Wise Pocket Products is a company created by the brilliant then 11-year-old girl, Sofia Overton, and Wise Pocket Products Net Worth is estimated to be around $ 20 million.
This company sells stylish and innovative socks with a pocket large enough to accommodate various day-to-day items, like your mobile phone, keys, or whatever you need close at hand.
|Wise Pocket Products Net Worth||Around $20 million to $50 million|
|Company name||Wise Pocket Products|
|Company founded by||Sofia Overton|
|Company products||Socks with pockets|
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Wise Pocket Products Net Worth
The Wise Pocket Products net worth was around $200,000 when Sofia Overton entered the Shark Tank. After the investment by Lori and Mark in the Shark Tank, Wise Pocket Products net worth rose to around $20,000,000.
The Founder of Wise Pocket Products
The founder and current CEO of Wise Pocket Products is 13-years-old Sofia Overton, who founded the company when she was 11 years old. She was born in 2009 in the United States of America and holds American nationality. She is also a renowned TV personality and an entrepreneur.
Wise Pocket Products History
The company was founded by then 11-year-old Sofia Overton. She herself funded the firm with $5,000 of her own money from savings and $5,000 from business contests. The idea clicked in her mind when she saw her cousin pop a mobile phone into her boot because she did not have any pockets in her leggings.
When Sofia saw that she too did not have any pockets in her leggings, she tried to do the same as her cousin, but it felt too uncomfortable. Further, when she tried to move or shift her weight, the phone would just slide down under her ankle.
This dilemma resulted in a light-bulb moment when the idea of having a pocket in her socks crossed her mind. To bring her idea to life, she designed the first sock with a pocket that started from the top of the sock. After investing $10,000 into the firm, Sofia was able to sell Wise Pocket socks worth $16,000 in a short amount of time.
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Wise Pocket Products Shark Tank Deal
In episode 11 of the eleventh season of Shark Tank, which was also one of Sofia’s favorite shows that she had been following since she had been six years old, Sofia entered the show, determined to turn her firm into a ‘real’ business.
She sought $30,000 in exchange for a 15% stake in her firm, which was then worth $200,000. Sofia stated that she needed money to boost production. The Sharks were also impressed by the fact that she had self-funded the firm.
In the end, Daymond and Lori made a bid offering $30,000 for 33% ownership of the firm. Sofia countered by offering a 25% stake in the company for $35,000, which the Sharks accepted.