Grypmat's $4M Success Story: From Shark Tank to Tool Industry Disruptor
Entrepreneur Tom Burden, creator of Grypmat, recently sought $200,000 for a 10% stake in his innovative tool-holding mat on Shark Tank. Since its 2017 appearance, Grypmat has flourished, with sales exceeding $400,000 in its first ten months and an estimated worth of $4 million.
Initially invented by Burden, a former US Air Force weapons mechanic, Grypmat solves the age-old problem of tool organisation during maintenance tasks. Made of durable silicone, it sticks to surfaces and holds tools securely even at extreme angles up to 70 degrees. The mat, available in three sizes, caters to various sectors that use handheld tools.
Burden's Shark Tank pitch in 2017 secured him a deal with Lori Greiner and Mark Cuban. They invested $360,000 for a 30% equity stake in the company. Although Richard Branson was not directly involved, he joined the investment later alongside Greiner and Cuban. Post-Shark Tank, Grypmat's business took off, demonstrating its potential in the market.
Grypmat's success lies in its simplicity and versatility. It is an excellent tool for professionals and DIY enthusiasts alike, offering durability, slip resistance, and the ability to hold tools at extreme angles. With an estimated worth of $4 million, Grypmat continues to make its mark in the tool industry.
