A wedding ring is a nice way to remember a wonderful time in your life. Did you know, though, that wearing one can be dangerous? With this in mind, Aaron Dalley and Brighton Jones made Enso Rings, which are a safer alternative.
They talked about the product on “Shark Tank,” and Robert Herjavec agreed to buy it. Let’s see how much Enso rings are worth right now.
Who Is The Owner Of Enso Rings?
Brighton is married and loves being outside, which is where he came up with the idea for the product. He slipped and almost fell while climbing. For a short time, he used his wedding ring to hold on to a rock with one finger. His finger could have been cut off if the rock hadn’t broken first.
After telling his old friend Aaron about it, they decided that traditional wedding rings were not safe for many tasks. Soon, the guys had an idea for a business, and they decided to make cool silicone rings.
They were called Enso Rings, and they looked like regular wedding bands, but they were softer and safer. The company started up in 2016, and in just 18 months, it made $3.8 million in sales.
Shark Tank Appearance
Aaron and Brighton wanted to bring on a new investor so they could grow their business. They went on Season 9 of Shark Tank in 2017 and asked for $500,000 in exchange for 7.5% of the company.
During the pitch, the two men talked about a safety risk called “ring avulsion,” which happens when a piece of jewellery cuts off the finger of its owner. Three shirtless bodybuilders did the demo, which made Barbara excited but not about the product itself.
Kevin O’Leary and Robert Herjavec were the two sharks who fought for the deal. Kevin’s offer was fair, but it was hard to understand. The founders accepted Robert’s simple offer of $500,000 for 15% of the company. This was one of the few times Kevin had the best offer but didn’t get picked. Most of his royalty deals are for the rest of his life.
What Happened After Shark Tank?
Unfortunately, it looks like the deal with Robert never went through, and his personal website doesn’t list it as an investment. This doesn’t come as a surprise because Robert invested in the product without fully understanding it.
Sharktankrecap.com says that Enso Rings made $2 million in sales after their episode of Shark Tank aired. It was hard to keep up with the huge increase in orders, but sales went back to normal after a few months.
Because of this success, the company started selling fashionable silicone bracelets in sizes like thin, halo, stackable, and accent. They added new lines for Harry Potter, Disney, Pixar, Star Wars, and more to make their rings stand out.
You can find them at Walmart, Ensorings.com, Amazon, and Target. On Amazon, the rings are selling like hotcakes, and most of the products have more than 4 stars. The business was one of the fastest-growing private companies in the US and made it onto the Inc. 5000 list for 2020.
Enso Rings made $23.9 million in sales in 2019, but recent sales numbers have not been made public. The company didn’t make the Inc. 5000 list for 2021, so growth may have slowed down.
Enso Rings Net Worth?
After Enso Rings appeared on Shark Tank, the company got a lot more customers, and 60,000 orders brought in $2 million. Since the prices of the rings range from $11 to $39.99, there is a big chance of making a profit.
Since it began, the company has grown and sold more than 2 million rings. At the moment, the company is thought to be worth around $20 million.
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