What happened to The Mad Optimist after Shark Tank?
Custom soap and bath products company, The Mad Optimist, has remained in business since it was pitched on Shark Tank in 2023. This is despite facing its fair share of teething problems after the show. The business's proprietors received a $60,000 investment from Mark Cuban for a 20% stake.
Source: Facebook
TABLE OF CONTENTS
Key takeaways
- The Mad Optimist appeared on Shark Tank, Season 11, episode 24, where they secured $60,000 for 20% equity from Mark Cuban.
- The company's annual revenue grew to approximately $1 million by early 2023, up from $97,000 at the time of their pitch.
- After their appearance on Shark Tank, the company has expanded their product line to include shampoos, balms, body mists and bath soaks.
- The Mad Optimist continues to donate all profits made on the Day of Ashura and has once raised $80,192 for donation.
Explore The Mad Optimist's journey after Shark Tank
After appearing on Shark Tank Season 11 in May 2020, The Mad Optimist has continued to operate successfully despite initial difficulties. Following their appearance on Shark Tank, the company experienced a significant increase in sales, which in turn led to additional shipping challenges and delays, causing an order backlog as long as five months.
Since then, the company has expanded its product line to include balms, shampoo, body mists and bath soaks. It also remains committed to its ethical business model, producing all-natural, vegan-friendly, cruelty-free, gluten-free, and non-GMO soap. The business's unique pricing and one-pay-for-all wage for all its employees remains central to its operations.
Source: Facebook
How much revenue has The Mad Optimist earned?
According to Shark Tank Recap, the company's yearly revenue reached approximately $1 million as of early 2023, a significant increase after their appearance on the reality TV show. During their pitch, the company's co-owner, Mohammed M., revealed that The Mad Optimist had been up and running for 11 months and had made $21,000 in bar soap sales and $97,000 in total sales.
How does Mad Optimist give back?
Created by Shia Muslims who observe the Day of Ashura, the company donates all online sales and profit made on that date. Past recipients have included the National Coalition for the Homeless, Masjid al-Rabia, and the International Rescue Committee.
Their Shark Tank deal included an agreement to donate 100% of the sales from their 15 May 2020 Shark Tank episode to charity. Sales made between 8 pm and 3:00 a.m. Eastern time on that date were about $80,192.
Source: Facebook
Who owns the Mad Optimist?
The Mad Optimist is owned and operated by its three co-founders, two brothers, Mohammed A. and Mohammed M. Mahdi, and Anthony Duncan. Originally named the Soapy Soap Company, the company, which started in 2012, specialises in custom, all-natural, and vegan body care products.
Did Mark Cuban invest in The Mad Optimist?
The company's founders entered Shark Tank to seek $60,000 for 10% equity. After some back-and-forth, Mark Cuban offered $60,000 for 25% before they settled on the final 20%.
Mark Cuban's investment in The Mad Optimist during their appearance on Shark Tank was inspired by their ethical business models, including their openness about their revenue. He said;
What really caught my attention, which I think has not been done anywhere, is showing your revenues, having the slider on price, so people could pick your pricing.
Is The Mad Optimist still in business?
The Mad Optimist is one of the many successful businesses featured on Shark Tank that are still in business. It currently offers its customers an expanded line of custom soaps and other body care products online.
Customers can find these products at its physical location in Terre Haute, Indiana. Alternatively, they can order the products online through the company's website and Amazon.
Is Mad Optimist profitable?
Although The Mad Optimist has continued to grow, it is unclear whether the business is profitable. The company has remained in business and expanded its product offerings since its Shark Tank appearance in 2020. As per the company's humanifesto, its current monthly sales stand at $1,071.67.
The Mad Optimist is a revolutionary hygiene company that offers each of its customers a customisable body care product at their own price point. Since appearing on Shark Tank Season 11, episode 24, the business has remained in business, making approximately $1 million as of January 2023.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
