They introduced their line of STEM toys to the sharks, and both Mark Cuban and Lori Greiner wanted in on the action. Negotiations with the sharks resulted in the young entrepreneurs receiving $500,000 for just 5% of their company, Roominate. Here you will read about Roominate net worth and other details.
Avid Shark Tank watchers probably recall Roominate, the STEM-friendly toy line that founders Alice Brooks and Bettina Chen presented to the “sharks” back in a 2014 episode, during the ABC series’ sixth season.
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The toys seem to have been abandoned in the years since Roominate was purchased by PlayMonster—a search on the PlayMonster website doesn’t generate any Roominate-branded results. However, Roominate did make the Society of Women Engineers’ 2020 list of greatest STEM toys, as chosen by the club’s Engineering Working Moms Facebook community. Are you interested in knowing Roominate net worth?
What Is Roominate?
To encourage more young women to pursue careers in architecture and engineering, Roominate was created. In a way, the toys are similar to Lego kits for girls. To assemble a certain construction, the packages include a guide. Many methods to organize the parts can be found, allowing for a wide range of possibilities.
Playsets incorporating circuits can enhance the play experience and encourage more young women to consider a career in engineering. How much do you think is Roominate net worth?
Who Are The Entrepreneurs?
It was founded by Alice Brooks and Bettina Chen, who are the two founders of Roominate. It was originally founded by Brooks and Chen to manufacture their range of toys. At Stanford University, they both had master’s degrees in engineering, and they struck up a friendship.
What Did You Think Of The Pitch?
The pitch for Roominate was unusual in that it went off without a hitch. In an appearance on the show, Bettina and Alice brought a model house they’d built, complete with working circuitry to power a fan. While the sharks were enthralled, not all of them wanted in on the activity. Keep reading to know about Roominate net worth.
Lori jumped at Mark Cuban’s $500,000 offer for 5%, noting that it could undoubtedly help sell Roominate products. Mark Cuban accepted Lori’s offer.
— MD (@WilliamVicMelb) August 8, 2022
Roominate Investment
Roominate has prospered as a result of Cuban’s investment. A 2015 Shark Tank report on Roominate noted that with Cuban’s funding, Alice and Bettina were able to go into 800 brick-and-mortar and online retail locations. ‘ Since Cuban’s involvement, the company’s revenues have risen to $4.5 million dollars.
Roominate Net Worth
Here you can read about Roominate net worth: If Cuban and Greiner contributed $500,000 for a 5-percent stock position, then Business 2 Community estimates that Roominate is worth $10 million. However, no one knows exactly how much money Roominate has.
His children, Alexis and Alyssa—then 10 and 7 years old—were the only conditions attached to Cuban’s offer. As he explained to the two, “You know, I try to place them in a position where they have strong role models.” There are some things in life you just can’t purchase, and that’s one of them.
Roominate Success After Shark Tank
With aid from Mark Cuban, Brooks and Chen were able to secure a huge contract with Walmart that would allow Roominate items to be sold in 800 stores and online. “Our sales have actually skyrocketed,” Chen informed viewers, “with our entry into retail.” Sales were $1.7 million in a year and a half prior to Shark Tank. Since our appearance on Shark Tank a year ago, we’ve generated sales of over $4.5 million.”
An eight-person team was also mentioned in the video, as well as the fact that they now have their own headquarters. Girls can be builders and engineers, Brooks said. “It’s always been our aim.” Shark Tank has helped us get our message out to girls who will help us build a better future because of Mark Cuban and Shark Tank.”
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