Calm Strips, a revolutionary product designed to calm anxiety and improve focus, captured the attention of the sharks on Shark Tank in January 2021. The founders, Michael Malkin and Luce Fuller, entered the tank seeking $250,000 for a 10% equity stake in their company.
During their pitch, Calm Strips received offers from two sharks. Robert Herjavec and Kevin O’Leary both offered the requested amount in exchange for the same equity deal. Ultimately, the founders accepted Robert’s offer, securing $250,000 to fuel the growth of their business.
Since their appearance on Shark Tank, Calm Strips has experienced tremendous success. The product has gained popularity and garnered a significant boost in sales. In fact, their annual revenue is estimated to reach up to $1 million in 2022.
As of 2023, the net worth of the founders Michael Malkin and Luce Fuller is estimated to be around $2 million. Additionally, Calm Strips itself boasts a net worth of approximately $2.5 – $3 million as of March 2023.
Key Takeaways:
- Calm Strips appeared on Shark Tank in January 2021, securing a $250,000 investment from Robert Herjavec.
- The founders, Michael Malkin and Luce Fuller, have an estimated net worth of $2 million.
- Calm Strips experienced a boost in sales and is projected to have annual revenue of up to $1 million in 2022.
- The product is a sensory adhesive strip designed to reduce anxiety and promote focus.
- Calm Strips can be customized for schools, businesses, or special events.
What are Calm Strips and Who Founded Calm Strips?
Calm Strips are textured strips designed to calm anxiety and improve focus. They were invented by Michael Malkin, a former manager at an Apple store, who sought to create a discreet alternative to fidget spinners. The strips come in different textures and can be adhered to various surfaces, providing a tactile experience for individuals seeking anxiety relief and stress management.
Michael Malkin is the founder of Calm Strips, and his vision for the product stemmed from his personal journey with anxiety. Recognizing the need for a soothing product that promotes calmness and aids in maintaining focus, Malkin harnessed his entrepreneurial spirit to bring Calm Strips to life. With a passion for helping others in moments of stress, Malkin turned his vision into a reality.
As a testament to the effectiveness of Calm Strips, the product has gained a significant following and garnered positive reviews from satisfied customers. The calming properties of the strips, combined with their versatility and ease of use, have contributed to their rising popularity in the market.
“Calm Strips are a game-changer. I used to struggle with focusing at work, but these strips have really helped me stay calm and concentrate on my tasks.” – Sarah, Calm Strips customer
An Innovative Solution for Anxiety and Focus
Unlike other anxiety relief products, Calm Strips offer a unique and discreet approach to managing stress. Their textured design provides sensory stimulation and energy, which proves beneficial for individuals with restless energy or those seeking a sense of tranquility.
Whether adhered to smartphones, keychains, or stored in pockets or purses, Calm Strips offer a convenient and accessible way to find calmness and regain focus throughout the day. The strips are durable and can withstand various environments, making them a long-lasting companion for those in need of anxiety relief.
Founder: Michael Malkin
| Founder | Background |
|---|---|
| Michael Malkin | Former manager at an Apple store |
Shark Tank Pitch and Deal
During their Shark Tank pitch, Calm Strips presented their innovative product and sought an investment of $250,000 for 10% equity in their company. The founders, Michael Malkin and Luce Fuller, showcased the versatility and potential of Calm Strips, highlighting their unique ability to provide anxiety relief and improve focus.
“Calm Strips are not just a product, they are a solution to a widespread issue. With their discreet design and various textures, they offer an effective and convenient way to manage stress and promote calmness. We are confident that Calm Strips can make a significant impact on individuals seeking relief.”
The pitch drew attention from two prominent Shark Tank investors – Robert Herjavec and Kevin O’Leary. Both investors were intrigued by the potential of Calm Strips and made offers to secure a stake in the company.
- Robert Herjavec made a compelling offer of $250,000 for 10% equity, mirroring Kevin O’Leary’s proposed deal.
- The deal structure involved an initial investment of $2.50 per unit until $250,000, after which the investment would decrease to $1.50 per unit until $750,000.
The founders carefully considered the offers and ultimately accepted Robert Herjavec’s deal. They saw great value in partnering with Herjavec, known for his expertise and strategic guidance in the entrepreneurial space.
By securing Robert Herjavec’s investment and expertise, Calm Strips gained not only the financial resources to further develop their product but also a valuable mentor who understood the market dynamics and could provide invaluable insights into scaling their business.
Through their impressive Shark Tank pitch and strategic decision-making, Calm Strips secured a key deal that would drive their growth and position them as a leader in the anxiety relief market.
