Following its successful inception by 13-year-old entrepreneur Sofia Overton in 2013, WisePocket Socks emerged, offering uniquely designed socks with interior pockets.
Sofia drew inspiration for the Pocket Socks after witnessing her cousin place a phone in her boot. This sparked the idea, leading Sofia to create prototypes for testing. The final prototype was solidified between November and December 2017, after extensive testing.
In January 2018, an IndieGoGo campaign was launched, raising $10,006 and successfully fulfilling all orders by May 2018.
To expand the business, Sofia sought an investment on Shark Tank Season 11 Episode 11, proposing $30,000 for a 15% stake at a $200k valuation.
What Is Wise Pocket?
WisePocket is a renowned retail brand that specializes in offering patented pocket socks, revolutionizing the world of apparel and fashion. These exceptional socks boast a distinctive design that has captured widespread attention, particularly among children and young individuals.
The remarkable attribute of these socks is the integrated pocket, providing a convenient solution for storing small essentials like phones, documents, Air Pods, and various other items.
These innovative socks are priced at an average of $18 per pair and are conveniently accessible for purchase on the company’s official website.
Founder Of WisePocket?
Sofia Overton serves as the Founder and CEO of WisePocket Company. Sofia embarked on her entrepreneurial journey at the age of 13, laying the foundation for her business venture.
How Did WisePocket’s Shark Tank Pitch Go?
After stepping into Shark Tank, Sofia presented her business to the Sharks and secured an investment of $30,000 for a 15% stake. In the inception of her business, Sofia invested a total of $10,000, utilizing $5,000 from her personal savings and the remaining $5,000 from her business pitch.
The production cost of the socks stands at $5.47, selling for $15 at retail and $11 at wholesale. Following negotiations, both Daymond John and Lori Greiner joined forces, proposing $30,000 for a 33.3% ownership stake.
Sofia countered their offer, suggesting $30,000 for a 25% equity share, a proposition to which the Sharks ultimately agreed.
What Happened To Wise Pocket Socks After Shark Tank?
WisePocket Socks successfully secured a deal on Shark Tank. While a licensing agreement had been mentioned in relation to this business during the show, no concrete evidence or confirmation of this arrangement has been discovered post the Shark Tank appearance. Additionally, the precise revenue figures for the business have yet to be determined.
This company will no longer be available as of August 2023. This company’s official website is not yet accessible.
Update on Wise Pocket Socks from Shark Tank
Following the airing of the Shark Tank episode, the sales of this sock brand experienced a notable surge for a month. However, there was no sustained improvement in sales beyond that period. As of now, it seems that the company has ceased its operations.
What Is the Net Worth of WisePocket?
WisePocket is estimated to have a net worth of $1 million. While pocket socks have been in the market for a while and numerous companies produce and sell similar products, establishing success as a new brand in this industry might pose considerable challenges.
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Is WisePocket Still In Business?
WisePocket commenced its operations in 2013, but unfortunately, the business couldn’t sustain itself over the long term. As of now, the company is no longer operational. Its former headquarters were situated in Solana Beach, California, United States. As of August 2023, WisePocket has ceased its business activities.