Wedding rings are sweet keepsakes of wonderful life events. But did you know there may be safety hazards in wearing it? With this in mind, Aaron Dalley and Brighton Jones created a safer alternative called Enso Rings. Enso Rings is valued at $20 million after striking a deal with Shark Tank's Robert Herjavec.
Founder
Aaron Daly and Brayton Jones are from Utah, USA. Aaron is from Provo and attended Mountain View High School. After graduation, he became a Mormon missionary. He then studied business management at Utah Valley University.
Brighton is from Salt Lake City. Little is known about his academic background, but he once headed a non-profit educational organization called Soul Punch. Jones is also a serial entrepreneur.
He founded startups such as Lincoln Projects, BrightonJonesTV.com, BrightonJones.net and Social Fixation. Aaron, on the other hand, has worked as a marketing manager for companies such as Bonneville Fuels, Invaluable Inc. and MuscleEgg.
Founding Enso Ring
Brayton is a married man who loves the outdoors, which is where he came up with the idea for the product. While climbing a mountain, he slipped and almost fell. For a moment, he hung his wedding ring on one finger on a rock. His fingers would have been amputated if the rock hadn't shattered first.
After telling his old friend Aaron, they came to the conclusion that traditional wedding rings were not safe for many tasks. Soon, they had a business idea and decided to make stylish silicone rings.
They call them Enso Rings, and they look like typical wedding rings but are softer and more secure. The company was founded in 2016 and had sales of $3.8 million after just 18 months.
Shark Tank Pitch
To expand their business, Aaron and Brayton hope to bring in new investors. In 2017, they appeared on the ninth season of “Shark Tank” and demanded $500,000 in exchange for 7.5% equity.
During the pitch, the pair introduced a safety risk called ring avulsion, in which a piece of jewelry cuts off the owner's finger. The demonstration, which involved three topless bodybuilders, excited Barbara but not the product itself.
There are two Sharks vying for the deal: Kevin O'Leary and Robert Herjavec. Kevin's offer is fair, but confusing. Robert won with a simple offer of $500,000 for 15%, which the founders accepted. This was one of the few times Kevin received the best offer but wasn't drafted. Most of his royalty deals are primarily permanent.
What’s Happening since Shark Tank
Unfortunately, the deal with Robert appears to have never been completed and is not listed as an investment on his personal website. This is not surprising since Robert invested without understanding the product.
According to SharkTankRecap.com, sales of Enso Rings reached $2 million after the “Shark Tank” episode aired. The huge increase in orders was difficult to manage, but sales returned to normal levels within a few months.
Building on that success, the company began selling stylish silicone bracelets in thin, halo, stackable and accent sizes. To differentiate their rings, they have new collections for Harry Potter, Disney, Pixar, Star Wars, and more. You can find them at Walmart, Amazon, Target, and EnsoRings.com. These rings are selling like hotcakes on Amazon, with all products averaging over 4 stars.
In 2020, Enso Rings entered the exclusive 2020 Inc. 5000 list. They rank 316th among America's fastest-growing private companies, with three-year revenue growth of 1,442%.
The company didn't make the 2021 Inc. 5000 list, so growth is likely to slow. According to RocketReach.co, Enso Rings has annual revenue of $23.7 million and is currently valued at $20 million.
Categories: Shark Tank
Source: svlsf.edu.vn