Muvez Shark Tank Update
Imagine having a pair of shoes that you can wear both as comfy slippers and conventional outdoor footwear! With such a brilliant and innovative idea, Muvez was created by three aspiring entrepreneurs. To raise the necessary money for their startup, the owners of Muvez went to Shark Tank. So, what happened next?
After their pitch, the owners wanted $200K for a 15% equity. Although the Sharks were impressed, most of them backed off by pointing out the risks in the business policies and marketing. Finally, Daymond John sealed a deal with Muvez with $200K for a 25% equity. Since then, Muvez has been growing fast and achieving new milestones each year.
Read on as we explore the journey of Muvez on Shark Tank and share its most recent updates.
Muvez Shark Tank Profile
To provide an overview of Muvez’s journey in the footwear industry, let’s take a look at the quick overview of the company below:
| Company Name | Muvez |
| Founders | Eric Cruz, Kevin Zamora, and Ryan Cruz |
| Founded In | 2016 |
| Product | Two-in-one indoor/outdoor footwear |
| Special Features | The removable sole comes in attractive colors and styles, premium feel and look |
| Appeared In Shark Tank | Season 11, Episode 18 |
| Muvez Shark Tank Episode Aired In | April 3, 2020 |
| Asked For | $200K for a 15% equity |
| Final Deal | $200K for a 25% equity |
| Shark | Daymond John |
| Pre-Sale Data | Earned $33,873 from Kickstarter and presales |
| Business Status | Running successfully |
| Website | Muvez |
| Location | 61 Nelson Ave, Jersey City, New Jersey, 07109, United States |
| Net Worth | $3 million |
| Sales Before Shark Tank | $73K in a year |
| Sales After Shark Tank | $100,000 in a year |
| Available On | Muvez website, Amazon |
| 2023 Update | Selling products on their website |
| Watch On | Prime Video |
Muvez and Its Owners on Shark Tank
When was Muvez on Shark Tank? Eric Cruz, Kevin Zamora, and Ryan Cruz, the three owners of Muvez, appeared on Shark Tank season 11 episode 18. They pitched Muvez shoes as two-in-one indoor and outdoor shoes with removable soles.
As you can easily take off the shoe soles without even bending, you don’t have to worry about changing your shoes and socks every time you go out. It’s also particularly helpful in places where you need to remove your shoes so that the indoor areas don’t get dirty.
Muvez owners asked for $200K at 15% equity. In the end, Daymond John made a deal with Muvez with $200K for 25% equity. Here’s what happened after the pitch:
- All the sharks expressed that the idea was ‘cool’ and ‘unique.’ However, once they learned about the business model, the sharks were hesitant. Muvez had just started its journey, and the return customer rate was below 2%. Besides, the company didn’t have any effective marketing strategies.
- Most of the sharks were backing off, while Lori Greiner proposed that she would be in only if another Shark agreed to become a partner.
- Daymond John offered a new deal, but he didn’t want a partnership. Hence, Lori was out, and the negotiation went on.
What Happened to Muvez After Shark Tank?
Thanks to the media attention Muvez received after Shark Tank, the company witnessed excellent growth. Not to mention the uniqueness of their product, which helped it to expand further. Below are some notable updates of Muvez after Shark Tank:
Growth In Sales
Similar to most other startups, Muvez’s sales have grown significantly since their appearance on Shark Tank. In the immediate aftermath of the show, the company made $400,000 in sales. It has continued to grow, and Muvez today sells its shoes in over 50 countries.
Attracting Investors and Media Persons
Another great achievement of Muvez is that it has attracted several big investors and media attention after its appearance on Shark Tank. Till now, the company owners raised over $1 million in funding.
They have been featured in publications such as The New York Times, Forbes, and Entrepreneur. Moreover, many social media influencers, NBA stars, and sports persons have actively supported Muvez, which helped the company to attract more consumers.
Introducing New Lines
In the beginning, Muvez only produced men’s footwear in a limited number of colors. As of 2023, Muvez has introduced multiple new lines of products, including its sock line. It also offers a women’s line, a line of kids’ shoes, and a line of shoes for nurses and doctors.
Charity and Donations
When its online sales skyrocketed in 2020, Muvez started being involved in a number of charitable initiatives. The company has donated $1 per sale to the World Health Organization during the COVID-19 pandemic. Besides, it has given away over 100 pairs of its shoes to Jersey City, NJ hospital workers.
Muvez Net Worth
During their pitch, Muvez owners asked for $200K at a 15% equity. According to their evaluation, Muvez was valued at $1.3 million. However, with Daymond’s $200K for a 25% deal, the value of Muvez was $800K.
As of 2023, Muvez has a net worth of $3 million.
Muvez Sales Data
Unfortunately, not much is known about the sales and earnings of Muvez shoes. Below is the data we’ve collected from the Shark Tank pitch of the owners and various media platforms:
| Year | Sales Data |
|---|---|
| 2018 | Earned $33,873 from Kickstarter and pre-sales |
| By the middle of 2019 | $73,000 |
| At the end of 2019 | $100,000 |
| 2020 | $400,000 |
| 2021 | $800,000 (est.) |
Is Muvez Profitable Now?
Yes, Muvez is successfully running its business in 2023 and making profits. In 2019, the production cost of each shoe was around $26, and they were sold at $110 per pair. So, the profit margin was huge, which helped the company to grow bigger.
As of 2023, each shoe is sold at $39.95 to $99.95 only. Judging by the production cost, it’s evident that the company is running on profit.
Final Words
Now that we’ve wrapped up our Muvez Shark Tank update guide, it’s time to recap the key info. Thanks to its uniqueness and the use of technology, Muvez owners sealed a deal with Shark Daymond John. Following its appearance on the show, the company achieved significant growth in sales.
As of 2023, Muvez is estimated at $3 million and has become a known name in the industry. The company now has a diverse product line, strong marketing and branding efforts, and a focus on customer satisfaction. We expect Muvez to continue to grow in the coming years.
