Steven Sashen and Lena Phoenix founded Xero Shoes in 2009, offering minimalist footwear that promotes natural movement. In 2013, they appeared on Shark Tank seeking $400,000 for 8% equity but declined an offer of $400,000 for 50% from Kevin O’Leary.
Despite not securing a deal, the Shark Tank appearance significantly boosted their sales. In 2017, they raised $1 million through crowdfunding. In December 2020, Xero Shoes sold $12.5 million in equity to TZP Group, facilitating further growth.
As of 2025, Xero Shoes is valued at approximately $20 million and has annual revenue of around $23 million. The company continues to expand its product line and market presence while maintaining its commitment to minimalist footwear.
Xero Shoes Net Worth
| Net worth | $20 million (2025) |
| Annual Sales Revenue | $23 million (2025) |
| Lifetime sales | Not available |
| Investor | None |
| Founders | Steven Sashen and Lena Phoenix |
| Employees | 50-60 |
Xero Shoes Pitch on Shark Tank
| Company name | Xero Shoes |
| Product | Minimal barefoot sandals and shoes |
| Episode | Season 04 Episode 14 |
| Founders | Steven Sashen and Lena Phoenix |
| Asked for | $400,000 for 8% equity |
| Final deal | No deal |
| Shark | No shark |
| Location | Broomfield, Colorado |
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Xero Shoes Founders
Xero Shoes was founded by Steven Sashen and Lena Phoenix in 2009. Steven is a Business personality, a famous American gymnast, and a stand-up comedian. Steve came up with the initial idea of Xero Shoes and established Boulder Barefoot Running Club. Stevan’s wife, Lena, is also a diverse character and a great entrepreneur. Her first business started in 1989, a mortgage firm. Xero Shoes’s founders, Steven Sashen and Lena Phoenix, have a net worth of around $17 million USD as of 2025.
Key accomplishments
| Year | Accomplishment |
| 2013 | The company was featured on Shark Tank and received over 3000 orders shortly after their episode aired. |
| 2020 | Xero Shoes entered a strategic partnership with the TZP group, allowing them to expand their products and markets. |
| 2021 | Xero Shoes sponsored the USA Synchronized Swimming Team and Archery Team at the Tokyo Olympics. |
Conclusion
From their beginnings on Shark Tank to their current status as a thriving business, they have proven that with the right idea and execution, anything is possible. We can’t wait to see the future for Xero Shoes and its continued success.
