What Happened to Sierra Madre Research after the Shark Tank Pitch?

Table of Contents show

What is Sierra Madre Research?

Sierra Madre Research is a company based in Vicksburg, Mississippi that creates one-of-a-kind, high-quality camping equipment such as hammock shelters and other accessories.

These one-of-a-kind hammocks are designed to keep customers secure and comfortable as they enjoy the great outdoors.

To create the ideal camping experience, the three basic hammock types (high-performance Pares, Solo for people, and xPlor for more room) may be easily coupled with SMR’s accessories.

Sierra Madre Research hammocks may be combined with one of two hammock shelters to provide more space for camping gear as well as a layer of weather protection.

The Nubé and Stratos shelters are ultra-lightweight for easy transport while giving protection from bugs, heavy rain, and blinding sun.

Insulation is also available to protect against extremely cold temperatures (as low as 0-degrees Fahrenheit).

Who is Sierra Madre Research’s Founder?

Sierra Madre Research was founded by Mississippians Richard and Juli Rhett. Richard identifies himself as a “gear snob,” a Research Mechanical Engineer.

He developed the idea for his product while “sharing the love of Christ” and supporting underprivileged, rural Hondurans with medical needs in 2009.

When he returned home in 2010, he couldn’t find a suitable hammock, so he created one.

Richard made the first prototypes on an old Sears sewing machine!

Sierra Madre Research (SMR) is named after the Sierra Madre mountain range, which spans Arizona and Honduras.

The mountains have a diverse terrain, climate, and culture, and Richard wanted his things to be suitable for all of them.

The company also has a social goal. Each sale helps to fund the drilling of clean water wells in rural Central America, and the goods are manufactured in Nicaragua.

Combo packages start at $349, with an insulated sleeping bag for an extra $249.

As it has expanded from a single sewing machine to a fully-functioning production facility, SRM has undertaken Kickstarter campaigns for each subsequent model, including the hammock shelter add-ons and Inferno, as well as the lightweight insulating packs.

Each of these efforts has performed admirably, exceeding its fundraising goals each time.

What Happened to Sierra Madre Research During Shark Tank Pitch?

Richard and Juli went on Shark Tank Season 9 Episode 1 in quest of $175,000 in exchange for a 15% share in their business. This equates to a $1.16 million valuation.

There are hammocks onstage while they convey their story and make their argument. The sharks come up to try out the hammocks and discover that they are rather comfortable.

The hammocks cost $350 per unit and include the hammock, cover, and suspension mechanism, with a 62 percent profit margin.

The previous year’s revenues totaled $208,000. The entrepreneurs hope to make between $430 and $500,000 in the year the episode airs.

Daymond admires the firm and its social mission, but he doesn’t know how he can help; he’s going.

Lori feels the establishment is overcrowded, therefore she is leaving.

Robert and Mark are following closely behind. Sir Richard falls in love with the firm and offers $175,000 for a 15% ownership – just what they desire.

He just has one requirement: he wants all of his profits to go to charity. They agreed to the terms of the arrangement.

What Happened to Sierra Madre Research Following Their Shark Tank Pitch?

The arrangement with Richard Branson has been finalized, and he has only great things to say about the company.

Since the show, they’ve produced a slew of new products, including the Ninox, a massive flat-laying hammock with a mosquito net attached, as well as the Hot Pocket and Ember, which use solar energy to keep you warm or cold evenings.

They also introduced inflatable chairs, air beds, and a range of other camping-related items.

The 2020 Pandemic created some challenges for their manufacturing and shipping operations, but they overcome them.

Richard and Juli worked on the design of two new water systems to provide clean water to remote parts of Central America.

The company is still in business as of November 2021, with annual sales of $4 million.

What is Sierra Madre Research’s net worth?

Richard and Juli went on Shark Tank Season 9 Episode 1 in quest of $175,000 in exchange for a 15% share in their business. This equates to a $1.16 million valuation.

The current valuation is clearly greater since the company has developed.

Who are Sierra Madre Research’s competitors?

Sierra Madre Research does not have any competitors.

Sierra Madre Research FAQS

1. What is Sierra Madre Research?

Sierra Madre Research (SMR) is a company that creates high-quality camping hammocks and shelters. Their hammocks let customers experience the great outdoors without sacrificing safety or comfort.

2. How much does it cost?

Combo packages start at $350, with an insulated sleeping bag for an extra $249.

3. Who are SMR’s competitors?

Sierra Madre Research does not have any competitors.

4. What is Sierra Madre Research’s revenue?

Revenues totaled $208,000 as of the previous year. The entrepreneurs hope to make between $430,000 and $500,000 in the year the episode airs.

5. Who founded Sierra Madre Research?

Sierra Madre Research was founded by Mississippians Richard and Juli Rhett. Richard identifies himself as a “gear snob,” a Research Mechanical Engineer.

6. How long has Sierra Madre Research been in business?

Their first product was created in 2010.

7. How much were they seeking in the Tank?

They went after a $175,000 investment in exchange for 15 percent of the business.

8. Did they get the deal from Sharks?

They were offered $175,000 from Richard Branson for a 15% stake in the business. They accepted his offer.

9. What happened to SMR after appearing on Shark Tank?

The arrangement with Richard Branson has been finalized, and he has only great things to say about the company.

10. What is the annual revenue of the Company?