Sock Tabs Shark Tank Update

Sock Tabs Shark Tank Update 2023

Tracie and Glen, founders of SockTabs, appeared on Shark Tank on the 9th episode of the 7th season. This couple almost left the show without settling a deal, but thanks to a last-minute call by Daymond John, that didn’t happen.

Tracie and Glen appeared on the show in search of a 50,000K investment for a 20% equity for their company, SockTabs. Daymond offered a deal of $50,000 for $30 equity if the Bombas Socks agreed, to which the couple agreed.

Since then, the company has seen an increase in its worth and annual sales. They began selling their products in various local stores like Bed Bath and Beyond and Amazon.  

SockTabs Shark Tank Profile

The following table contains the various details on the SockTabs Shark Tank profile.

Company NameSockTabs
ProductTabs to keep socks together
FounderTracie and Glen Buress
FoundedOctober 2014
Location2599 N Mulford Rd, Rockford, IL 61114, USA
Worth Before Shark Tank250,000$
Asked For$50,000 for 20% equity
Final Deal$50,000 for 30% equity
SharkDaymond John
EpisodeSeason 7 Episode 9
Air date11/20/2015
Business StatusIn Business
Worth After Shark Tank1.1 Million
Buy NowAmazon
Watch OnAmazon prime

SockTabs Before Shark Tank

SockTabs was an idea of Tracey Buress, who was frustrated with having to find a missing sock after laundry. With a second chance at life after a brain surgery she had after suffering a brain aneurysm, she decided to concentrate on this dream.

SockTabs Before Shark Tank

The business started in October 2014 in Rockford Illinois. The SockTabs are tabs placed on the socks to keep them together during the laundry, preventing misplacements or loss. As they call it, they prevent socks from losing their sole mates.

Before Shark Tank, the couple presented their product on ROCKFORD (WIFR) in 2014 and won this Fastpitch competition, getting a $5,000 prize. They continued selling this product both locally and online, with the two helping them raise $20,000 before their Shark Tank appearance.

SockTabs Shark Tank Episode Recap

SockTabs was featured on the 711 episode of Shark Tank, aired on November 20, 2015. The couple presented their product and told the sharks that they were after $50,000 for 20% of their company.

They explained their product and offered some samples to the five judges present, who tried them on. They also told the judges that these tabs cost them $1.25 to make and were sold at $4.99.

SockTabs Shark Tank Episode Recap

When asked about the sales, they explained that they had made $20,000 in sales in the previous six months. 60% were in retail stores in their town of Rockford, while 40% were online.

When decision time came, Lori Grainer and Robert Herjavec went out early on, followed by Daymond. Mark Cuban wasn’t interested in the business type and didn’t make a deal, followed by Kevin O’Leary.

As the couple was walking out, Daymond offered them the amount they were asking but for a 30% stake. He also told them the deal would be determined by Bombas Socks, one of the brands he invested in. The couple happily agreed and left the show with a deal.

What Happened to SockTabs After Shark Tank?

Like most other companies, SockTabs after Shark Tank had more potential customers. They appeared on HSN shortly after, which continued raising their clientele.

They also secured shelf space for their products in various retail stores in Rockford and Chicago, one being Bed Bath and Beyond.

What Happened to SockTabs After Shark Tank

Their sales also increased, and by 2018, most of their products were sold out on their website and Amazon. These remained so until late 2021, when their products were available again on their website.

Tracie Buress also made a book titled “Survive and SUCCEED…From a Brain Aneurysm to Shark”. This book is available on her website and also on Amazon. 

SockTabs Shark Tank Update

In 2022, Tracie partnered with Daymond John to make SockTabs a black-owned fundraising company. On their website, they sell a Shark Tank Fundraiser 3-Pack bag of SockTabs that goes for $24.99. There’s also a combo package that also goes for the fundraiser.

SockTabs Shark Tank Update

Another SockTabs update is that the SockTabs are still unavailable on Amazon. A quick search of their product doesn’t return any of their products. A review on the primary color pack, 1.2oz SockTabs, shows the message “this item is currently unavailable”.

SockTabs today is available on their website, with the available options being only white and black SockTabs. Bling, Neon, and Original SockTabs are still sold out on their website.

SockTabs Net Worth

One crucial piece of information everyone wants to know about aired Shark Tank companies is whether they are profitable and their net worth.This company is profitable and estimated to be making approximately $1 million annually. They are also valued at $1.1 million. 

As of 2022, the owners, Glen and Tracie Buress, had a net worth of $900,000, according to various online sources. 

Is SockTabs profitable now?

SockTabs is profitable and estimated to be making approximately $1 million annually. After securing shelf spaces in most local retail shops, their sales locally also increased.

Is SockTabs profitable now

Final Words

SockTabs has seen a decent progress since their appearance on Shark Tank. One of their achievements was to secure a deal on the show. With the company over four times its worth before Shark Tank, one can say it’s a success story.

While the products have been sold out for some of the years, the company is still in business and running. The owners have also had individual success, with Tracie Buress sharing her story in a book available on her website and Amazon. 

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