Doublesoul Shark Tank Update – Shark Tank Season 17
Ben, with his early investor Pete, took over the stage in front of the Sharks to introduce their brand Doublesoul. This brand designs and manufactures creative socks that are comfortable, sustainable, and elevate the mood.
What if I tell you “Shark Tank Season 17 Episode 1” is live now? Yes, the Tank is back, and the stakes are higher than ever. Isn’t it crazy that a reality show that started the revolution of ideas 17 years ago is still transforming lives? Ben commenced his brand Doublesoul with his wife, Allison. He met her while studying at the University of Pennsylvania.
Thus, with his experience working in private equity and her background in managing operations at a fitness startup, they decided to come together and build a business.
Ben and his investor, Pete, took over the stage, introducing their brand Doublesoul, an everyday sock company.
About Doublesoul
| Category | Details |
|---|---|
| Business Name | Doublesoul |
| Founders | Ben Rosenbaum and Allison Strumeyer |
| Industry | Clothing |
| Product | Every day wear socks |
| Deal Status | Deal secured with Kendra Scott |
| Investment Asked | $500,000 for 4% equity |
| Valuation | $12.5 million |
| Deal Outcome | $500,000 for 10% equity |
Ben Rosenbaum and Pete spelled out that buying socks often seems like a major compromise, and how their brand, Doublesoul, aims to change everything in this niche.
Ben launched Doublesoul in 2022 with his wife Allison, aiming to bring change to the sock market. With early backing from Pete, the brand’s sales skyrocketed from $360,000 in 2022 to $2.3M in 2024, with 95% coming from D2C channels.
Pete Davidson, who happens to be an early investor in Doublesoul and holds an equity of 10% in the brand, propped up Ben while pitching.
Sharks buckled up when they touched the material, and the founder delineated that it comprises 85% organic cotton and 15% recycled nylon. The Doublesoul socks speak for themselves as they are huge and fitted for all genders without cutting off circulation.
When they first started with the brand, their socks attracted traffic with social media buzz. Since most of us consider socks a boring commodity, Ben saw an opportunity in the niche by creating something sustainable, expressive, supersoft, and comfortable for everyone, not just one target group.
Doublesoul Shark Tank Pitch
The founders of Doublesoul seized control of the Tank stage, asking for a bite-sized investment of $500,000 for 4% equity in their brand. Moreover, Pete clarified that he invested a year ago at a valuation 10x lower than today’s.
Kevin O’Leary was flabbergasted when he heard about the valuation of $12.5 million. Robert Herjavec and the other Sharks also had a similar response and wanted to hear all about the journey, including the sales.
Kendra Scott even tried the socks given as samples to the investors then and there. However, Mr. Wonderful wanted the founders to go through a drilling process so they could convince him how their valuation had increased that much in a year. Thus, the founders talked about their sales and the founding journey, which began in 2022.
In the year 2022, they made $360,000, and in 2023, they further generated a revenue of $1.7 million. In 2024, they made a whopping $2.3 million.
Kendra perked up after listening to the sales and the projection of making $7.5 million this year. Also, their revenue stream is 95% direct-to-consumer.
At the same time, Rashaun Williams said he likes to reinvest and take the brand to $25 million or $50 million. On the other hand, Kendra told the founder that she cares about perfect EBITDA once the brand starts growing.
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Did Doublesoul Get A Deal On Shark Tank?
Offers began flowing once Ben told them about the profit margins and the cost to produce, which is about $1.2, and they sell them for $11. It is 89% gross product margins coming from Amazon and Urban Outfitters.
Robert introduced the brand’s direct competitor, Bombas, the company of Daymond. Kendra offered a deal right then and there, as she meant in a sarcastic tone about how excited she was about launching a more successful brand than Daymond’s.
Thus, Kendra Scott’s offer was $500,000 for 10% equity in Doublesoul. Pete and the founder, Ben, see the opportunity to have 152 successful retail stores worldwide. However, Lori Greiner refused to participate after a rebuttal with Kevin.
There was a head-to-head battle between Kendra, Rashaun Williams, and Kevin. Rashaun and Kevin offered $500K for 6.25% and a 25% royalty until $1.5 million is paid. So, Mr. Wonderful wanted to receive 3x on the royalty.
Moreover, Robert refused to participate in the deal. Ben said no to the deal offered by Rashaun and Kevin because he did not want to give up the liquidation profits.
Ben countered Kendra, asking if she would agree to 6% of the equity. Kendra said no, and Ben decided to call his wife, Allison, the co-founder. The founders chose to grab Kendra Scott’s offer and blow it big.
What Makes Doublesoul Unique?
There are various reasons why Doublesoul socks are unique and one-of-a-kind.
- Variety offered: They offer five silhouettes, including a no-show, a mid-calf, a knee-high, and more.
- Self-expression: Doublesoul made socks that tell your story, elevate your mood, and are perfectly designed in terms of colours and patterns.
- Comfortable: These socks are designed to be ultra-soft, durable, and breathable, so customers no longer experience discomfort and wear-and-tear.
- Sustainability: Manufactured and designed from GRS-certified and GOTS-certified recycled organic cotton and polyester. The socks are further dyed with OEKO-TEX and shipped in recycled packaging.
Where Can You Buy It?
You can purchase it on their official website, along with D2C brands like Amazon and Urban Outfitters. You can also check their Instagram page to stay updated about the accessories.
Quick Summary
- Ben and his investor, Pete, took over the stage, introducing their brand Doublesoul. Ben saw an opportunity in the niche by creating something sustainable, expressive, supersoft, and comfortable for everyone.
- Pete clarified that he invested a year ago at a valuation 10x lower than today’s. Kevin O’Leary was flabbergasted when he heard about the current valuation of $12.5 million.
- They asked for $500K for 4% equity in their brand. Though the founder spoke with his wife, Allison, the co-founder, both decided to lock Kendra’s deal at $500K for 10% equity.
