Quick Shark Tank Update on Strapsicle
- Annual Sales: Over $1.5 million in the second year; cumulative revenue of $1.7 million since inception.
- Product Line: Kindle and e-reader straps designed to enhance comfort and prevent device drops.
- Current Distribution: Available internationally, with significant traction on Amazon and support from the BookTok community.
- Major Milestones: Expanded into the U.S. market, secured retail partnerships, and cultivated a loyal global fan base.
Lou Rice and Ben Stainlay, the dynamic founders of Strapsicle, turned an accidental “a-ha” moment into a globally recognized brand.
As Lou shares, “One late night, in a haze of sleeplessness, I accidentally dropped my Kindle…and it landed on poor Archie’s head!”
This frustrating moment inspired a life-changing solution, a comfortable strap that allows readers to hold their Kindle or e-reader without risk of dropping it.
Since launching in 2022, Strapsicle has captured a unique space in the market. Lou and Ben proudly state, “We’re now helping hundreds of thousands of people read in comfort.”
This duo has built a powerful community on BookTok and grown exponentially through Amazon. Strapsicle is reshaping reading for Kindle lovers everywhere.
Strapsicle’s Journey Before Shark Tank
Strapsicle’s story began with a simple DIY solution crafted by Ben. “The next day, my partner Ben made a crude Kindle strap out of an old silicone mat and some staples. With this new strap attached, there was no way I could drop my device,” Lou recalls.
This initial prototype would go on to become a viral product. It reached $200,000 in first-year sales and then skyrocketed to $1.5 million in its second year, a remarkable 750% increase.
“In just three years, our little Aussie business has since gone on to become a worldwide viral sensation,” Lou adds.
Building a community was at the heart of their strategy. Lou notes, “I fell into this world of BookTok… I spent a hell of a lot of time in people’s inboxes saying, ‘Hey, can I give you a product?’” The response was overwhelming, creating a dedicated following of Kindle lovers.
“It was reaching our audience almost 100% of the time,” she said. This approach resonated deeply with their audience and led to a thriving online community that advocates for Strapsicle.
Amazon played a key role in their international reach. “If we hadn’t gone to Amazon US, we wouldn’t be talking to you now. We wouldn’t be on Shark Tank… For us, the benefit Amazon brings far outweighs the fees,” Lou explains.
By leveraging Amazon’s marketplace and affiliate programs, they quickly grew their customer base beyond Australia.
Shark Tank Pitch Recap
Lou and Ben’s preparation for Shark Tank was meticulous. As Lou says, “My number one thing was, I’m not going to look like a fool on TV at any cost.”
They reviewed past episodes, created AI-generated questions, and even enlisted a business coach to refine their pitch.
Entering Shark Tank’s sixth season, they sought $250,000 for a 10% stake in Strapsicle, aware of the product’s potential in a market of nearly a billion e-readers globally.
The pitch turned into a “pretty surreal” experience, as Lou put it, when four Sharks bid for a piece of Strapsicle.
Each offered $250,000 but wanted at least 20% equity. Reflecting on the moment, Lou said, “We didn’t ever anticipate that was going to happen. But we had agreed that we really wanted Davie and Robert to invest.”
In the end, they secured Fogarty and Herjavec’s joint offer of $250,000 for 22.5% equity. This included not just funding but also invaluable mentorship. “It was more than we could have hoped for,” Lou shared.
Strapsicle Shark Tank update
After Shark Tank, Strapsicle’s growth accelerated. The pair relocated to Bali to run operations. Ben traveled to China to expand their manufacturing partnerships.
Fogarty’s guidance was instrumental in preparing them for Q4, “such a busy period,” as Lou describes, while Herjavec’s insights were invaluable for scaling globally.
“We’ve been in regular contact with Davie…he’s helped us navigate through the immediate priorities,” Lou said.
She noted that their Shark Tank mentors had already added significant value to their venture.
Strapsicle’s loyal following on social media continued to grow. “Outside of TikTok, Strapsicle is now the subject of Facebook fan groups,” Lou noted.
These platforms connect readers worldwide who share their love of e-readers and accessories. Lou and Ben used Amazon’s affiliate program to incentivize influencers.
This quickly translated into credibility and growth. “It’s super easy for us to target them and find them, but also, we’re just making products that they absolutely love,” Lou added.
Their efforts have turned Strapsicle into a must-have for Kindle lovers worldwide.
Future Plans
Looking ahead, Lou and Ben have ambitious plans. They aim to deepen their U.S. presence with key retail partnerships and secure an appearance on a major American morning show.
“New York opened up a whole lot of connections and possibilities we just wouldn’t have got on the ground in Australia,” Lou stated.
She added that they hope this exposure will expand Strapsicle’s audience even further.
The founders are also working on expanding their product line. “One of the learnings is, if you can have a product that helps people enjoy something they already enjoy more, they will love you,” Ben shared.
They plan to release new e-reader accessories to complement their flagship straps and capture more of the market they’ve pioneered.
Closing Remarks
Strapsicle’s journey, from a humble silicone strap prototype to a Shark Tank-backed brand, is a powerful example of how a simple idea can transform into a global phenomenon.
Lou and Ben’s commitment to community-building, preparation, and strategic use of sales channels like Amazon has been key to their success.
With continued growth on the horizon, they’re poised to redefine how people experience e-readers globally.
“We absolutely live for all the wonderful comments and feedback we get from our incredible Strapsicle community,” Lou shared.
As they move forward, Lou and Ben’s mission remains clear: to make reading comfortable for everyone. Stay tuned to see how Strapsicle’s journey continues to unfold!
We’re closely following the company to bring you valuable insights. Stay tuned for the latest updates on Strapsicle!