What Happened to Enso Rings After the Shark Tank Pitch?
What is Enso Rings?
Enso Rings are a unique alternative to typical metal rings.
Because of their flexible and durable design, silicone wedding and engagement rings are suitable for people who live an active lifestyle.
Enso Bands are brighter, more stylish, more comfortable, less expensive, and considerably safer than traditional metal wedding bands.
The silicone rings are mushy and rubbery, yet nevertheless fashionable.
The primary purpose for using silicone is to avoid ring avulsion, which is an ugly and occasionally disfiguring disorder in which metal rings become caught on something and rip your finger off.
The rings are a great alternative to metal rings. These are an excellent option, especially for people who lead an active lifestyle, and they are perfect for nurses, firefighters, and military personnel.
Who Founded Enso Rings?
Enso Rings was founded by Brighton Jones and Aaron Daly.
Their Kickstarter contributions were used to buy initial inventory, tooling, shipping, and engraving supplies.
According to the Kickstarter comments, they appear to have delivered a product that was free of flaws.
They will almost certainly seek the help of a Shark to increase inventory levels and with marketing.
What happen to Enso Rings at the Shark Tank Pitch?
Brighton and Aaron came into the Tank hoping to get $500,000 in return for 7.5% of their firm. The Company is valued at $6.6 million.
They provide their elevator pitch and describe ring avulsion.
They then pull aside a curtain to reveal a bodybuilder. By straining on a rope linked to a ring, he horribly deforms a phony hand.
Two more bodybuilders come, and the three of them yank on a rope connected to an Enso Ring on Gary’s hand – the rope snaps cleanly.
Following the demonstration, they give the Sharks samples. The rings cost between 70 cents and $4 to make and range in price from $11.99 to $39.99.
They sold $3.8 million in the previous 18 months and aim to sell $5 million next year (2108). Last month, they made $460,000, with 40% of that going to marketing.
Mark believes they are a marketing firm that identified a product; nonetheless, he does not see it as a long-term business and is departing.
Lori says that their sales are outstanding, but that there is too much competition; she is leaving. Barbara argues that fashion and horror are two distinct selling points, therefore she’s out.
Robert offers $500,000 in return for a 20% ownership in the company.
Kevin provides the $500,000 as a loan with a $2 royalty on each unit until he recoups $1.5 million for a 5% ownership stake.
Aaron challenges Robert with 10%, and Robert responds with 15%. Aaron answers with 12.5 percent, but Robert is unmoved. They accept Robert’s proposal.
What Happened to Enso Rings After the Shark Tank Pitch?
Robert’s contract was never finished.
They made $2 million in sales and handled 500 orders each day in the weeks after the first air date.
In the spring of 2019, they sold their two millionth ring.
They sold rings in over 80 countries. The introduction of a birthstone ring line, as well as the regular manufacturing of special edition rings, were among the new products.
Every ring is handmade at their factory in Lehi, Utah.
Enso Rings was ranked No. 316 on the 2020 Inc. 5000 list of the fastest-growing private companies in August, with a 1442.73 percent rise in sales over the previous three years.
As of June 2021, the company’s revenues were at a stunning $24 million.
What is the Net Worth of Enso Rings?
Enso Rings was evaluated at $6.6 million by the Shark Tank owners and accepted a bid from Robert of $500,000 for a 15% share, resulting in a valuation of $3.3 million
Who are Enso Rings’ competitors?
Enso has a lot of rivals. QALO, Groove Life, Apples, ShenoaDiamonds, BlingJewelry, Tateossian, Jewelry Vortex, and Jewelry Days.com are among them.
Enso Rings FAQS
What became of Enso Rings after the shark tank?
Enso Rings had an immediate boost in sales when the Shark Tank episode aired, collecting $2 million from 60,000 orders.
And the company is still growing, both in terms of revenue and product offerings. As of April 2019, Enso Rings have sold over 2 million rings in over 80 countries.
Is it true that Enso Rings landed a contract on Shark Tank?
They entered the Tank in the hopes of receiving a $500,000 investment in exchange for 7.5 percent equity. They reached an agreement with Robert Herjavec: $500k in return for 15% of the firm.
What is the appeal of Enso Rings?
Wearing an Enso Ring at work is a far safer alternative, particularly for individuals working in construction, healthcare, or manufacturing.
Enso Rings are designed to withstand hard working conditions and are less difficult to maintain than ordinary rings.
Are Enso Rings made in USA?
The Enso ring is created in the United States.
Who owns Enso Rings?
Enso Rings is owned by Brighton Jones and Aaron Daly.
Where can they find Enso Rings?
Enso Rings is a jewelry store in Lehi, Utah.
When did Enso Rings start?
They launched the company in late 2015 with a $15,324 Kickstarter campaign.
Do Enso Rings fade with time?
Their rings are built to last, but if they do break, Enso provides a lifetime warranty.
Are Enso Rings durable?
Under normal conditions, silicone rings are highly durable and will not break.
Is it true that silicone rings expand with time?
Silicone may and often does stretch. After a few days of wearing it, it will adjust to their finger size. Naturally, they’ll want to make sure their silicone ring band isn’t too tight.
How they know if their silicone ring is strong and durable?
Enso suggests inspecting the lab for webbing, which is a frequent symptom of bending. It’s time to construct a new Enso ring if there’s webbing.
Can they wear Enso Rings when swimming?
Enso Rings are appropriate for wearing in the shower or pool. They are designed to endure up to 15 minutes of submersion in water.
Do Enso Rings smell?
Yes, their rings smell like chocolate, but after a few days of consistent usage, the fragrance will vanish.
How much do Enso Rings cost and where to buy?
Their rings are available in a range of retail costs, depending on size and design. Rings range in price from $11.99 to $39.99.
What are Enso Rings made of?
The Enso ring is composed of 100% Medical Grade Silicone.
Does Enso Rings make custom rings?
They do manufacture bespoke rings.
Where can they buy an Enso Ring?
They may purchase Enso Rings from the company’s official website.
Are Enso Rings vegan?
Enso rings are cruelty-free and vegan.
Are Enso Rings good for people with big fingers?
Enso Rings bands come in a variety of sizes to accommodate all finger sizes. So, regardless of how large their finger is, they should be able to locate an acceptable fit.
Is Enso Rings a scam?
Enso Rings is a legitimate company. They’ve been in business for more than three years. In the previous 18 months, they had generated over $3 million in sales.
Which season of Shark Tank was Enso Rings aired?
They were on Season 9 Episode 14 at the time.