Slyde Handboards is a water sports company specializing in bodysurfing equipment. They are designed to give optimal control, as well as provide a great experience for beginners. The boards are made of reinforced fiberglass and come in two different shapes. As a result, they offer superior acceleration and lift. While these handboards are a fun way to learn and practice surfing, they are also a great way to experience the thrill of riding the waves head first.
They are available in over 15 states and the company is now in its second year. In the past, the sales of Slyde dipped to $159,000, but have recently recovered. In addition to the Shark Tank appearance, the business has been spotted on Dick’s Sporting Goods. Additionally, they have gotten some extra attention from Australia. Since the show airing, they have also announced a new line of products.
Initially, Steve and Angela entered the shark tank with a video of happy customers on their boards. However, they were asked about their target audience and were told that their goal was to appeal to people aged 13 to 30. After clarification, the duo revealed that their product was intended to appeal to young people and that they had all of their savings tied into the business.
In the end, Mark Cuban invested a total of $200,000 for a 22 percent stake in Slyde. This gave them an additional US$200,000 to keep the business afloat. When questioned about how they were going to market their product, Angela stated that they would need to educate consumers about the new technology. Their marketing strategy will be essential to building sales through big box stores.
Slyde has been in business since 2010. Steve and Angela have worked hard to keep the company afloat while they have taken on large amounts of debt. With the help of the Shark Tank, they have been able to increase the company’s revenue, but they are still looking for more funding. If they get the support of the Sharks, they could be on their way to making it to the next level.
As of this point, Slyde has a net worth of over $2 million. Although this amount is not a lot for an established business, the duo is planning to invest some of the proceeds into their future. A recent Forbes article claims that Ashton Kutcher and Mark Cuban are the “Slyde dream team” investors.
Despite the success of their products, the duo still have a long way to go to reach their goal of reaching $3 million in sales by 2022. As a result, they are asking for an additional US$200,000 in funding. For the moment, however, they are asking for only 15% ownership in the company.
According to their estimates, the Slyde Grom soft board should generate between $2 and 2.5 million in sales by the year 2022. During their appearance on Shark Tank, they were also able to secure a retail store in San Diego.