Many people don’t know that most traditional deodorant products are made of aluminum. Leveraging this, she created her own deodorant brand, Curie. She marketed her products on Shark Tank and landed a deal with Mark Cuban and Barbara Corcoran. As of 2024, Curie’s net worth is $6 million.
Sarah Moret’s Background
Sarah Moret is originally from Los Angeles and holds a BA in Business Administration from Boston University, so she already had some business experience before becoming an entrepreneur.
After graduating from college, she worked as a senior associate at large accounting firm PricewaterhouseCoopers for three years. The California resident was later hired by Formation 8 as a finance and operations manager. Sarah then worked as an investment associate at Crosscut Ventures and became the head of strategy at food tech startup Ukko.
Founding of Marie Curie
Moret used to use deodorant regularly but switched to organic products. However, all the products she used either irritated her skin or made her smell bad. So Sarah was inspired to launch her own line of deodorants.
In 2017, she began testing clean skincare formulas as a side hustle. Sarah was still working full-time when Curie launched. She used $12,000 of her savings to start the company in 2018.
Sarah started out selling deodorant sticks, but expanded her product line after striking a deal with a large gym chain. In its first year in business, Curie had $125,000 in revenue and raised $1 million in convertible debt.
Closing a deal on Shark Tank
Although the startup was growing rapidly, it was not profitable. Sarah applied to compete on Shark Tank in 2020, but was not accepted until 2022. She appeared on Season 13 and sought $300,000 for 5% equity.
As a former CPA, Sarah’s sales numbers were spot on, and the sharks loved it. However, when she mentioned her funding round, the sharks were a little hesitant, but were wowed by her sales numbers. Curie made $700,000 in 2020 and is projecting $2 million in sales for 2021.
Mark and Barbara initially withdrew but later returned to jointly offer $300,000 for a 14% stake. The entrepreneur made a counter-offer, and they ultimately settled for $300,000 for a 12% equity stake and a 2% consulting stake.
Success after Shark Tank
After the show aired, the startup sold out within 24 hours and built a waiting list of over 5,000 customers. They later expanded to detoxifying masks, sanitizers, and scented candles. The company had planned to launch more products but faced supply chain issues. Recently, they hired a supply chain operations manager to address this issue.
Curie is available at Anthropologie, Nordstrom, SoulCycle, Bloomingdale’s, Amazon, and its website, CurieBod.com. They have appeared on QVC over 10 times since February 2021, as their products sell well on the shopping channel. QVC and TikTok are their largest marketing channels, generating 60% of sales in 2021.
One of their best-selling products, the deodorant stick, has 675 reviews on Amazon with an average rating of 3.9 stars. Sarah revealed that Curie has seen a 530% year-over-year growth rate. Currently, Curie is valued at $6 million.
Categories: Shark Tank
Source: svlsf.edu.vn