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Discover How Snoofybee Grew Their Net Worth to Millions
Changing diapers can be quite tricky, especially when you have an incredibly curious baby. For this reason, parents Amy and Michael created Snoofybee.
The company’s baby changing mat keeps a baby from touching his poop by distracting him with toys and teethers. This unique idea earned them a spot on Shark Tank.
After the stint, Snoofybee net worth improved, and product sales increased.
How much Snoofybee’s value changed will be answered in the following sections.
Snoofybee At a Glance
First up, let’s take a look at some quick facts:
- Business: Baby changing mat and other accessories
- Founders: Michael and Amy Perry
- Business Location: Albany, Oregon
Snoofybee Net Worth
Snoofybee has made impressive sales after its launch.
In 2015, the company sold items worth $140,000. The following year, sales amounted to $400,000.
After appearing on Shark Tank in November 2017, the sales increased to around $650,000.
It’s also worth noting that Snoofybee’s value improved from $850,000 pre-Shark Tank to its current valuation of $1 million.
Plus, the company makes $1 million in annual revenues.
About Snoofybee
Snoofybee is a producer of changing mats with 3-in-1 functionality. The changing pad provides a head cushion, a redirection barrier, and a carrying case for portability.
The barrier is soft and foldable, which you can wrap around your baby’s waist. For entertainment, you can fill it with toys and teethers while making diaper changes.
Beginnings
Husband and wife Michael and Amy Perry founded SnoofyBee. From being experienced parents, they often find diaper changes difficult.
Once they remove the diaper, their baby tends to grab at whatever he can, including his poop. This habit gave Michael and Amy the idea of a changing mat that provides a distraction.
The team enlisted the help of a family member who sewed the first Snoofybee. They would bring the changing mat on most occasions, which instantly caught the eye of other parents.
Because of the surge in interest, Michael and Amy decided to mass-produce the item through a manufacturer abroad.
Naturally, they wanted to place a bulk order to lower the production cost, which meant needing capital.
For that reason, the duo turned to Kickstarter for funding. From 2800 backers, they raised $120,000 on a target of $15,000.
Afterward, the team placed an order for 10,000 changing pads. Sadly, that didn’t go quite as planned as 3000 pieces had defects.
Amy and Michael had to hire people to work on the issues before selling the items.
Shark Tank Appearance
In 2017, Michael and Amy pitched Snoofybee on Shark Tank. They asked for an $85,000 deal in exchange for 10% equity.
At the time, the item costs $6 and sells for $29.99. However, 40% of the sales go to marketing efforts.
On top of that, the team was still waiting on the patent for the redirection barrier.
Because of that, Kevin O’Leary offered $85,000 for 20% of the company, but provided they successfully patent the redirection barrier. The shark also wanted Snoofybee licensed to a large retailer.
Robert Herjavec upped the offer to $125,000 for a 25% stake in the company and a condition to release other products.
In the end, they took a deal with Lori Greiner for $120,000 in exchange for 20% of the business.
After Shark Tank
The supposed partnership with Lori didn’t push through for some reason.
Even then, Michael said in an interview with Business2community that the Shark Tank exposure paved the way for an increase of as much as four times in sales.
Snoofybee has released new products too. That includes chewy buckle teethers, an earth-friendly diaper bag dispenser, and suction-cup bowls.
Key Takeaways
Amy and Michael took inspiration from their diaper-changing struggles and turned Snoofybee into a successful business.
Now, Snoofybee net worth is at $2 million. With a mission to help busy parents like themselves, they continue to develop and bring new items to the market.
