Aaron Krause’s scrub company, Scrub Daddy, is the second most successful product on Shark Tank so far. Scrub Daddy’s net worth has remained a mystery to many despite their product having generated huge profits out of the millions of units sold through Shark Tank.
Scrub Daddy’s investment from Lori Greiner was one of the most noteworthy success stories of Shark Tank, and it embarked on a great success thereafter. If Scrub Daddy’s net worth intrigues you, this article is for you.
What Is Scrub Daddy?
Scrub Daddy is a leading sponge product company well known for the reusable & revolutionary sponge/cleanser that Aaron Krause invented. Their sponge has a trademark smiley over it, and it is popular for its property of good-to-go application on non-stick surfaces.
The company makes many other household stuff, such as scouring pads, soap dispensers, dual-sided sponges, sink organizers, and household erasers.
Headquartered at 1700 Suckle Highway, Pennsauken Township, NJ, USA, Scrub Daddy, as a company of household cleaning products, has over 273 employees and 160 variants of manufactured products.
Scrub Daddy was born as a solution to the problem of damaging the exterior of vehicles because of cleaning. As of 2023, it spans more than 100 countries, from Africa to the Americas. One of the investors on Shark Tank, Daymond, mentions missing investment in Scrub Daddy, a big loss.
Who is Scrub Daddy’s Founder?
Aaron Krause, the face behind Scrub Daddy, is an inventor and entrepreneur. His useful cleaning product got him widespread recognition since his appearance on TV in 2012.
He was born in Wynnewood, Pennsylvania, in 1969 and completed his Bachelor of Science degree in psychology in 1992. Aaron has twins named Bryce and Sophie from his wife, Stephanie.
Until his appearance on the show, Aaron had limited the product to grassroots marketing only. One of the major reasons for the extreme popularity of the product was its build, not damaging the exterior of vehicles while cleaning, unlike usual sponges.
He is also a public speaker inspiring young entrepreneurs through his journey to fortune from mere scrubs.
How much is Scrub Daddy’s Worth?
Scrub Daddy’s net worth in 2023 is $300 million. The lifetime sales of Scrub Daddy’s sponges are $1 Billion. This 2012 started company has grown into a leading company in the product category of sponge products.
Its net worth relies upon the sales revenue it makes. The company makes $80 million in sales on these sponges annually. It crossed the milestone revenue of $100 million in 2017.
Scrub Daddy’s Net Worth Trend from 2018 to 2023
Beginning Of Scrub Daddy
Scrub Daddy came with their one-of-a-kind product in 2012. Aaron Krause, the founder of Scrub Daddy, had an entrepreneurial spirit from the very beginning, which he mixed with his manufacturing background to come up with a new material, FlexTexture, which changes its texture depending on the temperature of water it is under. One of the major selling factors for these scrubs was their odor-resistant quality and durability.
Scrub Daddy After Shark Tank
Scrub Daddy came with its unique product in episode seven of season four of Shark Tank. With the episode featuring their product going on-air, the company sold approximately 42,000 sponges on QVC. Lori Geiner’s expertise helped them expand their sales to retail establishments. By January 2017, the sales of Scrub Daddy’s scrubs crossed $100 million in revenue. Lori had to settle for a 20% stake in the company for investment capital of $200,000.
She has been in a profitable share up until now, with a share worth $60 million. The company has partnerships with retailers like QVC, Bed Bath & Beyond, and Walmart.
Award and Nominations
Scrub Daddy earned the “Product of the Year” in the cleaning category because of its functionality and demand. Big platforms like Forbes and The New York Times featured their product, which in itself is a huge recognition.
Aaron Krause, the founder of the company, won the Ernst & Young Entrepreneur of the Year award in 2016. Also, Aaron earned the Silver Edison Award in the Consumer Goods — Home Solutions category in 2020.
View this post on Instagram
The Company’s Philanthropic Activities
Scrub Daddy is in direct collaboration with a charitable organization, In Kind Direct, which is responsible for distributing necessary products to organizations across the UK. Scrub Daddy has helped 350 such organizations by donating 23,000 Scrub Daddy sponges in 2021.
Through a Recycle Reward Program, which transforms foam into fuel, Scrub Daddy’s sponges can be recycled, reducing landfill waste. Thus, the company pays its due toward environmental sustainability.
Frequently Asked Questions
1. Who is the Owner of Scrub Daddy Now?
Aaron Krause is still the founder/owner of Scrub Daddy.
2. What Company Owns Scrub Daddy?
3M is the company that owns Scrub Daddy.
3. Is Scrub Daddy Successful Now?
Yes, being the third biggest sponge provider in America, Scrub Daddy is successful now.
4. Before appearing on Shark Tank, What was Scrub Daddy’s Estimated Value?
Scrub Daddy was worth $1 million before its appearance on Shark Tank.
Scrub Daddy’s 2012 pitch made it what it is today. They had a wonderful product and a platform to advertise it, and the rest is history. The company’s founder Aaron Krause’s seven minutes of fame on television made his sponge company a leading company in the sponge cleaning product category, with more than 10 million sold units.