Nicholas Michalak knew that many people couldn’t breathe well while they were sleeping.
He must have heard about their struggle from family and friends, and he believed he could offer them a product that would significantly improve their life quality and help them sleep better.
With his innovative idea and passion, Michalak seemed like the perfect candidate for Shark Tank, so did he make it?
This article will tell you about Somnifix net worth and its current situation, so let’s dive in.
Somnifix Net Worth
Somnifix is currently valued at a net worth of $3 million.
The company’s founder Nicholas Michalak joined Shark Tank, asking for $500,000 in exchange for 10% of his business to expand his operations.
By the time Somnifix joined Shark Tank, the company had been in the market for just nine months and was able to generate $350,000 in revenue from selling the products.
Somnifix produces innovative strips that people can use on their mouths. By sealing their lips, people are forced to breathe through their noses while sleeping, which can improve sleep quality and help with snoring.
Moreover, each strip has a valve that allows people to sleep comfortably if they can’t breathe through their noses.
This happens when someone has a clogged nasal cavity or a deformity that prevents them from breathing naturally.
The strip is also suitable for people with sleep apnea and uses CPAP to aid breathing while sleeping.
So, those who use nasal masks or pillows can enjoy better benefits by combining this product with the accessories they already use.
Michalak produced one box of the strips for $8 and was hoping to sell it for twice as much. He and his family have already invested more than $1.5 million in the business.
Still, he wanted to increase his profit margin by improving his production process with the Shark Tank’s funding.
Shark Tank’s Reaction
Although Somnifix seemed like a good product, after pitching his idea, Michalak couldn’t impress the Shark Tank’s committee. Four Sharks dropped out, and his only hope was Mark Cuban.
Cuban finally offered the funding Somnifix asked for but in exchange for 20% of the business. With no other option available, Michalak had to accept the offer.
Yet, things didn’t go smoothly for the potential partners, as Cuban never finalized the deal, leaving Michalak without the funding he hoped for. However, the company has been going strong since then, and people seem to like the products and find them helpful.
So, you might want to give them a try if you suffer from a sleep problem. The company’s website is regularly updated, and you can buy the products online to test them yourself.
Although Shark Tank represented an excellent opportunity for entrepreneurs, one didn’t have to secure funding to become successful. Somnifix didn’t succeed according to Shark Tank’s measures, but the company has been going strong since it was founded, offering products that can literally change people’s lives.