Did StepNPull secure an investment on Shark Tank Season 12? Yes, StepNPull successfully secured an investment on Shark Tank Season 12. The entrepreneurs behind the door extension tool accepted a deal with Kevin O’Leary for $300,000 in exchange for a 6% stake in their company.
Summary
- StepNPull, a hands-free door opener, pitched on Shark Tank Season 12.
- The entrepreneurs asked for $300,000 for 3% equity.
- They secured a deal with Kevin O’Leary for $300,000 for 6% equity.
- The product addresses hygiene concerns and helps prevent the spread of germs.
- The investment will likely help StepNPull expand its reach and production.
StepNPull Shark Tank Update | Shark Tank Season 12
What is StepNPull?
StepNPull is an innovative, hands-free door opener designed to promote hygiene and reduce the spread of germs.
It’s a simple yet effective tool that attaches to the bottom of a door, allowing users to open it with a gentle step instead of using their hands.
This is particularly useful in high-traffic areas like offices, hospitals, and schools, where minimizing contact with door handles is crucial.
The Problem StepNPull Solves
Traditional door handles are notorious breeding grounds for bacteria and viruses. Every time someone touches a handle, they risk picking up or spreading germs.
StepNPull tackles this issue head-on by eliminating the need for direct hand contact. This helps to create a cleaner, safer environment and reduces the likelihood of illness transmission.
StepNPull’s Shark Tank Journey
1. The Pitch on Shark Tank Season 12
| Entrepreneurs | Mike Sewell and Katie Richardson |
|---|---|
| Business | StepNPull |
| Ask | $300,000 for 3% equity |
| Deal | $300,000 for 6% equity |
| Sharks | Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Kevin O’Leary |
| Season | 12 |
| Original Air Date | March 19, 2021 |
| Website | StepNPull |
| Key Points of Pitch |
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| Why Sharks Accepted |
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2. The Original Ask
Mike and Katie entered the Shark Tank seeking $300,000 in exchange for a 3% stake in their company. This valuation placed a high value on their product and its potential in the market.
3. The Sharks’ Reactions
The Sharks were impressed by the simplicity and practicality of StepNPull. They acknowledged the importance of hygiene, especially in the wake of the COVID-19 pandemic.
Several Sharks expressed concerns about the product’s market size and potential competition. However, they also recognized the ingenuity behind the invention and its potential to make a positive impact.
4. The Final Deal
Ultimately, Kevin O’Leary, known for his sharp business acumen, saw the value in StepNPull. He offered $300,000 for a 6% stake in the company, doubling the equity initially requested.
Mike and Katie, recognizing the value of O’Leary’s expertise and network, accepted the deal, marking a significant milestone in their entrepreneurial journey.
The Investment
1. Deal Details
StepNPull secured a $300,000 investment from Kevin O’Leary in exchange for a 6% equity stake in their company. This deal valued the company at $5 million, a testament to the Sharks’ belief in the product’s potential.
2. Investor: Kevin O’Leary
Kevin O’Leary, also known as “Mr. Wonderful,” is a seasoned investor and entrepreneur with a reputation for driving hard bargains.
His investment in StepNPull not only provides the company with much-needed capital but also access to his vast business network and expertise.
3. What the Investment Means for StepNPull
The investment from Kevin O’Leary is a game-changer for StepNPull. It opens doors to several opportunities that can accelerate the company’s growth and success.
- Financial Boost: The $300,000 injection provides StepNPull with the resources to scale up production, expand its marketing efforts, and invest in further product development.
- Strategic Guidance: O’Leary’s experience and business acumen will be invaluable in helping StepNPull navigate the challenges of growing a business. His guidance can help the company make informed decisions about marketing, distribution, and expansion.
- Enhanced Credibility: Having a Shark Tank investor on board lends credibility to StepNPull, making it easier to attract further investment, secure partnerships, and gain consumer trust.
- Increased Visibility: The Shark Tank appearance and subsequent investment have put StepNPull in the spotlight, generating significant media attention and public interest. This exposure can lead to increased sales and brand recognition.
Overall, the investment from Kevin O’Leary positions StepNPull for significant growth and success in the hygiene and health-conscious market. With the financial backing and strategic guidance of a seasoned investor, StepNPull is well-equipped to make a lasting impact.
StepNPull’s Future
1. Product Development and Expansion
With the Shark Tank investment, StepNPull is poised for exciting advancements. The company plans to further refine its product design, exploring features like adjustable heights and finishes to cater to a wider range of doors.
Expansion into new markets, including healthcare facilities, educational institutions, and commercial spaces, is also on the horizon.
2. Market Potential
The global focus on hygiene and infection control presents a massive market opportunity for StepNPull.
Businesses and individuals are actively seeking solutions to minimize germ transmission, and StepNPull’s hands-free door opener addresses this need directly.
Its ease of installation and affordability make it an appealing option for a wide range of customers.
3. Impact of the Shark Tank Exposure
The Shark Tank appearance has propelled StepNPull into the public eye, boosting brand awareness and generating interest from potential customers and investors.
This exposure can lead to a significant increase in sales and market share. Furthermore, the endorsement from a respected investor like Kevin O’Leary adds credibility and trustworthiness to the brand.
StepNPull’s journey exemplifies the power of innovation and entrepreneurship. With its practical solution to a common problem and the backing of a Shark Tank investor, StepNPull has a bright future ahead.
As the world continues to prioritize health and safety, StepNPull’s hands-free door opener has the potential to become a ubiquitous tool in our everyday lives.
FAQs
Where can I buy StepNPull?
StepNPull is available for purchase on their official website and through select online retailers.
How does StepNPull work?
StepNPull is a foot-operated door opener. It attaches discreetly to the bottom of a door. When you step on the lever, it pushes the door open, allowing hands-free entry.
Is StepNPull easy to install?
Yes, StepNPull is designed for easy installation. It typically requires only a few basic tools and can be installed in minutes without professional help.
What materials is StepNPull made from?
StepNPull is crafted from durable materials like stainless steel and aluminum, ensuring longevity and resistance to wear and tear.
Is StepNPull suitable for all types of doors?
StepNPull is designed to work with most standard inward-opening doors. However, it’s always best to check the product specifications and compatibility information before purchasing.
The Bottom Line
StepNPull represents a clever solution to a common problem. It promotes hygiene, reduces the spread of germs, and offers convenience in various settings. With the Shark Tank investment and growing awareness of health and safety, StepNPull is well-positioned for continued success. It’s a testament to the power of simple yet effective innovations that address real-world needs.
