What Happened to Grypmat after Shark Tank?
What is Grypmat?
Grypmat is a one-of-a-kind gadget designed to solve the problem of tools slipping away while in use. This bright orange sticky gripping pad holds a variety of tools in place, allowing users to concentrate on the task at hand rather than picking up equipment that have fallen or slipped out of reach.
Grypmat is owned by Tom Burden, a former air force mechanic. Burden drew on his experience as a juvenile mechanic in the military forces to develop and manufacture his revolutionary innovation.
In the summer of 2016, he even sold his house and spent a month living out of his car to fund his goal. Today, he is working on ambitious retail expansion plans, including a smaller, more economical Grypmat geared at do-it-yourself enthusiasts.
Who is the founder of Grypmat?
Grypmat was designed in 2013 by Tom Burden, an F-16 weapons technician in the United States Air Force.
He was tired of his equipment falling from the plane as he worked. That’s when he had the idea for a non-slip flexible tool mat.
He brought the gadget to market in early 2017 with a successful Kickstarter campaign that raised more than $133,000. All Grypmat had been delivered to backers by July 2017.
During his air force service, Burden spent a significant amount of time working on airplanes. The plane’s odd angles and curves make it difficult to put equipment without their sliding.
The silicone Grypmat sticks to any surface and has little troughs similar to those seen in utensil drawer organizers to keep utensils organized.
While it was designed for airplanes, it is now used by car technicians and do-it-yourselfers of all sorts to store tools and equipment while working.
The tool mat is defined as a “non-magnetic, non-slip, chemical resistant and anti-static rubber tool mat that may be used to anchor instruments at extreme angles (up to 70 degrees) on a variety of work surfaces.” It is washable, durable, and chemical and fuel resistant.
Anyone who uses tools and needs a place to set them down while working might benefit from using a Grypmat. They come in three sizes: small (6″ x 12″), medium (8″ x 12″), and large (12″ x 22″). The price of a three-pack is $129.00.
What Happened to Grypmat at Shark Tank pitch?
In Shark Tank episode 912, Tom Burden aims to catch a Shark’s attention and persuade him to invest in Grypmat, his tool mat that adheres to practically any surface. Burden is searching for a Shark to help him expand his retail base.
Tom went on Shark Tank seeking $200,000 in return for a 10% stake in his company, which worth $2 million.
He begins his pitch in front of the nose of an airplane, which is decked with several Grypmat packed with tools.
He recounts the difficulties of keeping his tools organized while working on the planes’ curves as a military f-16 technician. Grypmat was developed to overcome this problem.
He says that each mat can support tools and components at an angle of up to 70 degrees while showing the samples on the nose of his “plane.”
The equipment was useful not just for plane mechanics, but also for anybody who works with a large number of tools and microscopic parts. As he distributes samples, Robert displays his enthusiasm for the product, and Mark advises that he make an offer.
Tom has made $400,000 in sales in ten months, selling around 10,000 items. Profits are in the $150,000 to $200,000 area, which Mark applauds.
The company offers its items through its website, Amazon, and trade shows. He has previously sold to NASA and members of the aviation sector, but he now wants to concentrate on the car industry.
Following a series of questions about his life, Robert asks Tom what he plans to do with the $200,000. Tom wants to invest in inventory to reduce his manufacturing costs.
Daymond believes the gadget has a wide range of applications and is offering $200,000 in return for a 25% stake in the company. As the Sharks discuss between themselves, Daymond cuts the price to $200,000 for 20% equity shares.
Robert asks Tom what he’d accept in return for two or three Sharks. Tom says it depends on the Sharks, but Richard Branson’s aviation skills would make him a good partner.
Robert then proposes $400,000 for 40% equity shares, with him putting up $200,000 and Sir Richard putting up $200,000.
Daymond responds to Richard’s offer to cut the price to $200,000 for 15% equity shares by lowering his own offer to $200,000 for 15% equity shares.
Mark jumps in, declaring that he and Lori will pool their resources to invest $200,000 in return for a 20% stake in the company.
Tom then asks whether they would be interested in bringing in Richard and paying $360,000 for 30% stock shares, to which they all agree. Finally, Tom left the pitch with a three-Shark deal.
What Happened to Grypmat After Shark Tank?
Lori, Mark, and Richard agreed to terms. Grypmat was quickly out of stock after the show aired. Sales have surged tenfold since then, compared to pre-Tank levels. Mark, Lori, and Richard are assisting with international distribution.
In season ten, episode 1017, there is an update on the firm. In the update, Tom visits an Air Force base and announces a deal with the Air Force.
Branson makes considerable use of the product throughout his business, from his electric racing teams to his Virgin space ventures. At Branson’s request, they moved all sales online in 2019.
It proved to be a prudent decision, since the Covid-19 outbreak practically shut down retail for the most of 2020.
The company is still in business as of January 2022, with annual revenues of more than $1 million.
Net Worth of Grypmat
During the pitch, the company was valued at $2 million. The firm is now worth $1.2 million thanks to three Sharks’ investment. Since then, the company’s net worth may be more.
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Grypmat FAQs
What is Grypmat?
A Grypmat is a rubber tool mat that is non-magnetic, non-slip, chemical resistant, and anti-static. It may be used to fix instruments at extreme angles (up to 70 degrees) on a variety of work surfaces. They come in three different sizes.
Who is the founder?
Tom Burden is the founder of Grypmat.
How much was Tom seeking on Shark Tank?
Tom was seeking $200,000 for a 10% stake in Grypmat.
Did he have the deal?
Yes, by the time Tom exited the tank, he’d made a deal with three sharks.
How much did the deal cost?
They offered $360,000 for a 30% share in the firm.
Is Grypmat still in operation?
Yes, the company is still in operation as of January 20, 2022.
Where is the company’s headquarters?
The headquarters of the corporation are in Santa Fe Springs, California, USA.
Grypmat was formed in what year?
The firm was established in 2013.
Where can I purchase Grypmat?
Customers may buy Grypmat for $129 through the company’s official website, http://www.grypmat.com. They could also be able to find them on Amazon and other big shopping websites.
How popular is Grypmat?
Grypmat has been covered in a variety of media, including Popular Mechanics and Military Times. They are also available on the company’s website, where they sell over 5,000 copies every month.
Is Grypmat available for purchase?
Shipping is free at Grypmat.
When will Grypmat be delivered?
Grypmat provides free shipping with a delivery time of 8-12 days.
How much will Grypmat cost?
Grypmat is offered in three sizes, with the following prices: Small is $19.99, Medium is $27.99 and Large is $39.99.
Is it possible to get a discount?
There are no applicable special deals.
Is the firm providing a warranty?
Yes, Grypmat provides a one-year limited guarantee covering flaws in materials or workmanship.
Is there an affiliate program available at Grypmat?
Yes, Grypmat does have an affiliate program.
How can I get in touch with Grypmat?
Grypmat may be reached by email at [email protected]
Who is the company’s CEO?
Tom Burden is the current CEO of Grypmat.
