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One of the investors on Shark Tank, Lori Greiner is often called the "Queen of QVC." She has made a name for herself as one of the most successful and prolific investors. Among her many investments, two stand out as the most lucrative in the show's history: Everlywell and Scrub Daddy.
The two companies went on to become successes in their respective industries and are examples of Greiner’s ability to spot potential in innovative products. Both businesses have achieved impressive growth, making Greiner’s investments incredibly profitable.
Lori Greiner's top 2 most successful products from Shark Tank: Everlywell and Scrub Daddy
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Everlywell is an at-home health testing company established by Julia Cheek for easier access, increased accessibility, and cost-effective health diagnostics. The firm offers over 30 different kinds of kits that can be used in the home, which deal with several health concerns. These range from vitamin deficiencies to food sensitivities, and are all processed through certified labs. The tests allow clients to take samples at home, and send them to certified laboratories, before receiving digital results.
In 2017, Everlywell's founder Julia Cheek presented her request for $1 million on Shark Tank in exchange for 5% of equity. The idea was a plucky at-home health testing innovation that could give everyone more control over health.
Despite concerns from other sharks about regulatory hurdles, market scalability, and other issues, Lori Greiner believed in Everlywell's business model. The investor pitched in $1 million of her own in exchange for 5% equity.
The post-Shark Tank journey
After Greiner invested in Everlywell, the company grew rapidly, diversifying its test offerings, and also started offering services in many retail stores. By 2020, Everlywell's revenue had grown to $300 million, and the company continued to expand its product offerings and market presence.
Its ability to scale up, and the fact that it pivoted well during the COVID-19 pandemic with home testing for the virus, contributed to Everlywell's success. The company also continued expansion into more services in healthcare, including telehealth, and is one of the leading companies in the healthcare industry.
Everlywell, according to Medium, reached a valuation of more than $2.9 billion in 2023.
Scrub Daddy: The smile-shaped sponge that took over the market
One of the most iconic products to come out of Shark Tank is Scrub Daddy. The company's flagship product is a smiley-face-shaped kitchen sponge that has a unique material that changes texture based on the temperature of the water.
It is quite firm in cold water and perfect for scrubbing out those tough stains while softening in warm water to make cleaning easier. In 2012, Aaron Krause, the founder of Scrub Daddy, was on Shark Tank to obtain $100,000 in exchange for a 10% equity stake in the company.
After a very effective live demo showcasing the versatility of the sponge, Greiner made an investment deal with Krause by promising $200,000 in return for a 20% stake.
The post-Shark Tank journey
After its appearance on Shark Tank, Scrub Daddy sales shot up as the product sold out, and before 2012 came to a close, sales had raked over $1 million.
The partnership with Lori Greiner played a huge role in the growth of Scrub Daddy. Greiner's expertise in retail and marketing helped propel the product into major national retailers like Walmart, Target, and Bed Bath & Beyond.
By 2017, Scrub Daddy was reportedly raking in more than $100 million in annual revenue, and its product line had expanded. The line includes related items such as Scrub Mommy and Scrub Daisy, according to ABC News.
Scrub Daddy is the world's best-selling cleaning product, with its sponges and scrubbing pads sold through more than 60,000 retail locations worldwide. Lori Greiner's $200,000 investment has earned her an estimated $50 million or more, making it one of the most profitable Shark Tank deals in history.
New episodes of Shark Tank air on ABC every Friday at 8 PM ET and are available to stream on Hulu.
