ShowerPill – Body Wipes
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 28, 2018
Asking For:
$300,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
ShowerPill offers individually wrapped, extra-thick body wipes designed for athletes to freshen up post-workout without the need for a traditional shower.
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Background Story
The founders, Wendell Hunter, Wale Forrester, and Justin Forsett, all former athletes from the University of California, Berkeley, created ShowerPill to address the common issue of athletes not showering immediately after workouts. Despite their commitment to health and fitness, they found themselves guilty of neglecting post-exercise hygiene.
The idea for ShowerPill was born out of this shared experience. The founders, all with backgrounds in professional sports (NFL players), decided to develop a convenient solution that would allow athletes to freshen up on the go. Their product gained validation from former UFC champion Miesha “Cupcake” Tate, who demonstrated its use on the show.
The Product
ShowerPill’s key product is an individually wrapped body wipe that is extra thick, hypoallergenic, pH balanced, and free from parabens, sulfates, or alcohol. The wipes are designed for a quick and effective full-body wipe-down, eliminating post-workout odor and preventing the spread of sweat-related germs.
The founders emphasize the convenience of ShowerPill for athletes who may not have immediate access to a shower after exercising. Priced at 99 cents each or $9.99 for a box of 10, the wipes offer a cost-effective solution for maintaining hygiene on the go. The founders have expanded their product line to include variations to meet customer needs.
How It Went
The company’s position before Shark Tank
Since its inception in 2014, ShowerPill has shown almost 100% year-over-year growth for the past three years, reaching nearly $300,000 in sales the previous year. With a gross margin of 60%, the company claims profitability and reinvests earnings back into the business for growth. They have secured a letter of intent from Pharmaca, a boutique pharmacy, and are in talks with major airlines and the military for potential partnerships.
The founders express confidence in their vision to become an iconic brand in the hygiene industry, akin to the status of Gatorade in the sports drink market. The company has focused on e-commerce sales but aims to expand into retail.
The Negotiations:
The negotiations took a turn when the sharks probed the founders about their financials. While ShowerPill claimed almost $300,000 in sales the previous year and projected significant growth, the sharks expressed confusion about the founders’ understanding of their financial numbers. Mark Cuban and Lori Greiner were critical of the founders’ ability to articulate their net margins and questioned the clarity of their financial strategy.
Despite the enthusiasm for the product and the founders’ genuine passion, the lack of clear financial insights led to skepticism among the sharks. Eventually, all sharks, including Robert Herjavec, went out, citing concerns about the founders’ grasp on their financials. The sharks advised the founders to bring in an experienced CFO or financial expert to enhance their business acumen. While the sharks appreciated the product and the founders’ passion, the inability to articulate their financials effectively ultimately led to the failure of the negotiation.
