Solemates
Solemates

First into the tank are Monica Ferguson and Becca Brown of Solemates, seeking $500,000 for 10 percent equity.

Solemates helps keep high heel shoes from being damaged. The High Heelers caps stop heels from sinking into grass and prevent awkward moments. Their website states that celebrities like Demi Lovato wore Solemates High Heelers during her World Series anthem performance, Lauren Conrad at her wedding, Carrie Underwood on tour, and Viola Davis on the set of “How to Get Away with Murder.” Their range of products aims to make heels more practical and comfy, including the classic High Heeler for $12, the Blister Blocker, and the Bridal Rescue Set. As their website explains, the idea for Solemates came from their dislike of ruining shoes.

To get the full effect, the sharks (minus Mark Cuban) strap on a pair of heels and are all shocked at how well they blend into the shoes. The two entrepreneurs met at Goldman Sachs and are now seeking to find a go-to person to work with for Solemates. Last year, they made $1.1 million in revenue, have been selling for five years and sell both in retail and online.

They’ve invested $100,000 between the two of them and raised just under $1 million. They each own 40 percent of the company. Cuban says something is not adding up with their revenue and margins. They have only netted $30,000 with having to pay all their third-party vendors.

Lori Greiner says she doesn’t find a need for it and goes out. Since the numbers don’t add up for Cuban, he goes out as well. Daymond John explains how much money would have to be put back into the business just to get a return on his investment and goes out. Robert Herjavec likes the product since he says it “created a category” and offers $500,000 for 25 percent. Kevin O’Leary then jumps in, boasting his “celebration-like” companies. He offers $100,000 for 10 percent and $400,000 as a loan. They counter Herjavec at 20 percent, which he accepts before O’Leary steals the deal away.

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.

Social Media Reacts to Solemates’ Appearance on “Shark Tank”

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