Wisp is a household cleaning tool manufacturer, like brooms, mops, etc., and has been in business since 2012. After appearing in Shark Tank, Wisp is still running in the market with its newly designed products.
Wisp Shark Tank update is just like the previous days, they have been manufacturing more facilitated cleaning tools, from a broom to a mop. But the profit level is still not up to margin.
Well, Wisp is still walking on the rough road to reach its desired goal. Nevertheless, their efforts are appreciable in introducing such innovative products. Let’s get to know what they are up to down below.
Wisp Shark Tank Profile
The overall Wisp shark tank profile update is given below.
| Company name | Wisp |
| Founder | Eben Dobson |
| Founded | 2012 |
| Product | Cleaners such as broom, cleaning set, mop, vibrating spray cleaner |
| Business status | In business |
| Appearance on Shark Tank | Season 10, Episode 5 |
| Air Date | 18th November 2018 |
| Asked for | $ 500,000 for 10% of the company |
| Final deal | No deal |
| Shark | No shark |
| Net worth | $14 million |
| Primary Office | San Marcos, CA |
| Website | WISP Broom |
| Watch the Episode | Amazon Prime |
| Go to Amazon | Buy Now on Amazon |
| Visit Instagram | |
| Visit Facebook | |
| Visit Twitter | |
| Visit Linkedin |
Wisp Before Shark Tank
Wisp was established in 2012, coming with newly modified brooms for household cleaning. The brooms were frequently modified by the company. And they even sold up to 100,000 units of product within 6 years.
Even after selling such a huge amount of product, they could not make any profit. Instead, the company lost more money.
Still, after having 22 investors and valuable products, they could not utilize the money at all.
Their mismanagement and bad decisions lead them to a very bad debt. Even after having numerous obstacles in business, they applied at Shark Tank in the hope of seeing a new ray.
Nevertheless, was it worth it? What happened to Wisp after the shark tank? Well, you will find the answer in detail in the below sections.
What Happened To Wisp On The Shark Tank?
Even though Wisp gained fame from Shark Tank, people still wonder whether Wisp was on Shark Tank. To confirm for you again, yes, Wisp was in episode 5 of season 10 of The Shark Tank.
In Shark Tank, wisp presented brooms with specialized facilities. The broom came with a bristle and comblike end, which cleans the dirt even from the corner of the house.
In the pitch, Dobson, the founder of Wisp, highlighted the benefits of the broom.
He included sweeping and cleaning becomes effective and fast as the broom can be used while standing. Apart from that, the brush in the broom was fixed at a 90-degree angle. That facilitates cleaning even the slightest dirt.
Moreover, you could hold the handle of the broom at an angle or straight in any way it would go through every space.
Inside The Shark’s Mind
They lost $2.1 million due to bad management. Furthermore, the company had 22 investors who had $300,000 worth of investments.
All these influenced the Sharks because business is all about profit. And at the same time, Wisp has a debt of over 2 million dollars. Well, none wants to be paired with a company with debt.
Still, being generous, Kevin offered $500,000 with a 50% stake. But the situation got worse when Lori offered to help in publicizing the product without giving a penny. Here, Kevin only responded as he would discuss it later.
Consequently, Dobson wanted to include Lori in the deal to get help. While trying to get the attention of Lori, he forgot that he was cracking a deal with Kevin.
This made Kevin furious, and he withdrew the deal. Lastly, dobson left the shark tank with an empty hand with no Shark invested. He lost a very good deal due to his desperate decisions at the crucial moment.
What Happened To Wisp After The Shark Tank?
Wisp after Shark Tank continued their business. Even though the company left without getting any investments from the Sharks, they are still running in 2023.
However, Lori showed support for Wisp and reached out to them. That’s why since 2018, Wisp has been appearing on QVC. The publicity has reached a peak where all the products are sold out within a short time.
They also came with some new products, and those have been discussed below.
Products
Wisp has also offered cleaning sets for regular use.
They have a window cleaning set and indoor and outdoor cleaning set. Moreover, the product list also includes a vibrating spray mop that costs just $50.
The newly launched products also have got the attention of the consumer and are selling in a bunch. All these products would facilitate the cleaning with less effort.
Wisp Net Worth
Wisp Shark Tank episode 5 of season 10 highlighted that Wisp had a net worth of only $5 million.
Due to their appearance in the Shark Tank, they have got a raise in their net worth. Their net worth was $5 million previously, which was increased to $14 million after their appearance in the shark tank in 2018. Shark Tank has doubled the worth of the Wisp company by introducing the product to consumers.
Wisp Sales Data
Previously, Wisp sold over 100,000 units and had sales of over $3.5 million. Now, the sales of the recent year 2023 are still unknown, but the products are sold out in QVC, which shows they are doing great.
Moreover, revenue is also $7 million, which indicates a steady growth of the company.
Is Wisp Profitable Now?
Yes, the Wisp update indicates that Wisp is a profitable company. Because the recent updates show the company has a revenue of $7 million. It also operates with 27 employees. This certainly indicates that Wisp is not just selling products but also making a profit, unlike in earlier days.
Table: Revenue Per QOQ Of The Year Of Wisp
Below, the revenue of Wisp per QOQ for the year from 2018 to 2021 is given.
- Q1: January-March
- Q2: April-June
- Q3: July-September
- Q4: October-December
| Year | Revenue |
|---|---|
| 2018 Q4 | $7 million |
| 2019 Q1 | $7 million |
| 2019 Q2 | $7 million |
| 2019 Q3 | $7 million |
| 2019 Q4 | $6.907 million |
| 2020 Q1 | $6.907 million |
| 2020 Q2 | $6.907 million |
| 2020 Q3 | $6.907 million |
| 2020 Q4 | $6.907 million |
| 2021 Q1 | $7.031 million |
| 2021 Q2 | $7.031 million |
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Conclusion
Overall, the Wisp shark tank update has shown the company is doing well with a few newly launched products. They started their journey with the innovation of the broom and have continued since 2012.
Furthermore, Wisp appeared in Shark Tank with the hope of getting investment from renowned Sharks. To deal with their debt, they tried their best to publicize and market their products at 50% off.
Wisp today is finally selling its products and stepping toward profit. This journey has not been easy, but the Wisp is not easy to be defeated either.
