After their appearance on Shark Tank, Rapid Rope, a family-owned business founded by Geanie Rogers and Chris Rogers in 2017, saw significant developments and growth. The business was established as a solution to the common problem of ropes getting tangled and knotted during outdoor activities such as camping, hunting, and fishing. Chris, an outdoor enthusiast, invented Rapid Rope to address this issue.
To expand their business, the Rogers family decided to seek an investment on Shark Tank during Season 11, Episode 12. They presented their product, , to the Sharks, seeking $200,000 for a 20% equity stake in the company, valuing it at $1 million.
What Is Rapid Rope?
Rapid Rope is a durable and versatile rope that comes in a shatterproof canister, featuring a built-in rope cutter. This innovative design prevents the rope from tangling and simplifies the cutting process. The company claims that their rope can withstand a weight of up to 1100 pounds. It is available for purchase at $24.95 for a 120-foot length on both Amazon and the company’s website.
Founders of Rapid Rope
The founders of Rapid Rope are Geanie Rogers and Chris Rogers, a husband-and-wife team who run the business together. Geanie is a nurse, and Chris works as a lineman.
Shark Tank Pitch
When the Rogers family appeared on Shark Tank, they incorporated a creative zombie-themed presentation to showcase their product. They asked the Sharks for $200,000 in exchange for a 20% equity stake. At that time, the business had been in operation since 2017 and had accumulated lifetime sales of $172,000, with 60% of sales coming from retail partners like Duluth Trading and 40% from online sales.
The breakdown of costs for Rapid Rope included a retail cost of $24.95, a wholesale cost of $14.97, and a production cost of $5.65. While Rohan Oza did not invest in the business, he pledged to donate $10,000 to a school.
Barbara Corcoran made an offer of $200,000 for a 30% equity stake in the company. Geanie countered with a 25% equity offer, but Barbara declined. Ultimately, the Rogers family accepted Barbara’s offer.
What Happened After Shark Tank
Following their successful pitch on Shark Tank, Rapid Rope secured a deal with Barbara Corcoran. With Barbara’s investment, they aimed to expand their business further. As promised, Rohan Oza donated $10,000 to a school, fulfilling his commitment.
Chris Rogers’ interviews appeared on various channels, providing additional exposure and momentum to their business. In October 2021, the company introduced a new product—a mini canister containing a 70-foot rope.
Rapid Rope continued to make strides in the market. In February 2023, they participated in the Western Hunting Expo, further promoting their brand. In June 2023, the company entered into a partnership with Lowe’s Home Improvement, a prominent American retail company. As of September 2023, theyreported lifetime sales of $2.5 million.
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Rapid Rope Shark Tank Update
While several years have passed since their appearance on Shark Tank, no official updates or information have been released by the show or the company. The status of the business and its progress beyond the initial investment remains undisclosed.
Net Worth of Rapid Rope
Their estimated net worth is $1 million. The rope market is estimated to be valued at $13.60 billion in 2023, indicating significant growth potential for the industry.
Is Rapid Rope Still in Business?
Yes, they continues to operate successfully as of September 2023. The product remains available for purchase on the company’s website and is also sold on Amazon. their is headquartered in Eagle, Idaho, United States, and employs between 5 to 10 people.
In conclusion, Rapid Rope, with its innovative and practical solution for outdoor enthusiasts, not only secured an investment on Shark Tank but also continued to thrive in the market. Its ongoing success, partnerships, and expansion efforts highlight the demand for such innovative products in the outdoor and recreational industry.
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