The VaBroom is a clever vacuum cleaner and broom that works together. For this tool, all you have to do is pile up the mess, and the cleaner will do the rest. John Vadnais and Trevor Lambert came up with the idea for the product and made a deal with Kevin O’Leary to sell it. In this article, we gonna talk about how much is Vabroom Net Worth.
Vabroom Net Worth
VaBroom is expected to be valued at $10 million by 2023. Trevor Lambert and John Vadnais, VaBroom’s creators, have a net worth of $2.25 million as of 2022. They started the firm in 2019 with a successful Kickstarter campaign that raised $74,494.
They went on Shark Tank Season 13 Episode 11 looking for $350,000 in exchange for a 2.5 percent share in their company. This corresponds to a $14 million value. Kevin O’Leary made an investment in the firm and negotiated an agreement with the entrepreneurs.
On their website, VaBroom is still retailing for $59 USD. The device is a hybrid of a vacuum cleaner and a broom that cleans floors using vacuum-like suction technology without the necessity of a dustpan.
Trevor Lambert is from Minnesota, in Champlin. While at the University of St. Thomas, he began to come up with new ideas for things. Trevor started a design company called Enhance Innovations in 2010 to show off his work. Other companies hired him to help them with licensing when he worked for Enhance Innovations.
It was there that Trevor met John Vadnais. John runs his own business called Vadco Innovations and has an MBA from Bemidji State University. There are six other partners in the business, even though only two of them were on Shark Tank.
VaBroom Initial Days
Joseph Caswell came up with the idea for VaBroom in the first place. He went to John and Trevor to sign a licensing deal with Enhance Innovations after making the final design of the one-in-one vacuum and mop.
They already have a good track record of getting items to market because they are creators. They thought that what Joseph had made was the real thing. For this reason, they joined forces with Caswell along with five other people.
John put $200,000 into the business, but the team didn’t think it was enough to start making a lot of things. They used Kickstarter to get money and got over $74,000. In 2021, the product made $3.1 million in sales after coming out in 2020.
VaBroom Shark Tank Pitch
The product was already a huge success, but they needed extra money to cover inventory costs. The men participated in Shark Tank season 13 and asked for $350,000 in exchange for 2.5% ownership.
As they entered the Tank to display the goods, John fell down and dropped some nuts. The Sharks were somewhat aback when they learned that they had made $3.1 million in revenue in the previous year. The corporation made a net profit of $300,000 from the total.
When the term “royalty” was spoken, Kevin O’Leary’s ears pricked up. Because the company’s structure was intricate, none of the other Sharks exhibited an interest. Mr. Wonderful offered $350,000 in exchange for 2.5% stock in the design business as well as a $3 royalty for each unit until he received $700,000.
The founders attempted to object but finally consented. Kevin clinched the deal by stating, “I buy a new broom for Barbara every year so she can fly around.”
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VaBroom Journey After Shark Tank
Trevor and John received a lot of media attention after the program aired and were covered on various websites including Digital Trends, TikTok, and the Daily Mail. As a result, their sales soared a few weeks after the show aired. VaBroom.com, Amazon, Walmart, Lowe’s, and Bed Bath & Beyond all sell the cleaning equipment.
The agreement with Kevin O’Leary does not seem to have been finalized yet, since Vabroom is not posted on his website with his previous Shark Tank investments. Perhaps the royalty portion of the agreement sucked up too much cash that might have been used for inventory.
On Amazon, the product has a 3.5-star rating based on over 1,200 reviews. Because they were just recently featured on the program, no current sales data have been disclosed. The company is now valued at about $10 million.
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