What Happened To SoleMates After Shark Tank?
High-heel heroes Monica Ferguson and Becca Brown had heel lovers everywhere rooting for them when they appeared on ABC's "Shark Tank" in Season 8. The elegantly dressed ladies went to the Sharks in hopes that they could get backing for their company, SoleMates.
The idea behind SoleMates and its key product, the High Heel Protector, is ingenious. Any high-heel wearer will know that the heel of your favorite shoe is prone to getting stuck in the ground from time to time. When this happens, it can trip you up and even make you fall. The High Heel Protector gets rid of that worry completely by preventing heels from sinking into soft ground, like dirt and grass, while also protecting you from wobbling on uneven ground and potentially hurting yourself.
Ferguson and Brown brought their game-changing product to the churning waters of the Shark Tank, hoping to secure a deal. As a company that was already established before being brought on the show, the odds of success seemed good. Unfortunately, things didn't go as planned for Ferguson and Brown.
The SoleMates pitch got the Sharks on their feet
ABC's hit show "Shark Tank" has a lot of aspiring entrepreneurs who want to offer shoppers something cozy for their feet. The creator of Happy Feet slippers wanted to keep customers' feet toasty, and the guys at Foot Cardigan supplied sock collectors with an array of socks for any personality type. Monica Ferguson and Becca Brown of SoleMates were in good company in that regard. Plus, their product seemed genuinely useful.
The founders also revealed that the company was already doing very well and had earned more than $1 million in sales during the previous year. With all that in mind, their likelihood of securing a deal with the Sharks seemed high.
The pitch for SoleMates was very hands-on ... or feet-on, we should say. Ferguson and Brown brought along high heels paired with their patented Heel Protectors. They passed out pairs to the Sharks to try on, allowing them to test the product for themselves. Each of the Sharks — excluding Mark Cuban — took a test walk in the upgraded heels. They seemed impressed, but it wasn't quite enough to seal the deal, at least not the deal for which SoleMates was looking.
Ferguson and Brown were seeking $500,000 for a 10% equity stake in their business. Robert Herjavec and Kevin O'Leary were both interested, but SoleMates partnered with Herjavec in the end, settling for a deal with him for $500,000 for 20% equity.
SoleMates made their own success story
While it initially appeared as though Monica Ferguson and Becca Brown of SoleMates got their desired happy ending on Shark Tank, things were not so cut-and-dry behind the scenes. Fans discovered that the deal with Robert Herjavec fell through after the episode aired. It's rumored that the 20% equity stake was a little too large for Ferguson and Brown's liking, and they decided to back out of the deal with the Shark.
Even though their deal didn't pan out, the ladies of SoleMates have found success with their company. The shoe accessory brand has partnered with CVS to sell its products online and in-store via the far-reaching company. On top of that, SoleMates now offers a variety of heel-saving products on its official website, including a balm that prevents foot blisters and a water-repellent spray to save your heels from water damage.
The SoleMates success story is far from over since their appearance on Shark Tank. In an interview with Business 2 Community, Ferguson revealed that their protectors have even been worn by the likes of Demi Lovato, Viola Davis, Carrie Underwood, and more. "Since the first episode aired, our sales have been significantly stronger, the volume of international distributors has grown, and lots of retailers are interested in speaking with us," Ferguson explained to the outlet. It seems like customers are indeed head over heels for SoleMates.