Mini Materials Net Worth 2024 Update & Their Shark Tank Pitch!

Shark Tank Mini Materials, a mini construction supply company founded by Jared Waters, telecasted Shark Tank USA in 2023 on Season 15. The founder was seeking $100,000 for 20% equity for their business. Unfortunately, he couldn’t secure a deal with any of the Sharks. In this article, we will explore Mini Materials’s net worth in 2024, its Shark Tank pitch summary and more.

Mini Materials Net Worth

As of January 2024, Mini Materials’s net worth is estimated at $500K, and its annual revenue was $350K in 2023. 

Mini Materials Net Worth Timeline

Shark Tank Mini Materials Update from Season 15 

Jared stepped into the Shark Tank and asked $100,000 for 20% equity, valuing the company at $500K. There, he began his pitch by talking about how the world has faced significant challenges recently, including a considerable pandemic and a severe recession. He believed that these problems had become too overwhelming. To solve this, Jared suggested we start thinking on a smaller scale. He then presented a small cinder block and said like this, “That’s what I’m talking about.”

There, he introduced Mini Materials, offering top-notch construction supplies for building dollhouses, dioramas, and other small-scale projects. They provide high-quality products made in the USA, using natural materials like concrete, wood, and metal. This is different from your typical dollhouse company. 

With Mini Materials, you can even lift a pallet of tiny concrete blocks with just one hand. Although other companies offer similar products, Mini Materials is the top provider of tiny cinder blocks and pallets worldwide. Jared Waters has also led the company to adopt modern manufacturing methods, such as 3D printing, laser cutting, and substrate printing.

In the Shark Tank, Jared was seeking help from a Shark to boost marketing. He ended his pitch on a positive note, handing out samples to each of the Sharks. While Jared’s pitch was fun, Kevin O’Leary questioned the need for his product. Jared answered it by saying that people need happiness.

The Sharks were pleasantly surprised by their samples, which indeed brought a sense of joy. Kevin admitted that in 15 years on Shark Tank, he hasn’t seen anything quite like this. He then started asking about the company’s journey and sales figures.

Jared explained that he bought the business a year and a month ago. The idea for the company first came from a Reddit post where the original owner showed real concrete mini bricks via that platform. People loved the idea and wanted to buy it, so the first owner started the business and launched a website, which was very successful. Later, Jared entered the business and decided to buy the company.

Robert asked about the details of the business purchase. Jared said he bought it for $200,000 in 2022. Robert then asked where the money came from, and Jared explained that he used a Home Equity Line of Credit. There, Sharks were surprised by the level of risk he took. 

Then, Mark asked about profit margins, and Jared shared that they range from 50% to 93%, with an average of 75%. Mark was impressed, saying it was even better than expected. Kevin then asked about sales, and Jared said they reached $200,000. Then, Lori questioned if Jared entirely owned the business, and he happily confirmed he did. 

Daymond asked if Jared had made the products himself, and Jared answered yes. Then, Robert picked up a wooden mini pallet and asked about its price. There, Jared said that it sells for $20 with a logo. When Robert asked about the manufacturing cost, Jared said it costs $4. 

At that moment, the Sharks were surprised by the high price, and Daymond John asked about the average age of the customers. Jared didn’t have an answer to that question, so Daymond decided to drop out of the deal.

Robert asked about Jared’s background. Jared shared that he grew up in rural Idaho and is a husband and father. He always dreamed of being a business owner but didn’t want to start from scratch due to his responsibilities. Instead, he bought an existing business. Now that it is profitable, he runs it full-time and pays himself $55,000 annually.

Next, Kevin spoke up, acknowledging that while the products were appealing, he didn’t see them as a good investment. He felt the business was too small, so he decided to drop out. Lori Greiner found the business cute but thought it was unsuitable for her, so she was too out of the deal.

Robert Herjavec believed Jared could grow his business to $2-$3 million, which would provide him with a good living. However, he needed a more significant opportunity to invest, so he decided to drop out. 

Mark Cuban praised Jared for his entrepreneurial spirit but thought it would take a long time to grow the business. Since Mark wasn’t willing to take that long journey, he also declined the deal. Finally, without any offers from the Sharks, Jared had to leave Shark Tank without a deal.

Summary of the Sharks’ Deal List!

What Happened to Mini Materials after Shark Tank?

As of August 2024, Mini Materials is still in business. Since Waters invested a lot in buying the company, appearing on Shark Tank is a way to earn back that investment quickly. The episode aired in November 2023, and the excitement from the show helped them sell at least $50,000 worth of products in just one week. With the popularity of miniatures increasing, their appearance on Shark Tank served as a great advertisement.

They offer a variety of products, including custom cinder blocks, red bricks, and wood pallets that can be personalized with a brand. They have an impressive 5-star rating from over 460 reviews. The company also makes street signs, furniture, and decorative items to bring any small project to life.

Before Jared Waters bought the company, some people thought the market for small building materials was too small. However, Mini Materials is already doing well, making about $20,000 a month, according to TrepTalks.com. With a wide range of customers and little competition, the real question is not if they can lead the market but how large this miniature business can become.

Along with expanding their product range, Mini Materials has also taken steps to make their products eco-friendly. They use recycled materials whenever they can and work to reduce the environmental impact of their manufacturing. You can order custom prints on some of their building supplies on the Mini Materials website. They also have a blog with ideas for people who enjoy creating miniature projects.

As it continues to grow, Mini Materials is committed to providing high-quality, detailed miniature construction materials to meet its customers’ creative and educational needs. Their friendly service and dedication to making environmentally responsible products have won many hearts and contributed to the company’s ongoing success.

Mini Materials Founder

Mat Hofma and Erik Polumbo founded Mini Materials. Mat is an art director, and Erik is a real estate broker and entrepreneur. Early in 2015, they identified a gap in the market for realistic, scaled-down construction materials. Due to this gap, Mat Hofma and Erik Polumbo has created this company in 2015.

However, after seven years, Jared Waters bought the business in 2022 and has expanded the product line. Jared Waters grew up in rural Idaho. After finishing school, he moved to Portland, where he got a professional job, married, and has kids. Jared Waters’s net worth is unknown as of August 2024.

Mini Materials Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. Mini Materials was one of the ventures featured on the show. Despite the loss of 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 06. 

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