Shark Tank Richualist, a hair styling tool for textured hair founded by Dawn Myers, telecasted Shark Tank USA in 2024 on Season 15. The founder was seeking $150,000 for 10% equity for their business. However, they secured a deal with Emma Grede and Mark Cuban, $150,000 for 15% equity + 5% advisory shares. In this article, we will explore Richualist’s net worth in 2024, its Shark Tank pitch summary, and more.
Richualist Net Worth
As of July 2024, Richualist’s net worth is $8 million, and it has made $23,000 in sales from its launch in April until the ‘Shark Tank’ taping.
| Net worth | $8 million |
| Annual Sales Revenue | Not Available |
| Profits | Not Available |
| Lifetime sales | Not Available |
| Employees | 1-10 employees |
Richualist Net Worth Timeline
| Net Worth 2024 | $8 million |
| Net Worth 2023 | $7.5 million |
| Net Worth 2022 | $7 million |
Shark Tank Richualist Update from Season 15
Dawn Myers appeared on Shark Tank to pitch her business, Richaulist, a styling company. There, she requested $150,000 in exchange for a 10% stake in her company, valued at $1.5 million.
In the Shark Tank, she shared her personal experience with her hair, which often takes her three hours to style each morning. She emphasized the challenges of managing highly textured hair, mentioning that while it is beautiful, it can be challenging. Further, she said that this hair type requires much time, effort, and beauty products and daily styling is a hassle.
There, Dawn introduced The Mint, a patented 3-in-1 styling tool designed to simplify hair care for textured hair. The main feature of The Mint is its “healthy heat” technology. This advanced system gently warms liquid hair products to a perfect temperature of 130-140 degrees Fahrenheit.
The Mint has six versatile attachments, making it adaptable to various hair textures. It significantly reduces styling time and effort, which is especially beneficial for women who struggle with daily hair management. The Mint warms curl creams or gels to a precise temperature and detangles and styles hair twice as fast as manual methods. And also minimizes shrinkage, saving users money on hair products.
The Mint is poised to revolutionize hair styling by making it quicker and more efficient. It’s designed explicitly for 4c hair types but can also be used on short or transitioning hair. This compact, travel-friendly tool reduces hair shedding by 70%. In the Shark Tank show, Dawn asked the Sharks to invest in her company and help transform the lives of 50 million Americans with curly hair.
Guest Shark Emma Grede immediately connected with the product because she had spent six hours styling her hair before coming to Shark Tank. There, she asked if The Mint worked for all hair textures. Dawn confirmed that The Mint was designed for textured hair, often underserved despite high spending on beauty products.
Kevin asked if customers could buy multiple cartridges from the company. Dawn said Richaulist sells multiple cartridges and is also talking with beauty product manufacturers about co-branding the cartridges. Then, Kevin O’Leary asked the founder about the product price. Dawn noted The Mint sells for $400 and mentioned she is working on licensing the pods to hair care companies.
However, the Sharks were worried about the high price, but Dawn explained that she initially could only make 100 units, each costing over $100. She sold out the first batch, proving customer interest. She has since reduced the cost to $60 per unit. Besides The Mint, Dawn sells packs of 6 pods on a subscription basis for $6 each, or $36 per month.
Further, she explained that developing the material was the hardest part. Also, she said that creating and testing a prototype took $1 million.
Lori Greiner asked about the company’s funding. Dawn said she sold her home and used $401K to fund the business. Additionally, she secured $1 million in venture funding and issued convertible notes. After converting these notes, she said she would still own 72% of the company.
Kevin O’Leary said Dawn needed a Shark with hair, and he was dropping out. Robert Herjavec also bowed out, saying he knew little about hair products. Lori Greiner explained she was already developing a hair product and decided not to invest.
Guest Shark Emma Grede asked for more details about potential partnerships with big brands. Dawn explained she was currently in discussions with Procter & Gamble and L’Oréal. The plan involves these companies licensing pods from Richualist featuring their products and branding.
Emma Grede felt that focusing on the pods was distracting. She urged Dawn to prioritize pushing The Mint as the ultimate product for curly hair, deferring pod licensing for later. Then, Emma and Mark offered $150,000 for a 20% equity stake in the company. However, Dawn countered with 15% to protect her existing investors.
But, Emma and Mark wanted protection against future ownership dilution. Then, Mark revised the offer to $150,000 for 15% equity and 5% in advisory shares. Dawn agreed to the terms and finalized the deal with Mark and Emma’s second offer.
| Company Name | Richualist |
| Founder | Dawn Myers |
| Business | Hair styling tool |
| Episode | Season 15, Episode 19 |
| Asked Deal | $150,000 for 10% equity |
| Final Deal | $150,000 for 15% equity, plus 5% advisory shares |
| Shark | Mark Cuban and Emma Grede |
| Business Status | In Business |
| Company Website | Visit Website |
| Headquarter | Washington, District of Columbia, United States |
Summary of the Sharks’ Deal List!
| Shark | Offer | Counter Offer |
| Mark Cuban and Emma Grede | $150,000 for 20% equity | $150,000 for 15% equity $150,000 for 15% equity + 5% advisory shares (Accepted Deal) |
| Kevin O’Leary | No Offer | N/A |
| Robert Herjavec | No Offer | N/A |
| Lori Grinear | No Offer | N/A |
What Happened to Richualist after Shark Tank?
As of July 2024, the Richualist is still in business. Dawn follows Mark and Emma’s advice to perfect the product and supply chain before pursuing new partnerships. Currently, The Mint is out of stock, but customers can pre-order it on Richualist’s website. According to the site, new tools will be available and shipped in September 2024.
Currently, Richualist offers only one hair styling product called The Mint. On its website, Richualist mentions its Shark Tank deal, noting that Mark Cuban and Emma Grede helped lower the product price from $400 to $298. Richualist sells pods in packs of six for $36 on a subscription basis, encouraging repeat purchases. Also, customers can currently get a $100 pre-order discount.
The Mint’s patented design is complex for competitors to replicate, making it ideal for the 50 million Americans with curly hair. You can also purchase your own Richualist product by visiting their website.
Richualist Founder
Dawn Myers is the founder of Richualist, which was started in 2018. She is a graduate of Howard University School of Law. During university, she worked part-time as the Director of Programming for Startups Ignite and Black Girl Ventures. She also served as the Director of The Vinetta Project in DC from January 2020 to January 2022.
Currently, she teaches part-time at Carnegie Mellon University and Georgetown University. Dawn had no background in beauty, engineering, or manufacturing. Her inspiration came from her hair struggles as a child. In 2017, after watching ‘Shark Tank’ and being inspired by Terra Brown of Sleep Styler, Dawn launched Richualist.
Despite being diagnosed with stage three colon cancer, Dawn was determined to bring her idea to life. It took her five years and many investors rejected to develop The Mint. So, she sold her house and used her retirement savings to fund the business. Dawn Myers’s net worth is $600K as of July 2024.
Richualist Achievements and Awards
| Year | Achievements and Awards |
| 2023 | Winner of the “Technical.ly Awards: Invention of the Year” |
| 2024 | The company appeared on Shark Tank USA and made a deal with Emma Grede and Mark Cuban |
Conclusion
Shark Tank is a TV show showcasing different business ideas, helping them succeed. Richualist was one of the ventures featured on the show. They made a deal with Mark Cuban and Emma Grede, 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.
Before you leave, check out the other company updates in Season 15, Episode 19.
