What is RigStrips from Shark Tank season 16 and where is it now?

Zhach Pham and Steven Graf appeared on Shark Tank season 16, seeking $300,000 for 7.5% equity in their company, RigStrips. Their product, designed to protect vehicles from scratches while securing outdoor gear like skis and fishing rods, caught guest Shark Todd Graves's attention. After negotiations, they secured a deal of $300,000 for 15% equity.

RigStrips offers two main products: SnoStrip and SunStrip. These magnetic and adhesive strips provide a simple solution for outdoor enthusiasts to rest their gear against vehicles without causing damage. With sales of over 60,000 units and $3 million in revenue before their Shark Tank appearance, the founders aimed to use the investment to increase inventory and expand marketing.

During their pitch on Shark Tank, Mark Cuban commented that he saw RigStrips as more of a product than a business. Kevin O’Leary also passed, stating that the effort required to scale it wouldn’t be worth his investment. Lori Greiner and Daymond John also opted out. However, Todd Graves, recognizing its market potential, initially offered $300,000 for 20% equity. The founders countered at 10%, and after negotiations, both sides agreed on 15%.

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How is RigStrips growing after Shark Tank?

Following their Shark Tank appearance, RigStrips experienced significant sales growth. According to the company, they have sold over 20,000 units since the episode aired. This surge accounts for roughly a third of their total sales from the past four years combined. The flagship SnoStrip has sold out multiple times, indicating strong demand.

The company operates on a direct-to-consumer model, selling primarily through its website. Their marketing strategy has focused on targeted promotions, including social media campaigns and email engagement with customers. The majority of their sales happen during the winter season, with 62% of annual sales occurring in November and December.

RigStrips’ founders credited their success in part to their partnership with Graves. As reported by BusinessDen on October 29, 2024, Pham said:

“Todd was pretty much the reason we were on the show.”

Graf added:

“There’s that element of tailgating with RigStrips, ahaving a beer at the end of the day, nand Cane’s having roots in tailgating is something we hope to blend.”

RigStrips’ product line includes options for different vehicle types. While the magnetic version works for steel vehicles, the adhesive option caters to aluminum ones. They later expanded their offerings beyond skiing and fishing gear, developing products like the TrunkGuard, a protective mat for car interiors, and the RigStrip Lot Mat, designed for changing into outdoor gear.

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What’s next for RigStrips and its founders?

As RigStrips continues to grow, Pham and Graf have launched a new venture called Spark Sponsor. This company specializes in event sponsorship analytics, offering tools for brands to track engagement and promotional efforts. One of its main features, Flowcart, helps brands collaborate with creators and athletes more efficiently.

Spark Sponsor has already secured partnerships with major events, including the Los Angeles Marathon and the Outside Festival. The company also received investment from Wildwood Ventures, a venture capital firm backed by VF Corporation, the parent company of brands like The North Face and Vans.

Despite their new venture, Pham and Graf remain actively involved with RigStrips. They continue to expand their product line, responding to customer feedback and refining their marketing strategy. Their partnership with Todd Graves has provided additional resources to scale production and reach a wider audience.

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New episodes of Shark Tank air every Friday at 8 pm ET on ABC.