out, and her success on QVC led to the creation of her own show. This marked the beginning of Lori’s extraordinary career as an inventor, entrepreneur, and investor.
Lori Greiner’s success with Scrub Daddy and her numerous other investments is a testament to her keen eye for innovative products and her exceptional business acumen. Through her hard work and dedication, she has built an impressive net worth and become an inspiration for entrepreneurs worldwide. Lori’s journey, from her early days to her breakthrough move, illustrates the power of perseverance and the importance of seizing opportunities when they arise.