What Happened to Mission Belt After the Shark Tank Pitch?
What is Mission Belt?
Mission Belt is a firm that makes trendy, no-holes ratchet belts for men, women, and children that last longer and are more comfortable than traditional belts, ensuring a perfect fit every time.
They also donate a portion of the proceeds from each belt sold to help fight global hunger and support economic development in underdeveloped countries.
Who is the Founder of the Mission Belt?
Nate Holpzafel, the company’s founder, founded Mission Belt in 2012.
Richard N. Holzapfel and Jeni Broberg Holzapfel raised Nate Holzapfel in Provo, Utah. His younger brother and business partner, Zachary Holzapfel, is the oldest of five children.
When Nate was a baby, his family moved to Irvine, California, for his father’s studies, and then to Woodland, Utah, when he was 13 years old.
Nate Holzapfel launched the Mission Belt company in 2012 with the goal of selling attractive leather belts without holes while also helping to end world poverty.
The belts are made of high-quality leather and, although being labelled as “cheap,” have the appearance and feel of high-end belts costing several times as much.
Mission Belt stands apart from the competition since it is not confined like normal belts with holes.
In addition to creating high-quality leather belts, Nathan is on a mission to help end world hunger.
Through Kiva.com, one dollar from every sale is utilized to finance micro-loans to people in need all around the world.
Instead of simply providing food, these microloans provide instruction and resources to empower disadvantaged people with the knowledge and abilities to grow their own food.
What Happen to Mission Belt at the Shark Tank Pitch?
Natel made an appearance on Shark Tank season 4 episode 22 in pursuit of a $50,000 investment in exchange for a 20% ownership in the business. This implies a valuation of $250,000.
Nathan told the Sharks he wanted to rethink the belt, so he came up with a ratcheting method for belt buckles that eliminates the need for holes.
This eliminates the “in between space” found in belts with holes, ensuring a perfect fit.
Holzapfel distributes belts for the Sharks to feel and inspect after completing his remarks.
Robert wants to know if he makes them himself. The Mission Belt brand employs a manufacturer, but Holzapfel sells the belts himself.
Every month, they sell roughly 250 belts at one particular place, each belt costing $35.
He has sold $39,000 in Mission Belts in three months, and he believes that everyone who sees them will buy one.
Mark Cuban inquires into the cost of making one of these belts, which he learns is only $6.00 per unit.
He’s going to the Sharks for help with distribution.
Lori believes that males require a product like this, but she is concerned that the lack of demonstration may hinder sales.
She decides not to invest because it would be incredibly difficult for large retailers like JC Penny’s to sell the belt effectively, which means it might get lost amid the other things.
Kevin likes the product, but believes that managing distribution would be too complex for him, so he won’t invest.
Holzapfel is informed by Herjavec that he does not believe he has the required relationships to get this company off the ground. He walks away.
Daymond likes the Mission Belt but believes that one product cannot form a company, so he offers $50,000 in exchange for a 40% stake in the company.
His plan is to take the belt and license it for manufacture to another company, but he wants Holzapfel to stay on as the head of sales, for which he would be paid well.
Mark tells Nathan to take Daymond’s offer and then walks away.
Nathan haggles the amount down to 37.5% and reaches an agreement with Daymond.
What Happened to Mission Belt After the Shark Tank Pitch?
In Shark Tank Season 5 Episode 507, there is a Mission Belt update.
Nathan considered it an honour to work alongside Daymond. The first night they aired, they sold $180,000 in belts, and over $1 million the next month.
This year, they anticipate to make more than $5 million in sales.
Nathan considers his appearance on Shark Tank to be the best thing he’s ever done for his company. Mission Belt now has a staff of 20 employees and is still promoting Kiva.com.
NHL, NBA, and College Licensed Mission Belts are now available at Mission Belts.
In 2017, Nathan helped to fund $1.5 million in loans through Kiva.com.
As of July 2021, this company’s annual revenue is $7 million.
In March 2019, talk show host Larry King won a default judgment of $250,000 against Holzapfel for using his image in marketing materials without his authorization.
Nathan endorsed their “mock interview” with a clip from it.
In October 2021, Nathan was arrested and charged with two counts of fraud. He is accused of duping a woman he was dating into entrusting her home to a company he owned.
He then sold the house without telling her in order to pay off some debts.
A second victim came forward later that month, in October 2021, accused Nathan of defrauding her of $50,000.
He also sold her automobile and AR-15 rifle without her knowledge and pocketed the cash.
Following Holpzafel’s arrest in October 2021, Mission Belt issued a statement distancing itself from him, claiming that he had not worked for the firm in over seven years.
What is the Net worth of Mission Belt?
Natel made an appearance on Shark Tank season 4 episode 22 in pursuit of a $50,000 investment in exchange for a 20% ownership in the business. This item is valued at $250,000.
He accepted Daymond’s $50,000 offer for 37.5% valuing the property at $133,333.33.
Since the company has been gradually growing, the present net worth has increased.
Who are the Competitors of Mission Belt?
Mission Belt competitors include Anson Belt and BeltCraft.
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Mission Belt FAQS
What size is Mission Belt?
It is adjustable; they can make it to any size they want as long as it fits they well.
What is Mission Belt?
It is a belt that does not need any holes to fit any size they want.
How much does each Mission Belt costs?
The retail price for each belt is $34.95.
Where can I buy Mission Belt?
They can buy them on Amazon, or they can go to their website where they are sold directly from the manufacturing facility.
How to measure for Mission Belt?
Use a tape measure and wrap it around the biggest part of their waist.
Who founded Mission Belt?
Nate Holzapfel, the founder of Mission Belt, appeared on Shark Tank season 4 episode 22 in pursuit of a $50,000 investment in exchange for a 20% ownership in the business.
Did Mission Belt get a deal on the Shark Tank?
Yes, Daymond offered $50,000 offer for 37.5% share in the Company, valuing the property
When was Mission Belt founded?
Nate Holpzafel, the company’s founder, founded Mission Belt in 2012.
What happened to Mission Belt after the Shark Tank?
Nathan considers his appearance on Shark Tank to be the best thing he’s ever done for his company. Mission Belt now has a staff of 20 employees and is still promoting Kiva.com.
NHL, NBA, and College Licensed Mission Belts are now available at Mission Belts.
Is Mission Belt still in business?
Yes, they are still in business and as of July 2021, the company’s annual revenue is $7 million.
