Season 16 of Shark Tank premiered on Friday, October 18, 2024. The episode saw entrepreneurs from different walks of life pitch their business ideas, hoping to convince at least one shark to invest in their company. Out of all the pitches, one stood out, capturing the attention of the business moguls.
Founder and CEO Matthew Hall walked onto the set of Shark Tank pitching his company TruFit Customs' flagship product, a custom-fit mouthguard, created using 3D printing technology, tailored to each athlete's requirements. He sought an investment of $750,000 for 5% equity.
Despite being practical and having a considerable market, TruFit's mouthguards failed to get an offer from Lori Greiner, Mark Cuban, and Daymond John due to its high valuation. On the contrary, Matthew rejected Kevin O'Leary's offer since it could not meet his conditions.
After much deliberation, Matthew signed a deal with guest shark Rashaun Williams with an offer of $750,000 for 10% equity. Rashaun also promised to bring in 10-20 pro-athletes as ambassadors or investors for TruFit Customs.
Shark Tank season 16 episode 1: TruFit Customs aims to make personalized mouthguards accessible to all
Matthew started his pitch by describing the difficulties of wearing "big, bulky, and uncomfortable" mouthguards. He revealed they eliminated "in-game communication" and did not fit everyone's unique dental profile. Since custom-fit mouthguards were expensive, Tru-Fit Customs created an accessible version that athletes would want to wear.
"Each guard is made with the latest 3D print and scan technology. They feature shockwave-dampening compression pads, a sleek, slim profile, and are cut so you can breathe and speak as clearly as I'm talking to you now," Matthew explained.
The Shark Tank entrepreneur removed his mouthguard to prove how easily he could speak despite wearing one of his guards. He revealed they were already catering to over 1000 professional athletes across the NFL, NHL, PLL, NCAA, and UFC. However, Matthew aimed to expand his market from athletes to the common people. He needed an investment of $750,000 for 5% of his company from a Shark to accomplish his goal.
When Shark Tank investor Kevin asked how they got an exact fit of each mouth, Matthew explained they used a silicone putty impression kit for their direct-to-consumer model.
When Mark and William questioned Matthew about pitching a product already in the market, he revealed they had "a great hold on digital manufacturing," specifically knowing how to generate large-scale custom-fit fabrication.
He supported his claim by listing TruFit Custom's sales through the years. In 2022, the year they started, Matthew's company generated $115,000. In 2023, they made $750,000 and were expected to do over $1.4 million in 2024.
TruFit Customs sold their direct-to-consumer mouthguards for $95 to first-time buyers, whereas it cost them $31 to manufacture the product, including shipping. Despite having a $23 CAC (Customer Acquisition Cost), they had a 40% margin on their first-time customer. Matthew also discussed their "teams sales model," which they used to get affiliate deals from athletes.
Mark, Lori, and Daymond backed out of the investment, unable to come to terms with the $15 million valuation. Shark Tank's "Mr. Wonderful," a.k.a Kevin, offered $750,000 at 3% so long as he received a $2 royalty on every unit sold up to $2.25 million.
Venture capitalist Rashaun countered Kevin with an offer of $750,000 for 10% equity, promising to bring pro-athletes as ambassadors or investors. After some back-and-forth, Matthew accepted Rashaun's deal, rejecting Kevin's.
TruFit's website currently offers a $30 discount with the promo code "SHARKTANK," bringing the price of the mouthguards down to $95 each.
Shark Tank releases new episodes every Friday at 8 pm ET, exclusively on ABC.