Prepare to be amazed by the exceptional achievement of Wise Pocket Products, boasting a staggering net worth of $300,000! Explore the inspiring journey of this ingenious brand and witness its meteoric rise.
The Wise Pocket Products and Its Net Worth
Wise Pocket Products is a brand specializing in clothing with integrated, user-friendly pockets designed to accommodate various items such as mobile phones, epi-pens, cash, snacks, payment cards, house keys, etc. The brainchild behind this ingenious venture is Sofi Overton, who, at the remarkably young age of 11, established the company back in 2017.
Regarding the monetary value of Wise Pocket Products, it has been more than three years since Sofi proclaimed a valuation of $200,000 during Episode 11 of season 21 on the esteemed television show “Shark Tank.” As time has passed, there seems to have been a considerable increase of approximately $100,000, elevating the net worth of the Wise Pocket Products brand to approximately $300,000.
Founder’s bio (age, founding year, funding, parents, education…)
Sofi’s inspiration came from an encounter with her cousin, who faced the dilemma of carrying her phone in her boot due to the absence of pockets in her leggings. Discovering the discomfort of this makeshift solution, Sofi decided to create her own remedy—a line of socks with functional pockets to accommodate essential belongings, including phones, allergy medication, and other necessities.
The inception of Wise Pocket Products began with a prototype, funded by $10,000 from Sofi’s personal savings and winnings from various business competitions. In 2018, the products officially hit the market following a successful IndieGoGo campaign that raised $10,000 and resulted in $16,000 in sales.
The brand’s noteworthy moment came when Sofi appeared on “Shark Tank” during Season 11, Episode 11, seeking a $30,000 investment in exchange for a 15% stake. Initially valuing her company at $200,000, the final valuation during the show amounted to $140,000. Eventually, a deal was struck with John Daymond and Lori Greiner, who invested $35,000 for a 25% equity stake. After the show’s airing, Wise Pocket’s sales experienced a significant boost.
Apart from producing socks with pockets, Wise Pocket Products embraces a charitable aspect, pledging to donate a pair of socks for each one sold.
As for Sofi Overton’s education, she is currently pursuing her secondary education at a local school in Bentonville, Arkansas. Though much is unknown about her parents, she receives unwavering support not only from them but also from her patent attorney, the local chamber of commerce, and fellow startup enthusiasts.
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Quick Information about Sofi Overton
|Age||15 (as of 2023)|
|Place of Birth||Bentonville, Arkansas|
|Profession||Inventor, TV Personality, and entrepreneur|
|Net Worth||Approximately $300,000|
|Acceptable Payment Shipping methods||Visa, Paypal, MasterCard, Discover, and American Express|
|Supported Shipping Method||Supported Shipping Methods: Priority Mail, USPS, First Class Mail|
|Manufacturing Country||North Carolina, America|
|Design/Style||White, Splatter, Tweed & Hawaiian|
|Competitors||SockGuy, Strideline, Randy Sun, and Bambos|
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The Latest on Wise Pocket Products
Indications suggest that Sofi may soon be expanding the product line to include leggings. However, as of July 2023, the investment deal with Daymond and Lori is off, and the licensing agreement is still pending. Revenue figures are yet to be reported. While Wise Pocket may still be in operation, activity on the company’s Instagram page has noticeably slowed down. Additionally, the company website (http://www.wisepocketproducts.com/) did not respond when accessed. It is possible that the products are temporarily unavailable due to manufacturing or that Sofi is preoccupied with her schoolwork.
In the world of innovative fashion, Wise Pocket Products stands tall with an extraordinary net worth of $300,000. A true testament to entrepreneurial brilliance and consumer appeal, this brand continues to thrive and revolutionize the way we carry our essentials.