First into the tank is Tom Burden of Grypmat, seeking $200,000 for 10 percent equity.

Key Takeaways: Grypmat on Shark Tank Update

  • Product: Flexible, non-slip mat to hold tools in place.
  • Investment Ask: $200,000 for 10% equity.
  • Shark Response: Deal with Richard Branson, Mark Cuban, and Lori Greiner for $360,000 for 30% equity.
  • Post-Show Success: Grypmat has expanded its sales channels, winning multiple awards and being adopted by mechanics and engineers globally.

What Is Grypmat? A Quick Company Overview

Grypmat is a multi-purpose mat that can be used practically anywhere.

The “high-performance, flexible, non-magnetic, non-slip, chemical resistant, anti-static, rubber tool mat” is designed to increase efficiency and safety, according to their website. The mat is available in three sizes and ranges in price from $29.99 for small to $69.99 for large.

The trio pack regularly costs $144.99.

What Did the Sharks Think of Grypmat’s Pitch

Guest shark Richard Branson likes that it solves an everyday problem and definitely sees the airline application. They have done $400,000 in sales, mostly from online sales and through trade shows. They have a utility patent pending.

With an investment from the sharks, Burden wants to build up the inventory and continue creating new and innovative products and accessories. Daymond John sees it as very versatile and offers $200,000 for 25 percent. John then updates his offer to 20 percent. Burden hopes to get multiple sharks involved in a deal, especially Branson. He offers $200,000 for 15 percent, as does Robert Herjavec.

John then revises his offer to $200,000 for 15 percent.

Mark Cuban and Lori Greiner then jump in with an offer of $200,000 for 20 percent.

They want to take over everything and get the mats into multiple stores. Burden then counters Branson, Greiner and Cuban at $360,000 for 30 percent.

Social Media Reacts to Grypmat’s Appearance on “Shark Tank”

Wrapping Up

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to 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;
  • Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks 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 $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.

Would you use Grypmat? Sound off in the comments section below!