What Happened to Mad Rabbit After Shark Tank?
What is Mad Rabbit?
Mad Rabbit is a firm that specializes in and provides tattoo aftercare solutions. The company develops natural treatments that make tattoos seem healthy and refreshed.
Selom Agbitor and Oliver Zak developed Mad Rabbit. Prior to establishing this innovative tattoo aftercare treatment, the couples were students at Miami University.
They had previously tried their hand at entrepreneurship by launching a swimsuit company, which they later sold.
After graduation, Oliver began working at EY-Parthenon, while Selom worked at Textron Aviation and Bell Flight. The two have now taken over the Mad Rabbit Company.
Tattoos are fashionable accessories that may be used to show loyalty or admiration for art. You must take care of the scar till it heals properly after you have etched the gorgeous art on your skin.
Who are the inventors of Mad Rabbit?
Selom Agbitor and Oliver Zak, who met on university and formed Mad Rabbit together, are the company’s inventors. They agreed to create a business together, despite the fact that they didn’t know what it would be until Oliver got a tattoo.
Both men wanted to create their own businesses, and when Oliver received his first tattoo, the tattoo artist shocked him by recommending petroleum jelly to help it heal. That was the impetus behind Mad Rabbit’s actions.
Oliver envisioned a plant-based salve, and the two friends began experimenting with different formulas. They established the company in January 2019, only a few months before graduating.
Their first product was Tattoo Balm. It is completely natural, with no chemical ingredients. Shea butter, cocoa butter, beeswax, calendula, almond, lavender, cucumber, and Frankincense make up the Tattoo Balm. When used on a daily basis, it maintains your tattoos appearing fresh and colorful.
The two friends decided to create a product that catered to this specific niche. With about $600, they rapidly purchased a variety of natural materials from Amazon, which they used to manufacture their first product.
Despite the fact that he was still in school, Mad Rabbit was able to sell for over $400,000, proving a market gap. Despite the fact that the world was approaching a pandemic and the couple was still not committed to the business, Mad Rabbit had amazing sales in 2020.
What Happened to Mad Rabbit’s Pitch on Shark Tank?
In episode 18 of Season 12 of Mad Rabbit on Shark Tank, Oliver and Selom decided to submit their organization to Shark Tank investors in order to assist them to expand their business.
Oliver and Selom entered the Shark Tank seeking $500,000 in exchange for a 5% stake in their firm, which was worth $10 million.
The Sharks were outspoken in their opposition to the price. They tell their story and make their case.
Lori was intrigued by how it brightened things up. Mark wants to know if it can revive old tattoos.
Before they delve into the figures, they discuss their backstories. They achieve $300,000 in sales in one month. They generated $1.7 million in sales in 2020.
Marketing makes advantage of tattoo-related information. The company’s subscription service has over 5000 members. It costs $2.78 per tine and retails for $19.99.
According to Oliver, they had about a dozen competitors, but they are the only all-natural choice. A new customer costs between $6 and $7 to acquire.
The Instagram community they’ve created was their “secret sauce” (90,000 followers). Last month, they spent $80,000 on marketing to generate $300,000 in sales.
They plan to sell $3 million this year after starting at $300 per unit.
Kevin recommends a $500,000 loan at 9.75% in return for a 5% stake in the firm.
Barbara likes the lads but isn’t sure how she can help them, so she goes out. Daymond says they’re crushing it and he’s not sure he can add anything; he’s out.
Mark offered $500,000 in return for a 12% stake in the firm. They want to know if Mark was willing to work with Lori Mark says no.
They accept Mark’s offer and leave the pitch with a deal.
What Happened to Mad Rabbit After Shark Tank?
The deal with Mark did not close when the two left the pitch after getting the deal from Mark, and this business is no longer listed on his website.
They were extremely backlogged on orders in the immediate aftermath of the first air date, resulting in some disgruntled customers, but the issues have already been resolved.
They are still in business, with annual revenues of $3 million as of December 2021.
Mad Rabbit’s Competitors
Tattoo Goo and Rock Star Tattoo Balm are Mad Rabbit’s major competitors.
Mad Rabbit’s Net Worth
During and after the pitch, the firm was valued at $10 million. Since then, the firm has done well in sales, with annual revenue of $3 million for 2021 and hence the company net worth might have been higher.
Mad Rabbit FAQs
How much is Mad Rabbit?
The Tattoo Balm is $19.99. The Tattoo Balm Plus is $24.99. Tattoo Essential is $14.99, while the Tattoo Wash Kit is $39.
What is Mad Rabbit?
Mad Rabbit is a tattoo aftercare treatment that uses natural ingredients and is completely biodegradable.
What is Mad Rabbit Tattoo?
The Tattoo Balm is a formula created by Mad Rabbit. It makes your body region where you have applied the tattoo moisturized, softened, and conditioned by maintaining a high level of moisture at the site of the tattoo.
What is Mad Rabbit for tattoos?
Mad Rabbit Tattoo Balm is a tattoo care product that maintains and enhances the appearance of existing tattoos by keeping them moisturized, conditioned, and protected against harmful factors.
What happened to Mad Rabbit on Shark Tank?
In an episode of Season 12 of Mad Rabbit on Shark Tank, Oliver and Selom entered the Shark Tank seeking $500,000 in exchange for a 5% stake in their firm, which is worth $10 million.
Is Mad Rabbit good for health?
It is completely natural and non-toxic. It is made from safe and 100% of the ingredients are considered to be biodegradable.
Can Mad Rabbit help darken tattoos?
It can give your tattoo color a better look. It also prevents your tattoo from fading out and giving it a fresh look.
Is Mad Rabbit safe for me?
Mad Rabbit tattoos are completely safe for use without any harmful side effects.
Is Mad Rabbit good for tattoos after treatment?
It is a good tattoo aftercare product that assists in diminishing the appearance of scars and fading out the color of the tattoo.
Is Mad Rabbit safe for tattoos and hair?
Mad Rabbit is completely safe for use by all skin types, including those who are sensitive to chemicals. It is also suitable for use on all hair types, including chemically treated hair.
Is Mad Rabbit safe for hairy skin?
It is completely safe for use on all skin types and hairs, including those who are sensitive to chemicals. It is also suitable for use on all hair types, including those who are chemically treated.
Does Mad Rabbit Tattoo Balm make my tattoo faster to fade?
No, the product is not good for that. But it can give your tattoo a better look within a few weeks of usage. It also helps to slow down the fading out of the color of your tattoo.
How Many Ingredients are In Mad Rabbit Tattoo Balm?
The product contains three ingredients: water (aqua), Jojoba oil (olea europium), coconut oil (cocos nucifera).
What does Mad Rabbit Tattoo Balm do?
It makes the body region where user applied the tattoo moisturized, softened, and conditioned by maintaining a high level of moisture at the site of the tattoo.
What is Mad Rabbit Tattoo Balm Plus?
Mad Rabbit Tattoo Balm Plus is a formula created by Mad Rabbit. It makes the body region where user applied the tattoo moisturized, softened, and conditioned by maintaining a high level of moisture at the site of the tattoo.