If you accidentally lose one piece of a pair of socks, the other piece becomes useless. To solve this daily life issue, Edwin Heaven created Throx, a socks company that offers three socks for the price of one pair.
What do you think, will any Sharks be genuinely interested in investing in this business? Let’s find out what happened to this socks business in the end.
| Company Name | Throx | |
| Founder/Co-Founder | Edwin Heaven | |
| Founded | 2005 | |
| Product | Three Socks in one Pair | |
| Asked For | $50K for 25% equity | |
| Final Deals | No Deals | |
| Shark | No Sharks | |
| Episode | S1 E7 | |
| Air Date | Sep 13th, 2009 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | San Francisco, California, United States | |
| Lifetime Sales | $1M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Edwin entered the Shark Tank and asked for $50k for 25% ownership, valuing his company at $200k. Robert Herjavec doubts whether this is a real product or just a cute gift item.
Edwin revealed that 8,500 units have been sold so far this year, generating $38,000 in revenue. He estimates that by 2010, 18,000 units of socks will have been sold.
Kevin O’Leary said that with the 3 socks model, if the business makes millions of dollars, many big brands could copy this model, and it’s not a sustainable model. Besides, the 3 socks package cannot be patented, so he’s out.
Kevin Harrington said that money cannot be made with this product. He’s out. Barbara Corcoran mentioned that it’s a one-time buy product, so she also cannot invest in it.
Robert Herjavec said that this business is not investable for him at the moment, so he’s also out. Daymond John also declined to provide funding at the end. All the Sharks Out and Edwin had to go without any investment.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deals |
Throx Shark Tank Update
Edwin didn’t give up and started running it as a side business. Gradually, he began to see growth. He launched many new designs of socks, which are being sold on his official website and Amazon.
Our research indicates that Throx is still operating and generating millions of dollars in annual revenue. This is the complete update on this sock company.
If you want updates on more businesses from Season 1, you’ll find some links below. Visit here for more information.
