Whatever Happened To Stretchlace After Shark Tank?
Entrepreneurs Jamie and David Montz went through a lot to get a "Shark Tank" deal for their specialty shoe accessory, the StretchLace. But even after striking a deal with investor Robert Herjavec, the couple still had to strap in to get their business ready to reach the next level.
It does not seem that the deal with Herjavec ever went through following the show. Despite this, it is clear that they've been expanding successfully. StretchLace has found its way into several major retailers including Target, Walmart, and Amazon. The latter has been an especially popular spot for the business, in large part thanks to the thousands of ratings from customers who have mostly given positive reviews for their products.
As can be expected, their "Shark Tank" appearance helped the StretchLace gain traction and more sales. The business would also receive additional exposure from other places such as BuzzFeed, Scary Mommy, Really Simple, and the Wild Business Growth Podcast. The company remains in business to this day with a continued presence on social media through Instagram and Facebook. While some estimate that the company's net worth is around $1 million, there are no reliable sources on how much StretchLace has managed to bring in annually since appearing on "Shark Tank."
Jamie and David may not have been able to hang on to Herjavec, but they have nevertheless continued to find their own success elsewhere. But even the sharks could tell that with or without their help, the duo would have unlocked potential for greatness.
Robert Herjavec jumped back into the deal at the last minute
It's not hard to believe that Jamie Montz could succeed in the business world. With successful experiences running brick-and-mortar stores and online spaces, and even being the director of E-commerce for Amazon for some time, she is a true force to be reckoned with. Even then, when she left her thriving career to go full time on StretchLace, an elastic shoelace that turns normal shoes into slip-ons, it would prove to be a big move that even challenged her capabilities.
Her appearance on "Shark Tank" Season 12 alongside her husband David certainly counts as one of these hurdles. Jamie Montz arrives in the tank with a proposition for $100,000 for 15% of the company. She shares that the business has only made $165,000 that year in sales, with the COVID-19 pandemic holding them and their suppliers back. Despite some impressive margins, as the lace costs up to $2 to make and sells for up to $13.99, the sharks are largely confused and don't see much value in the product. At first, it seems that all the sharks are out.
However, Robert Herjavec decides to hop back in, claiming that he sees great value in Jamie and wants to find ways to expand her potential. He makes an offer for $100,000 at 33% equity, which Mark Cuban argues against, feeling it is giving up too much. The couple makes a counteroffer for 30% equity instead and Herjavec makes the deal.