Baobab Net Worth – Shark Tank Update (Season 11)

Polo shirts are versatile garments that are worth adding to your wardrobe. Founded by Brandon Davenport and Marcellus Alexander III, Baobab is fade- and stain-resistant. It’s a clever product, but it didn’t land a deal on Shark Tank. As of 2024, Baobab has a market cap of $2 million.

Founder

Brandon Davenport is from Los Angeles and graduated from Morgan State University with a degree in finance. Marcellus Alexander III is also a Los Angeles native and holds a degree in business management from Hampton University.

Brandon began his career as an advertising account executive at CBS. Marcellus also worked in the entertainment industry as a client services specialist for Hearst Television.

The two met in New York and founded marketing agency Vesta Mobile Solutions, which became a huge success and was acquired by Aegis Mobile in 2010.

Founding of Baobab

After the success of their first business, the two entrepreneurs wanted to try new opportunities in other fields. They both liked to wear Polo shirts, but could not find a brand that met their needs.

In 2016, they partnered with Baobab Clothing, Inc. to create the perfect polo shirt. Using nanotechnology, they developed a shirt that resists stains, wrinkles, odors, fades, and shrinks. Plus, the shirt can be worn ten times without needing to be washed.

In 2017, the founders launched a funding campaign on IndieGoGo and Kickstarter, raising more than $57,600. Nine months later, they began shipping products to customers. Before joining Shark Tank, the company had revenue of $85,000.

Appeared on Shark Tank

Brandon and Marcellus appeared on the show’s 11th season, seeking $150,000 in exchange for a 10 percent stake in the business. The two entrepreneurs valued the company at $1.5 million and projected revenue of $1 million next year.

The Sharks liked the product, but the valuation was unrealistic. Once they revealed the low sales volume, their chances of making a deal disappeared and the Sharks immediately lost interest.

Robert Herjavec and Kevin O’Leary were the first to come forward. Daymond John and Lori Greiner expressed their love for the brand but still declined to invest. Mark Cuban was interested, but the founders didn’t answer his questions well.

Sales after Shark Tank

3.5 million fans tuned in to the show, and Brandon revealed in an interview with Jay Jones that they made a year’s worth of revenue in 12 hours! The company’s stock was sold out, and customers had to wait longer for their orders.

The pandemic hit shortly after the episode aired. The pandemic slowed down the production of the Polo shirts, but the team switched to selling masks. In 2021, the company raised $103,459 from 292 investors on the crowdfunding platform Republic.

Baobab is still going strong, with revenue of $700,000 in 2020, having subsequently reached the sales forecast on the show. Their products can be purchased through Amazon and their e-commerce site, BaobabClothing.com. Facebook ads are a big part of their marketing strategy to retarget customers. Currently, 35% of their customers make repeat orders and 87% of them buy multiple shirts.

The polo shirt brand has a rating of just 3.4 stars on Trustpilot, based on just 13 customer reviews. Despite these reviews, Baobab has managed to achieve decent sales, with annual revenue of approximately $1 million. Today, Brandon is the Director of Equitable Commerce at Shopify, and Marcellus works at Colgate-Palmolive.

Categories: Shark Tank
Source: svlsf.edu.vn