Entrepreneur Matthew Hall pitched his custom-fit sports mouthguard business, Trufit Customs, to the Sharks on Shark Tank Season 16 Episode 1. The company offers mouthguards designed using scan-and-print technology with DLP 3D printers, which dentists and orthodontists approve.
Customers can visit Trufit’s official website to order the New Customer Bundle, which includes a test kit. The kit comes with white and yellow putties and a tray that helps take an impression of the user’s teeth so that a custom mouthguard can be created and provided.
Did any of the Sharks show interest in investing in his business? Let’s find out what happened to the company and how it’s performing now.
| Company Name | Trufit Customs | |
| Founder/Co-Founder | Matthew Hall | |
| Founded | 2019 | |
| Product | Mouthguard | |
| Asked For | $750k for 5% equity | |
| Final Deal | $750k for 10% equity | |
| Shark | Rashaun Williams | |
| Episode | S16 E1 | |
| Air Date | Oct 18th, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Ventura County, California, United States | |
| Annual (Revenue) | $1.7 Million *estimated | |
| Worth / Valuation | $15 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
What Is the Background of The Founder?
Matthew Hall is the Founder and CEO of TruFIT Customs. He studied Psychology and Pre-Medicine/Pre-Medical Studies at Pepperdine University.
His company has secured over 26 Premier Lacrosse League teams as well as NFL, NHL, and NCAA teams as clients.
By July 2024, TruFIT Customs had raised $750,000 from angel investors to help purchase a larger manufacturing facility.
Business Pitch Episode Recap
Matthew Hall asked the Sharks for $750,000 in exchange for 5% equity, valuing his company at $15 million. He explained the product, Trufit Customs, a mouthguard made using scan-and-print technology.
He highlighted that this mouthguard allows athletes to breathe and speak comfortably while wearing it, and it is significantly more comfortable than traditional mouthguard.
Mark Cuban was surprised by the company’s high valuation, so he asked Matthew about the company’s sales figures. In response, Matthew shared that sales were $115,000 in 2022, and $750,000 in 2023, and he expects to reach $1.7 million in 2024. After hearing this, Mark stated that he still couldn’t justify the company being worth $15 million.
The best part, however, is that the company is currently profitable.
The first-time D2C mouthguard kit box costs $95. The making cost is $31, and the customer acquisition cost is $23. Additionally, the profit margin is 40%.
Mark Cuban stated that the company’s valuation is insane and he doesn’t believe it’s an investable company, so he is out.
Daymond John referenced Mark Cuban by saying, “The guy who put $3.5 billion in his pocket said the valuation is too high, and it’s too high for him,” so he is out.
Rashaun Williams asked Matthew how much funding he had raised so far. Matthew revealed that he had raised a total of millions of dollars at a $7.5 million valuation. Additionally, the company plans to make and ship nearly 20,000 units in 2024.
To boost sales, they use a team sales model that involves approaching athletes, players, or other users to buy the mouthguard. The person who approaches receives a percentage commission on the sales (like an affiliate program).
Lori Greiner stated that the company’s valuation is too high, so she is out.
Kevin O’Leary stated that the valuation doesn’t make sense to him, but he still made an offer of $750,000 for 3% equity, plus a royalty of $2 per unit sold until he recoups $2.25 million.
Rashaun Williams offered $750,000 for 10% equity in the company. Matthew countered with an offer of $1 million for 8% equity, but Rashaun declined that offer. Ultimately, Matthew accepted Rashaun’s original offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Rashaun Williams | $750k for 10% equity |
| Kevin O’Leary | $750,000 for 3% equity and $2 royalty per unit until $2.25M recouped. |
| Mark Cuban | No Offer |
| Daymond John | No Offer |
| Lori Greiner | No Offer |
| Founder’s (Countered) | $1 million for 8% equity (Rashaun) |
| Final Deals | $750k for 10% equity |
Trufit Customs Shark Tank Update
After checking the company’s website, we found out that Trufit Customs is currently working on a new upcoming product: CUSTOM-FIT INSOLES.
We are currently following the company for more valuable information.
We have covered more businesses from Season 15, and you can also check them out!
