Scrub Daddy, a cleaning tools company started by Aaron Krause, was a very successful business that was featured on Shark Tank. The company’s most popular product is a smiley-faced polymer sponge that is designed for a variety of uses.
|Company Name||Scrub Daddy|
|Founded by||Aaron Krause|
|Scrub Daddy Net Worth||$250 million (Last Updated 2022)|
Scrub Daddy Net Worth
In the United States, Scrub Daddy is considered the third-largest sponge manufacturer. Taking this into account, Krause’s net worth stands at 70 million dollars, while Scrub Daddy has a $250 million valuation.
Scrub Daddy’s History
A young entrepreneur named Aaron Krause invented a cleaning product to clean his manufacturing equipment. From Germany, he got a foam that was tailored to his needs. Then he cut it into a circular shape with two holes and ridges to make it easier to hold. That’s when the smiley face sponge was first invented.
As of 2008, Krause’s buffing pad business had been bought by 3M, one of the world’s largest manufacturers. Yet, the sponge was not included in the deal.
After three years, he realized that the sponge was capable of hardening in cold water as well as softening in hot water. It wasn’t until 2012 that Scrub Daddy was given its official debut, with Aaron presenting it on QVC’s home shopping channel.
Scrub Daddy Founder
Aaron Krause, a successful entrepreneur, established Scrub Daddy. Aaron graduated from Syracuse University with a psychology bachelor’s degree in 1992.
During the following year, he started his very first company, Dedication to Detail, Inc. He worked for this company for nearly sixteen years before launching Ion Tech Wear.
Scrub Daddy was his third company and his most successful one. From May 2012 until now, he has been serving as CEO and President of the company.
Scrub Daddy Products
Scrub Daddy, as originally designed, comes in a bright yellow circular sponge with a smiling face carved into the center. There are two patents on Krause’s design.
Scrub Daddy uses a high-tech polymer “, possibly polycaprolactone, according to previous patents. This sponge’s texture changes with water: soft when used with warm water, firm when used with cold water.
Currently, the brand offers over 20 products, such as scrub pads, sponges with dual sides, soap dispensers, household erasers, and sink organizers.
Scrub Daddy Shark Tank Deal
On the TV show Shark Tank, which is one of the most popular reality shows on the planet, Aaron made a convincing pitch in 2012 that drew the attention of the Sharks. Initially, he offered $100,000 for 10% of his company.
Daymond John was planning on splitting the deal with Lori Greiner, the queen of QVC. Lori, in contrast, wanted a solo deal, so she offered $200,000 for 20%, which Aaron Krause gladly accepted!
Following Aaron’s Shark Tank debut, the sponge company was able to sell 42,000 sponges in a matter of minutes. Moreover, Lori Greiner assisted the brand in reaching retailers all over the country. The company generated more than $100 million in revenue by January 2017, and has continued to grow.