Ring Doorbell is home security and smart home company founded by Jamie Siminoff. The company, currently owned by Amazon, manufactures products related to home security, such as outdoor surveillance cameras, and smart doorbells.
Ring Doorbell Net Worth
The net worth of Ring Doorbell is estimated to be around $1 billion.
Ring Doorbell During Shark Tank
The home security company was initially founded by the name Doorbot by Jamie Siminoff in 2013. Jamie Siminoff pitched his company during the Shark Tank episode, seeking a potential investor for the company.
Jamie Siminoff presented the products that Ring Doorbell, Doorbot at the time, manufactured i.e. a video doorbell that can record footage like a spy camera and can be connected with a smartphone. He was looking for $700,000 in exchange for a 10% stake in the company.
This showed that Jamie Siminoff valued the company at $7 million. The Sharks, clearly disagreeing with the valuation of the company, rejected the offer, and no deal could be reached.
Ring Doorbell After Shark Tank
Jamie Siminoff, like other successful entrepreneurs, did not get too discouraged by the failure at Shark Tank. Instead, he started transforming his company, renaming it Ring Doorbell from Doorbot.
He also started working heavily in marketing the product. Hence, the sales of the products of Ring Doorbell increased dramatically. When Ring Doorbell started making about $5 million in sales, more investors were attracted to the company. Eventually, investors, such as Richard Branson, invested in the company.
When investments totaled up to about $200 million, even Amazon became attracted to the company as a potential buyer. In 2019, Ring Doorbell had about thirteen hundred employees and about ten core products which were being sold in about sixteen hundred different stores around the United States of America.
Ring Doorbell Bought by Amazon
After seeing the immense growth of the company, the Chief Executive Officer of Amazon, Jeff Bezos decided to buy the company. It is reported that the company was bought for a price anywhere between $1 billion to $1.8 billion.
During this deal, Kevin O’Leary of Shark Tank remarked that the Sharks had probably experienced the biggest miss in the reality TV show’s history. Meanwhile, Jamie Siminoff seemed elated at the deal, feeling proud of developing such a successful company.
Amazon, after buying Ring Doorbell, developed its products further, integrating various other products with it. For example, Amazon’s Alexa has been integrated with almost all of Ring Doorbell’s products and supports most of the products’ functionalities.