Shark Tank Hood Hat, a customized baseball hat product founded by Max Nelson, telecasted Shark Tank USA in 2024 on Season 15. The founder was seeking $500,000 for 5% equity. Unfortunately, he couldn’t secure a deal with the Sharks. In this article, we will explore Hood Hat Net Worth in 2024, its Shark Tank pitch summary and more.

Hood Hat Net Worth

As of April 2024, Hood Hat’s net worth is unknown. However, Hood Hat‘s business valuation was $10 million based on their pitch of $500,000 for 5% equity in 2024. 

Net worthNot Available
Annual Sales Revenue$1 million *estimated
ProfitsNot Available
Lifetime sales$1.9 million
Employees1-10 employees

Hood Hat Net Worth Timeline

Net Worth 2024Not Available

Shark Tank Hood Hat Update from Season 15

Hood Hat is a company that makes high-end ball caps. The company makes custom hats honouring your hometown. Founder Max Nelson gave each shark a hat with their hometown on it during his presentation. 

Lori Greiner thought Max’s company was worth $10 million, which means he must be selling a lot. Max has indeed made $1.9 million in sales since 2018. He started selling his caps from his car trunk. At first, sales were slow, but in 2020, he added customization options, and sales increased.

When asked about his company’s sales history, Max shared a clear progression. He revealed that in the spring of 2018, his sales totalled $18,000. The following year, in 2019, there was a slight increase to $23,000. 

However, the turning point came in 2020 when Max introduced a customization platform for customers. This led to a significant spike in sales, reaching $364,000. Building on this momentum, Max’s company continued to thrive in 2021, with sales soaring to $508,000. Looking ahead, Max expressed ambitious goals, aiming to achieve $1 million in sales for the current year. 

While Hood Hat’s sales are impressive, Max admits that the business is not yet making a net profit. When asked about the cost of his hats, Max revealed that They use luxury materials like Merino Wool to create the products. Also, he said, each hat costs just under $15 to produce and retails for $90. 

Guest shark Michael Rubin questioned the uniqueness of Hood Hat’s concept compared to other hat companies, particularly in terms of using high-end fabrics. He wanted to understand what sets a hood hat apart from the materials used. Michael suggested that his company could easily purchase luxury blanks like Hood Hats. He questioned whether Hood Hat can reach a $50-$100 million valuation. 

Mark believed Max’s request was too ambitious based on the current numbers, so he decided not to invest. Kevin O’Leary found the valuation unreasonable but refrains from tearing into Max thanks to his anger management classes. Eventually, Kevin and Mark both opted out of investing. Michael reiterates his concern about the lack of differentiation in Hood Hat’s concept and disagrees with Max’s valuation, led him to decline investment as well.

Lori Greiner saw too much competition compared with other hat products and hence, decided not to invest. Finally, Barbara Corcoran said she was unimpressed by the lack of profit after five years, and hence, she also decided to decline investment. Accordingly, Max Nelson had to leave the stage without any investment from any sharks.

Company NameHood Hat
Founder Max Nelson
BusinessCustomized baseball hats product
EpisodeSeason 15, Episode 21
Asked Deal$500,000 for 5% equity
Final DealNo Deal
SharksNo Sharks
Business StatusIn Business
Company WebsiteVisit Website
HeadquarterLos Angeles, California, United States 

What Happened to Hood Hat after Shark Tank?

As of April 2024, the Hood Hat is still in business. Fans of Shark Tank Season 15 criticize the founder of Hood for selling custom baseball caps at $90, calling them “ridiculous” and “not affordable.”

Also, Reddit users discussing Shark Tank Season 15 expressed concern about Hood Hats’ pricing. One user felt $90 was too steep for a hat with their hometown name when similar ones could be found on Etsy for around $25. Another noted that even hats sold at places like the Dodgers stadium usually don’t exceed $50. These comments suggest that many people find hood hat prices to be higher than what’s typical.

Hood offers various cap styles, including fitted, dad hats, snapback, and snapback curved, with options for fonts and thirty different colours. They also provide preset designs featuring TV icons, states, cities, universities, professional sports teams, music icons, and legends. Also, customers can create custom hats according to their wishes.

The cost varies depending on the cap style, starting at $60. Snapback and Snapback Curved caps are priced at $85 each, while Fitted caps are $80. Dad Hats are $70, 5-Panel caps are $85, and Knit Beanies are $80 on average.

Each component in terms of design utilizes a unique mid-profile architecture. The interiors exhibit a polished appearance both inside and out, lining them with 100% cotton khaki trim.

The company donates 5% of its proceeds to The Anti-Recidivism Coalition (ARC), which aims to reduce mass imprisonment in California. Also, celebrities such as Jay-Z, Ryan Reynolds, Floyd Mayweather, Sophia Culpo, Ben Affleck, Rick Ross, Jake Paul, Zach Braff, Swizz Beatz, Nas, and many others have been seen wearing Hood Hats since the brand’s launch.  Visiting their website, you can purchase your own Hood Hat.

Hood Hat Founder

Hood Hat Founder Max Nelson

Max Nelson is the founder of Hood Hat, which started in 2018. In bustling Los Angeles, real estate mogul Max Nelson sought simplicity in a baseball cap, leading to the creation of Hood Hat, known for its 100% Merino wool caps. 

In 2016, Max bought a house in Brentwood and began renovating it. There, needing a good baseball cap to shield himself from the sun,  struggled to find one he liked in stores due to the products in the market’s flashy designs. It was one of the reasons for creating this unique product. 

A salesman at a Sid Mashburn store noticed Max’s modified hat and suggested switching the material to 100% wool, sparking Max’s interest in pure wool hats. Discovering that no one was making such hats, Max found a man in New York with the perfect fabric. Using this, he crafted a new hat that made the original feel cheap in comparison. Encouraged, Max expanded his product line to include ten caps, each representing a different Los Angeles neighbourhood.

Initially funding the business himself for two years, Max later gathered funds from friends and family. Instead of seeking venture financing, he opted to let the business grow naturally.

Hood Hat Achievements and Awards

YearAchievements and Awards
2024The company was featured on Shark Tank Season 15

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. Hood Hat was one of the ventures featured on the show. Despite the loss of the deal, the company showed that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.

Before you leave, check out the other company updates in Season 15, Episode 21. 

SHARE

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts