Trobo Shark Tank Update
With the idea of creating the most interactive educational toys, Chris and Jeremy – two successful entrepreneurs created Trobo. The duo went to Shark Tank to promote their storytelling plush robots and get an investment. So, did Trobo get a deal? What’s the Trobo Shark Tank update?
Although the owners wanted $100,000 for a 10% equity in their company, they made a final deal with shark Robert Herjavec with $166,000 for a 33.3% equity. Unfortunately, the deal with Robert was never closed. Trobo failed to impress new customers and deliver to the existing ones in time. Eventually, the company went out of business in 2017.
Let’s get into the details and explore the journey of Trobo on Shark Tank and beyond.
Trobo Shark Tank Profile
To provide you with an overview of Trobo’s journey, here are the most crucial updates of the company. Let’s take a look:
| Company Name | Trobo |
| Founders | Jeremy Scheinberg and Chris Harden |
| Founded In | 2014 |
| Product | Trobo educational toys |
| Special Features | Storytelling robots, wireless connection with mobile and tab, personalized experience |
| Appeared In | Season 7 Episode 21 |
| Trobo Shark Tank Episode Aired In | April, 2016 |
| Asked For | $100,000 for a 10% equity |
| Final Deal | $166,000 for a 33.3% equity |
| Shark | Robert Herjavec |
| Pre-Sale Data | Sold 600 units in retail |
| Business Status | Not in business |
| Closed In | 2017 |
| Website | mytrobo.com |
| Net Worth | Not available since they are out of business |
| Sales After Shark Tank | $599,500 in a year |
| Lifetime Sales | 20,000 units |
| Available On | Trobo website, Amazon |
| 2023 Update | Out of business |
| Watch On | Prime Video |
Trobo and Its Owners on Shark Tank
Jeremy Scheinberg and Chris Harden appeared in season 7, episode 21. During their pitch, the owners described Trobo as an adorable plush robot that teaches your kids science, technology, engineering, and math (STEM).
You can connect the Trobo wirelessly to your phone or tab and listen to stories, play games, and solve puzzles. While the first five educational stories were free, users needed to pay about $5 for each new story.
When the sharks asked about the pricing, Chris informed them that the retail price for each Trobo was $59.95.
The owners wanted $100K for 10% equity. Here’s what happened next:
- Although the sharks were impressed with the idea of Trobo, they weren’t impressed by the early sales. Chris and Jeremy sold only 600 units of Trobo, which didn’t impress the sharks.
- Apart from that, they also had issues with the patent of the design and supply chain. Shark Lori Greiner also pointed out that they didn’t have any strong marketing strategies as well. Overall, most sharks were out despite Chris trying to show the potential of their business.
- Finally, only Robert Herjavec was left, who negotiated a bit with the owners. In the end, the deal for Trobo was sealed with $166,000 for a 33.3% equity.
What Happened to Trobo After Shark Tank?
Unfortunately, Trobo’s deal with Robert Herjavec was never closed. Although the exact reasons weren’t known, some speculate there might be legal requirements that the owners didn’t agree with. Below are the details of the company’s rise and fall afterward:
Newfound Media Attention
Similar to most other businesses on Shark Tank, Trobo received the media attention it needed to boost sales. Also, the company has been featured in numerous prestigious media outlets, including People Magazine, Fox, CBS, and TechCrunch.
Sales Boost
With the media attention it got, Trobo was selling like hotcakes for the first few months. The company sold around 10,000 units in only a year. As the sales increased, the price was also reduced, and the Trobos were made available on Amazon.
Reduced Sales and Eventual Failure
Despite starting well in the first year, Trobo wasn’t able to make an impact in the industry. The high price point made Trobo less affordable. Besides, it couldn’t source enough materials in time to deliver the product to the customers. Eventually, Trobo halted its production in 2017.
Trobo Net Worth
During their pitch, Chris and Jeremy estimated Trobo at $1 million. However, considering the deal with Robert, the company was valued at $500,000. As mentioned, Trobo went out of business in 2017. So, it doesn’t have a net worth.
However, the founders’ net worth was around $5 million in 2022, according to some claims.
Trobo Sales Data
As Trobo hasn’t made its sales data available for public sources, the exact sales revenue of the company is unknown. However, during their pitch, Chris and Jeremy mentioned the price of each Trobo and the number of toys they had sold.
Based on their pitch and other reliable sources, here are the estimated sales data of Trobo:
| Year | Sales Data |
|---|---|
| 2020 | $35,970 |
| 2016 | $599,500 |
| Lifetime Sales | 20,000 units |
Is Trobo Profitable Now?
No, Trobo today is out of business, and it’s not profitable anymore as of 2023. In 2017, Chris and Jeremy made a farewell post on Trobo’s official website, informing the customers that they won’t produce any more Trobos.
Since then, there have been no new updates from the Trobo team. The company delivered all the pre-orders and then left the website and all its social media platforms.
Wrapping Up!
From our Trobo Shark Tank update, you’ve learned about the company’s appearance on the show and its current status. Trobo owners got their dream deal on Shark Tank, but it was never closed. Trobo went on to raise funds from Kickstarter campaigns and other investors.
In the first year since the episode aired, Trobo was making progress. The sales increased, and Trobo was looking forward to making upgrades to the products. However, the supply issues persisted, and Trobo’s sales went down in the next few months. As a result, Trobo stopped new productions in 2017.
