Wise Pocket is a socks brand that comes with a pocket. It appeared in the Shark Tank on January, 2020. Wise Pocket founder, Sofia Overton entered the show with the hope of $30,000 in exchange for a 15%. And as of 2023, the company now has a net worth of $300,000 in 2023.
Wise Pocket Products Net Worth in 2023
Here is an update on Wise Pocket Products’ net worth so far.
|Wise Pocket Products’ Net worth before appearing on Shark Tank||200,000 USD (business valuation)|
|Wise Pocket Products’ Current Net worth (2023)||300,000 USD|
Wise Pocket Products’ founder Sofi Overton‘s net worth is unknown as of 2023.
Clothing for children and women has identical features. There are no pockets most of the time. If they have pockets, they are much too small to hold a modern cell phone.
Fortunately, 13-year-old Sofi Overton has found a fix. After the Season 11 pitch, will she end up with the sharks in her pocket? Learn more on our latest update on Shark Tank Wise Pocket Products.
What Is The Wise Pocket Products?
Wise Pocket Socks are a surprising answer to a common issue. Suppose you don’t have any pockets in your pants or shirt. In that case, the Wise Pocket Socks are a great way to carry small items like your phone, allergy medication, and other necessities.
Wise Pocket Socks are an excellent investment when you need your hands free. White and Splatter socks were once the only options. Still, now Tweed and Hawaiian-themed designs have been introduced to keep up with the ever-changing fashion scene.
Who Is The Owner Of The Wise Pocket Products?
When she was 13 years old, the idea first came to her. She decided to create socks with pockets for situations where you might need a little extra storage.
What Happened At The Shark Tank?
Sofia Overton is a 13-year-old young entrepreneur. She wanted Shark’s support to transform WisePocket into a “real” company. Sofia appears on Shark Tank and asks for $30,000 in exchange for a 15% stake in her company. During her pitch, a dance group performs an energetic hip-hop dance to demonstrate how securely the socks hold their gadgets. The presentation, as well as the entrepreneur’s youth, impresses the sharks.
After talking about her business and giving her samples, she claims she needs money to increase production because she can only produce 100 pairs per month. She self-funded the company with $5,000 of her own money and another $5,000 from business competitions, which impressed the sharks. Sofia is well-liked by all of the Sharks, and Kevin and Mark both bailed on the deal while wishing her business success.
Then, Daymond and Lori decide to make a bid together. They are interested in licensing and have made a $30,000 offer in exchange for 33.3% of the company. Sofia responds with $35,000 for a 25% ownership stake in the business. The Sharks accept the request, and the deal is done.
What Happened To Wise Pocket Products After The Shark Tank
Sales of the Company significantly increased after the show aired. They were successful for a while, and production struggled to meet demand. Sofi nevertheless fulfilled each order. It appears that Sofi will soon start selling leggings. According to resources, the licensing agreement hasn’t yet been finalized.
Although Wise Pocket Products hasn’t released its revenue figures, we hope the business is good with its new partners. You can find out more about the business by visiting the wise pocket product’s Instagram page and Facebook page.
Competitors Off The Wise Pocket Products
After Sofia’s Shark Tank presence, it made more and more alternatives to Wise pocket products. Among them, the main competitor of Wise pocket is SockGuy company. And there are a few main competitors, such as Stridline, Randysun, and Bambos.