Scrub Daddy is a cleaning product company known for producing sponges with a smiley face. It is the third-biggest sponge provider in America and is rated as the most successful business to appear on Shark Tank. Scrub Daddy is a sponge with a smiley face shape that has gained popularity over the last few years.
The sponge takes on different textures depending on the water temperature you use. For example, hot water softens the smiley sponge, while cold water makes it rough. It was founded by Aaron Krause in 2012. The big question is: How much is Scrub Daddy valued and worth today? Keep reading to learn everything about Scrub Daddy.
What is Scrub Daddy?
Scrub Daddy is a cleaning product brand known for its eponymous sponges shaped like a cheerful face. Most items are made of a polymer that changes texture when exposed to water, becoming stiff in cold water and soft in warm water. Scrub Daddy became the product with the highest income, successfully pitched on the ABC reality show Shark Tank in 2019.
The Mastermind behind Scrub Daddy
Aaron Krause, from Wynnewood, Pennsylvania, is the father of Scrub Daddy. He was born on February 1, 1969, in Wynnewood, Pennsylvania. His parents are doctors; his mother was a pediatrician, and his father was a cardiac surgeon. He spent his childhood in Wynnewood, Pennsylvania, and began inventing.
Aaron attended and graduated with a degree in psychology from Syracuse University. Aaron started a car washing business after graduating in 1992, but he was dissatisfied with the quality of buffing pads and damaged the car’s exterior. He received a patent for his high-tech polymer creation.
Genesis of Scrub Daddy
Aaron built the technology needed to make the pads and had custom foam produced by a German business. Aaron chopped it into a two-holed, ridged circular to improve his grasp. This was the beginning of the sponge with a happy face. Krause’s buffing pad company was purchased by 3M, the world’s eighth-largest conglomerate, in 2008.
His notorious sponge, however, was not included in the purchase, and a mound of them was left sitting in a factory. Krause discovered three years later that the sponge hardens in cold water and softens in hot water. Scrub Daddy was formally launched in May 2012 on the home shopping channel QVC.
On Shark Tank
Aaron’s time on QVC was fruitful, as he sold out all his units several times. He was aware, however, that his company needed to reach its full potential. Aaron decided to bring on a strategic partner to expand into retail after watching Shark Tank with his wife. He was only in five supermarkets at the time of the pitch.
Aaron’s tenure at QVC was productive, as he sold out all his units several times. After realizing that a product needs funding to go full retail, he pitched on Shark Tank after watching her wife. He was only in five supermarkets at the time of the pitch. In season four, he appeared and asked for $100,000 in exchange for a 10% share of his business.
The sharks were captivated by Aaron’s passionate presentation. Aaron immediately turned down Kevin O’Leary’s offer of $100,000 for 50%, which sparked the bidding war. Lori Greiner preferred to work alone, but Daymond John wanted to share a deal with her. Aaron Krause graciously accepted Lori’s final offer of $200,000 for 20%!
Scrub Daddy’s Success After Shark Tank
Scrub Daddy sold forty-two thousand sponges in less than seven minutes the day after the episode aired. Bed Bath & Beyond was able to carry the cleaning product, thanks in part to Lori Greiner. Large retail establishments, including Costco, Walmart, CVS, and Target, sell Scrub Daddy.
Scrub Daddy generated over $100 million in revenue by January 2017 and $209 million in lifetime sales by October 2019. Revenue rose by 80% in 2021 compared to 2022, when the company’s revenues exceeded $100 million. Lifetime sales have hit $926 million as of October 2023.
Currently, they are offering over 20 products. Krause increased production by enlarging its manufacturing headquarters to 80,000 square feet to fulfill demand. Viral marketing is how Aaron and his colleagues use TikTok to promote their products.
Scrub Daddy is currently regarded as America’s third-largest supplier of sponges. With this, Scrub Daddy’s projected worth has increased to $250 million from its $1 million valuation before Shark Tank. The value of Lori’s 20% stock share is now $50 million.
In a follow-up episode, Shark Tank disclosed on January 28, 2023, that the company had struck a deal with Unilever. They hope to increase revenues and expand their global reach through the agreement.
Scrub Daddy’s Other Products
Scrub Daddy offers a wide range of excellent cleaning items in addition to their well-known Happy Face sponge. Their product portfolio includes dual-sided sponges, scouring pads, soap dispensers, sink organizers, and home erasers. Scrub Daddy has distinguished itself in the very competitive cleaning product business with its dedication to innovation and quality.
What is Scrub Daddy’s net worth?
How much has Scrub Daddy made? Scrub Daddy is worth $310 million as of 2023. The company earns $82 million in sales annually. It is regarded as the second-most successful product on Shark Tank after Ring (Doorbot). Scrub Daddy is Lori Greiner’s most successful investment.
In 2012, it gained global recognition following its appearance in an episode of the reality television show Shark Tank, wherein Lori Greiner consented to invest $200,000 for a 20% interest in Aaron Krause.
Scrub Daddy Net Worth Timeline
| 2023 | $300 million |
| 2022 | $260 million |
| 2021 | $220 million |
| 2020 | $290 million |
| 2019 | $250 million |
| 2018 | $190 million |
Aaron Krause’s Net Worth
The estimated value of Aaron Krause’s wealth is $70 million. With his wife Stephanie and their two kids, Brycy and Sophie, Krause currently resides in Voorhees Township, New Jersey. Their home is valued at $2.1 million, according to Zillow.com. In 2015, the couple paid $450,000 for the property. Stephanie is the Director of PR and Corporate Event Planning at Scrub Daddy.
Frequently Asked Questions
Q. What is Scrub Daddy’s most famous product?
A. Scrub Daddy’s most known product is its smiley face sponge.
Q. How did Scrub Daddy gain recognition?
A. Scrub Daddy gained fame through its appearance on Shark Tank and the subsequent investment and support from Lori Greiner.
Q. What sets Scrub Daddy apart from its competitors?
A. They differ from their competitors because of their innovative product design, quality, and strong leadership.
Q. Who is the founder of Scrub Daddy?
A. Aaron Krause founded Scrub Daddy.
Q. Which was Srcub Daddy’s founder?
A. Scrub Daddy was founded in 2012.
