Solemates: What Happened To The Brand After Shark Tank?

Not all entrepreneurs on "Shark Tank" get what they initially want, but that's not always a bad thing. Monica Ferguson and Becca Brown had a successful plan and future in mind when they appeared on the show. Their company, Solemates, was created to help heel users walk across various types of ground without sinking or harming their heels. Their hero product, the High Heel Protector, can work on surfaces like cobblestones and grass and provide support so the wearer doesn't experience discomfort or missteps.

Solemates had been around for several years before the founders debuted on "Shark Tank," with many of its sales coming from retailers like Amazon and Zappos. Although its sales report seemed promising, it didn't appeal to all of the Sharks. Despite competition from other products that cater to women's shoes and foot care, the female-founded company managed to get the attention of two Sharks in Season 8.

When business partners Monica Ferguson and Becca Brown pitched Solemates to the Sharks, there was plenty of interest. All of the Sharks, except for Mark Cuban, tried on the product and were impressed with its practicality and availability on the market. In addition to the product's usefulness, the owners revealed that it had generated $1.1 million in revenue in the previous year and was projected to make as much as $1.5 million in the current year.

Although these numbers appeared to indicate a promising investment opportunity, Ferguson and Brown disclosed that their business was hardly making a net profit. Despite significant sales, Solemates was barely breaking even. With this information in mind, only two sharks, Robert Herjavec and Kevin O'Leary, were willing to make offers. O'Leary offered the pair a $100,000 investment, along with a $400,000 loan in exchange for 10% equity. Herjavec offered the team their desired $500,000 investment for 25% equity. After negotiation, the pair settled with Herjavec for 20% equity, and everything seemed to be a prosperous exchange.

Although Monica Ferguson, Becca Brown, and Robert Herjavec seemed to come to an agreement, it wasn't long-lasting. Shortly after their appearance on "Shark Tank," viewers discovered that the founders backtracked on their deal and no longer wanted to include Herjavec. While neither party gave an official explanation, it's believed that the pair didn't want to give up a significant portion of the company. During their initial negotiation with Herjavec, the team emphasized their desire to maintain majority control.

Although they lost out on their $500,000 investment, Solemates experienced significant success after the founders' appearance on the show. In 2018, they made a total of $1.8 million in sales. Shortly after, they also partnered with the retail brand CVS. In an interview with Business 2 Community, Ferguson revealed, "Since the first episode aired, our sales have been significantly stronger, the volume of international distributors has grown, and lots of retailers are interested in speaking with us." With a significant increase in visibility and accessibility, there's no doubt that Solemates managed to push forward despite the initial setback.

Fortunately, Solemates is still in business for those looking to protect their heels. In addition to the company's original platforms, it now sells its flagship product in places like CVS and its e-commerce site. During their appearance on "Shark Tank," the founders showcased the High Heel Protector. However, Solemates has expanded its line of products to include other foot-care items. Its latest offerings include blister balms, weather protection, sole guards, and more. The company reportedly earns an annual revenue of $2 million with all these products.

Since becoming popular, the company has gained some critical ambassadors and clients. Celebrities such as Oprah Winfrey and Demi Lovato have shown their support for the High Heel Protector. Solemates also revealed via Instagram that singer Carrie Underwood is one of its customers, showcasing the star wearing the heel protectors on stage during a performance. Although its clientele is specific, Solemates has found its way into a sector of the shoe industry by increasing the lifespan of heels and making users feel comfortable and confident. The High Heel Protector has made plenty of lifelong fans.

Considering Solemates' success since appearing on "Shark Tank," it's reasonable to believe that the company will continue to grow. With the release of many additional products, the company's customer base has expanded even further. While the public may not know much about the future of Solemates or what new items are in development, its offerings are still available on its website and on Amazon. Although Solemates' most prominent social media account, Instagram, has been inactive since 2022, its presence has expanded globally.

Despite an unsuccessful stint on "Shark Tank," Solemates has grown as a business, with the founders boasting a reported net worth of $2.4 million in 2023. Monica Ferguson and Becca Brown have used their exposure to increase brand awareness and create loyal customers. With a national partner in CVS, it's no surprise that Solemates is found in many prominent places in the United States. "We are in the process of working with a number of new retailers as well as building an awesome new ecomm site," Ferguson told Business 2 Community.