A sponge with a smiley face is hardly a game-changing product. However, judging by the Scrub Daddy net worth, we can’t resist it.
Great inventions are frequent, but it takes something truly remarkable to change the world – the wheel, the light bulb, the internet… Scrub Daddy.
America’s favourite sponge has changed the way that we clean our pots and pans, surfaces and sides. Made from high-tech polymer with better hygiene and unrivalled cleaning in mind, more than 50 million people have invested in a Scrub Daddy.
It’s the perfect product that we never knew we so desperately needed, but how did Scrub Daddy break into the consumer sponge market?
Scrub Daddy net worth: From Shark Tank to Superstores
Scrub Daddy sponges were originally for use on cars. Car fanatic Aaron Krause had invented a buffing and polishing pad company, before adding the sponges as a side product.
Manufacturing giants 3M took over the company in 2008. However, they passed up on taking the sponge patent as part of the deal.
Krause was left with a warehouse full of sponges. It lay untouched for five years, until Krause started using them while doing the washing up.
Noticing their impressive cleaning power, he developed his product into something more marketable by giving it a face and hair.
His invention was good enough to impress the investors when he appeared on ABC show Shark Tank, which allows people to approach a number of successful and wealthy individuals to ask for money in exchange for a share in their company. He walked away with $200,000 and the help of businessman Lori Greiner.
Together they have transformed Scrub Daddy into a multi-million dollar company. In fact, it is the most successful product in Shark Tank history, having made more than $100 million in sales.
The exact Scrub Daddy net worth is unknown. However, given that it costs about $1 to produce the incredible sponge, the company is thought to be worth around $50 million.