RigStrips Net Worth 2024 Update & Their Shark Tank Pitch!

RigStrips, a revolutionary magnetic strip product founded by Zhach Pham and Steven Graf, aired on the 16th season of Shark Tank USA in 2024. The founders were seeking $300,000 for 7.5% equity. However, they secured a deal with Todd Graves, which was $300,000 for 15% equity, valuing the company at $2 million. In this article, we will explore RigStrips’ net worth in 2024, details of the Shark Tank pitch, and more.

RigStrips Net Worth 2024 & Financial Overview

After the show aired, the company experienced significant sales, with an estimated growth rate of 10% per year. Based on the company’s yearly growth rate and valuation after the Shark Tank show, RigStrips Net Worth is estimated at $2.5 million in 2024.

Shark Tank RigStrips Pitch

Skiers and snowboarders, including entrepreneurs Steven Graf and Zhach Pham, often face a problem. That’s when leaning their gear against a car, skis, or boards can slip and hit the ground, risking damage to both the gear and the vehicle. To tackle this, Steven and Zhach created SnoStrip and SunStrip, magnetic solutions that securely hold skis and snowboards in place.

Their company RigStrips doesn’t just sell SnoStrip and SunStrip. They also offer practical outdoor accessories like the Mudbucket, Magnetic Koozie, and TrunkGuard. Each product is designed to help make outdoor adventures easier and protect valuable gear.

RigStrips sells its products directly to customers on its website, where all listed prices include shipping. This direct online approach helps RigStrips stay close to its core customers. 

The company first launched with an adhesive strip, but after hearing customer feedback, they upgraded to a magnetic version that fits most cars. Later, they introduced the SunStrip for fishing rods to appeal to a wider audience. Its patented, innovative design gives RigStrips a competitive edge in the ski and snowboard market.

In the tank, Steven and Zhach requested an investment of $300,000 in exchange for 7.5% ownership of RigStrips, which values the company at $4 million. They planned to use this funding to increase their inventory to meet growing demand and to try out new online marketing strategies to boost their sales.

Kevin asked Zach about the production costs and selling prices for each Rigstrip. There, Zach explained that each unit costs between $7 and $8.50 to produce, and they sell for $50 each. The SnoStrip’s total cost is $17, allowing for a $33 profit per unit or a 66% profit margin. The SunStrip, with a total cost of $15.50, brings in a $34.50 profit per unit or a 69% profit margin.

When asked about their sales figure, they said that RigStrips started in 2019 and launched in 2020. Since launching, RigStrips has achieved strong revenue growth, reaching $3 million in total sales. Impressively, more than half of this revenue came from 2023 alone.

Also, Their revenue target for this year is $2.7 million. Most of their advertising takes place on Facebook, with a customer acquisition cost (CAC) of $10. Sales peak in November and December, with 62% of annual sales occurring during this holiday season, making it a popular gift choice for the company. 

However, Mark Cuban decided not to invest, saying he saw RigStrips as a product rather than an entire business. He also admitted he wasn’t much of an outdoor enthusiast. Kevin O’Leary also gave up the deal, explaining that it would take too much work to get the desired results.  Lori Greiner also chose to give up the deal, sharing that the business didn’t excite her.

Guest shark Todd Graves offered $300,000 for 20% equity. Then, Zach and Steven countered Todd’s offer, proposing $300,000 for 10% equity based on their company valuation. However, in reply to the founders’ offer, Todd responded with a revised offer of $300,000 for 15% equity. Finally, after considering the terms, Zhach and Steven agreed to Todd’s deal.

Summary of the Sharks’ Deal

What Happened to RigStrips after Shark Tank?

As of November 2024, RigStrips is still in business. Their appearance on Shark Tank gave them massive visibility, exposing their products to millions of viewers. This spike in brand awareness is crucial for attracting new customers and gaining credibility in the market. Moreover, after the Shark Tank episode aired, we found strong demand for RigStrips’ products, SnoStrip and SunStrip, particularly in the “Ski & Snowboard Car Racks” category, ranking them as bestsellers on Amazon.

Working with Todd Graves, they’re likely developing new strategies to boost growth and reach more customers. With a promising outlook, RigStrips may explore adding products for other outdoor activities. Future plans could also include partnerships with retailers or possible licensing deals. RigStrips is on track to become a significant player in outdoor gear protection thanks to its hard work and strategic planning.

RigStrips offers its flagship products, the Magnetic SnoStrip and SunStrip, for $49.95 each. Additional products include the TrunkGuard, priced at $44.95, and the Lot Mat at $34.95. They also offer two waterproof, heavy-duty bags for outdoor gear, shoes, and wet clothes. The MudBucket Adventure Bin, a 90L collapsible storage unit with adjustable straps, sells for $119.95.

The company has more products called BFT and Magnetic Koozie. The BFT is RigStrips’ largest tote bag, offering a massive 100L capacity for $174.95. The Magnetic Koozie, available in a two-pack for $19.95, lets users securely stick their drinks to the car’s surface. It keeps drinks cold and hands warm. 

Also, the SnoStrip and SunStrip come with bulk order discounts, which offer  10% off for two, 15% off for three, and 20% off for four or more. Customers can also save 10% by ordering a bundle of multiple different items.

RigStrips is now looking to grow its product line and form partnerships to reach a wider market. With a loyal customer base and increasing recognition, the company aims to become a trusted choice for outdoor enthusiasts who want reliable, car-friendly gear. The company is also exploring partnerships in Europe and Japan for the upcoming season. 

Alongside RigStrips, they’re developing Flowcart, a platform designed to help users sell outdoor products online from anywhere. With Flowcart’s native checkout, blogs, websites, or articles can feature products directly, making it easier for readers to purchase without leaving the site. This approach offers advantages over traditional affiliate links, like keeping visitors on the page.

With high sales and recent exposure from Shark Tank, the business has strong potential for scaling. We will continue to monitor this company for further updates.

RigStrips Founders

While skiing at Keystone Ski Resort, Steven Graf and Zhach Pham came up with the idea for RigStrips. After taking their skis off the roof rack and leaning them against the car, they heard the sound of a ski falling and scratching the car’s paint. They realized this was a common problem, as other skiers were doing the same thing, risking damage to their gear and cars. This frustrating experience led them to create a simple solution to protect cars while safely holding outdoor equipment.

In the early stages of the company, they worked through several versions of the SnoStrip, testing different sticking solutions for the rails. Their first version was an adhesive bumper sticker, which worked for some customers but didn’t appeal to others. Listening to feedback, they then developed a magnetic rail to offer a more versatile option for customers who preferred not to put stickers on their cars.

Steven Graf and Zhach Pham have been friends for a long time, and RigStrips is not their first business venture. Zhach graduated from Hopkins High School and later earned a degree in economics from Colorado College.  Zhach Pham’s career began at IRIS, where he worked as an assistant teacher. He then interned with RED in their Partner Marketing Internet division. At Colorado College, he worked as a groundskeeper for three months.

In 2015, Zhach joined Roman Road Capital as an Associate. He later worked as a Sales Desk Concierge at Transamerica for over two years. After that, he became an Operations Associate at Personal Capital. Also, Zhach spent nearly three years at FinFolio before taking on the role of Product Manager at MojoTech. 

Steven Graf, who holds SMC and SPOC certifications, graduated from Staples High School and later earned a Bachelor of Science from the University of Connecticut. At the university, he served as Global Brigades, Inc. president for one year. 2014 Steven Graf was promoted to Research Project Lead at his college. The year before (2013), he co-founded ParrotMD, which eventually shut down in 2016.

He also worked at MojoTech as a product manager, and before joining, Steven worked at Cigna for over six years. He later teamed up with his close friend Zhach Pham to co-found Spark Sponsor and RigStrips in 2024 and 2019. Steven Graf and Zhach Pham’s net worth is unknown as of 2024.

RigStrips Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. RigStrips was one of the ventures featured on the show. They made a deal with Todd Graves, showing that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.