Sparketh Shark Tank Update

Sparketh Shark Tank Update

Sparketh, an online art course platform for kids, was founded in 2014 by Dwayne Walker and Tim Samuel. The company provides over 1,000 art video lessons covering techniques, drawing, painting, and more.

In 2021, Sparketh appeared on the ABC reality show Shark Tank seeking an investment of $100,000 for 8% equity in the company. At the time, the company was generating around $300,000 in annual sales but was not profitable. 

However, Barbara Corcoran and Daniel Lubetzky offered $100,000 for 20% equity, contingent on Sparketh becoming profitable within 6 months. Dwayne and Tim accepted their offer, marking their first outside investment as they looked to scale the business. But what is the Sparketh Shark Tank update now? Let’s find out. 

Sparketh Shark Tank Profile

Sparketh Shark Tank Profile

Here’s an overview of Sparketh Shark Tank profile. Check the table below to get a quick insight into the company. 

What is the company name?Sparketh
Who are the founders?Dwayne Walker and Tim Samuel
When was it founded?2014
What is their product?An online art course platform for kids
Which Shark Tank episode?Season 13 Episode 3
When was Sparketh on Shark Tank?The episode aired on Oct 22, 2021
What was the asked investment?$100K for 8% equity
What was the final deal?$100K for 20% equity based on contingent on making a profit within 6 months
Which Sharks invested?Barbara Corcoran and Daniel Lubetzky
What is the company’s current status?Active and In Business
What is the website?Go to the Website
Where is the company headquarters located?Atlanta, Georgia, United States
What is the company’s lifetime worth in salesEstimated around $2M
Where can I buy their product?Subscribe for monthly and annual plans on their website
What are their subscription plans?$25 per month, with a 30-day trial and $250 per year
Where can I watch the pitch?DIRECTV or Apple TV, Vudu, Amazon Prime Video, Microsoft Store, and Google Play Movies

What Happened to Sparketh After Shark Tank Episode?

Dwayne Walker and Tim Samuel asked for a $100k investment for 8% equity in their company. Finally, Dwayne and Tim from Sparketh got a deal on Shark Tank from Barbara Corcoran and Daniel Lubetzky. The final deal was $100,000 for 20% equity contingent on being profitable in 6 months. 

What Happened to Sparketh After Shark Tank Episode

Shortly after the episode aired, Barbara and Daniel tweeted about the deal, but their websites had no Sparketh update.

Sparketh issued a press release a few days later indicating the deal was moving forward. However, as of August 2022, there was no evidence the deal had officially closed. The key metrics mentioned on the show, like revenue and customer acquisition cost, suggest Sparketh hit its 2021 revenue goal of $500,000.

Sparketh Net Worth

It is difficult to determine an accurate net worth for Sparketh as the company is privately held and has not publicly disclosed detailed financial information. In their Shark Tank pitch, the founders said Sparketh had 2018 sales of $110,000, 2019 sales of $75,000, and 2020 sales of $300,000. They projected 2021 sales of $500,000.

Assuming Sparketh met its 2021 revenue goal of $500,000. As an ed-tech company with relatively high margins, this could translate to around $100,000-$150,000 in 2021 net income. This assumption comes from using a typical net margin of 20-30% for the industry.

The founders also said in their pitch that they were breaking even then but could be profitable if they wanted to. So Sparketh’s net worth in 2021 was likely around their estimated net income of $100,000 to $150,000 that year.

There has been no public update on their revenue or profits since Sparketh’s Shark Tank episode appearance. Without any new financial information, their 2021 to 2023 net worth remains difficult to estimate accurately. Depending on the investors ‘ influence, it is likely somewhere in the $500,000 to $2M range based on earlier revenue projections or more.

However, these estimates are based on limited information released during Sparketh’s Shark Tank pitch in 2021. The true net worth of the company could be higher or lower based on its actual revenue and expenses in recent years. The estimates should be considered rough approximations to give a general idea of Sparketh’s potential net worth.

Is Sparketh Profitable Now?

Sparketh Shark Tank update shows the business is still active and ongoing. Though they have little social media presence, their website still receives thousands of visitors per month, indicating demand for their product.

Sparketh has updated its pricing model since its Shark Tank appearance, now offering monthly and annual subscription plans:

  • Monthly Plan – $25 per month, with a 30-day trial
  • Annual Plan – $250 per year

Their membership includes two student accounts, with the ability to add more students for an additional $5 per month per student. This new pricing model indicates they are focused on scaling their subscription revenue.

Is Sparketh Profitable Now

However, as a private company, Sparketh has not disclosed any detailed financial information regarding its revenue, expenses, or profitability. No public metrics confirm whether or not they are currently profitable.

Overall, Sparketh appears to be operating as an ongoing business, their current level of profitability remains unclear. It is because of the lack of publicly available financial data. 

If you’re interested in more Shark Tank updates, be sure to check out our articles on Larq and Dirty Cookie. Our Larq Shark Tank update explores the innovative self-cleaning water bottle that gained the attention of the Sharks, just like the success story of Sparketh. Additionally, our Dirty Cookie Shark Tank update highlights the delicious and customizable cookie shots that became a hit on the show. Discover the inspiring journeys of these entrepreneurs and their exciting Shark Tank experiences.

Conclusion

The status of Sparketh today and its progress is still a mystery since its appearance on season 13 of the ABC reality show: Shark Tank. Their founders, Dwayne Walker, and Tim Samuel, accepted a deal from Barbara Corcoran and Daniel Lubetzky for $100,000 for 20% equity contingent on becoming profitable within 6 months.

They had some adjustments to their pricing model to monetize more through their subscription plans. But their level of success is still hard to track. 

By the way, the details of the deal with Shark Tank remain unknown. But, Sparketh continues offering online art courses to children, leaving room for potential growth as they refine their business model.

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