Slimeyhoney Shark Tank Episode 8 Update & Net Worth
Slimeyhoney Shark Tank Episode 8 Update & Net Worth Slimeyhoney, founded by Mark Lin, is a company that creates fun and interactive slime products designed to reduce stress and anxiety. The unique aspect of Slimeyhoney is that it produces non-edible slime that looks and smells like real food. Featured on Shark Tank Season 14, Episode…
Slimeyhoney Shark Tank Episode 8 Update & Net Worth
Slimeyhoney, founded by Mark Lin, is a company that creates fun and interactive slime products designed to reduce stress and anxiety. The unique aspect of Slimeyhoney is that it produces non-edible slime that looks and smells like real food.
Featured on Shark Tank Season 14, Episode 8, Mark entered the tank seeking $150,000 for 10% equity in his company. After a heated negotiation, Daymond John invested $150,000 for 20% equity.
Since then, Slimeyhoney has seen rapid growth, with an estimated net worth of $2 million.
What is Slimeyhoney? How Does it Work?
Slimeyhoney specializes in creating non-edible slime that resembles and smells like real food, providing a sensory experience that can help relieve stress and anxiety. The company offers over 100 different slime variations, each with unique textures and scents. The slime is made using common ingredients such as glue, borax, essential oils, and scents.
To achieve the desired consistency, users may need to add a small amount of activator, a mixture of borax and warm water. This activator helps to transform the slime from sticky to a more manageable texture, making it more enjoyable to play with. Some slime types even include additional elements like bubble pops for a crunchy texture.
Slimeyhoney offers these slime products online, typically priced between $10 and $16 per unit. While the slime is designed to be safe and fun, it is important to note that it is not edible and should be kept away from children, pets, clothes, and furniture.
Slimeyhoney Shark Tank Episode 8 Season 14: What Happened at Shark Tank Pitch?
In Episode 8 of Season 14, Mark Lin pitched his company, Slimeyhoney, asking the sharks for $150,000 in exchange for 10% equity.
Mark impressed the sharks with his entrepreneurial spirit, having already generated $1.2 million in lifetime sales at just 17 years old. Despite manufacturing the slime in his home garage, Mark had built a profitable business, with a margin of 70% on each product.
In 2020, Slimeyhoney made $50,000 in sales, with a profit of $13,000. By 2021, sales had skyrocketed to $580,000, yielding a profit of $300,000. So far in 2022, the company had reached $540,000 in sales, with $300,000 in profit, demonstrating consistent growth.
While Kevin O’Leary and Lori Greiner were not interested in investing, citing the slime business as not within their areas of expertise, Daymond John saw potential. He offered $150,000 for 25% equity. After some back-and-forth negotiation, Mark managed to secure a deal with Daymond John for $150,000 in exchange for 20% equity.
Slimeyhoney Shark Tank Pitch Summary
| Company Name | Slimeyhoney |
| Founder | Mark Lin |
| Product | Non-edible slime with unique designs and scents |
| Amount Asked For | $150,000 for 10% equity |
| Final Deal | $150,000 for 20% equity |
| Investor | Daymond John |
| Season & Episode | Season 14, Episode 8 (Shark Tank USA) |
| Lifetime Sales | $3.5M estimated |
| Business Status | In Business |
| Current Net Worth | $2 million estimated |
What Happened To Slimeyhoney After Shark Tank?
After appearing on Shark Tank, Slimeyhoney experienced a significant boost in sales and popularity, largely due to the exposure from the show. Within just 8 days of the episode airing, all products on the Slimeyhoney website were sold out, a testament to the company’s growing fan base and the appeal of its products.
Mark and his team restocked on January 21, 2023, and the company has since moved into a 3000-square-foot warehouse to accommodate increased demand.
The partnership with Daymond John has been instrumental in scaling the business, allowing Slimeyhoney to reach new customers and expand its product offerings. The company’s social media presence, particularly on TikTok, continues to grow, further driving sales and brand recognition.
How Much Is Slimeyhoney Worth?
As of July 2024, the estimated net worth of Slimeyhoney is $2 million. This valuation is based on the company’s impressive lifetime sales of $3.5 million and its continued growth trajectory.
The company’s innovative product offerings, coupled with effective marketing and a strong partnership with Daymond John, have positioned it for sustained success in the niche market of sensory toys.
Is Slimeyhoney Still in Business?
Yes, Slimeyhoney is still in business as of July 2024. The company continues to thrive, expanding its product line and maintaining a strong presence in the online retail space. With a dedicated customer base and a growing brand, Slimeyhoney is well-positioned to continue its success in the coming years.
Which Episode Number was Slimeyhoney Shark Tank?
Slimeyhoney was featured on Shark Tank Season 14, Episode 8, which aired on December 2, 2022. The episode highlighted Mark Lin’s innovative approach to sensory toys and his journey as a young entrepreneur, ultimately leading to a successful deal with Daymond John.
