Foot Fairy Shark Tank Net Worth

Foot Fairy, which appeared on season 5 of Shark Tank, was a novel product that sought to solve a common issue faced by parents: determining the correct shoe size for their children.

The brainchild of Dr. Sylvie Shapiro, a Beverly Hills podiatrist, and her friend Nicole Brooks, a registered family therapist, Foot Fairy was an iPad application designed to evaluate a child’s foot size precisely. 

The application worked by having parents place the iPad directly on their child’s foot, with the software then determining the foot’s length. This removed the guesswork from buying shoes, making the process more efficient and convenient.

Foot Fairy offers accurate measurements and direct shoe ordering within the app. This partnership with online shoe vendor Zappos demonstrated the founders’ commitment to providing a holistic solution to the challenges of purchasing children’s shoes online.

Foot Fairy provides parents a practical solution while promoting children’s foot health. Sylvie’s background in podiatry made her aware that many children develop foot problems due to ill-fitting shoes, and the Foot Fairy was an attempt to solve this problem. 

When Dr. Sylvie and Nicole presented Foot Fairy on Shark Tank, they sought an investment of $75,000 for a 15% stake in the company. The deal concluded with Mark Cuban investing $100,000 for a 40% equity stake.

However, despite the initial interest and investment, the application faced technical challenges, and the company did not manage to sustain its operations. It effectively ceased operation six months after its Shark Tank appearance.

Nonetheless, Foot Fairy remains a notable example of a product that aimed to marry technology and convenience to address an everyday parenting challenge.

What Is Foot Fairy?

Foot Fairy is a small, free app designed to measure a child’s foot’s size accurately. It was created by Dr. Sylvie Shapiro and Nicole Brooks, who recognized the need for a solution to help parents find the right shoe size for their children.

Foot Fairy utilizes a tablet like an iPad to measure a child’s foot size. Parents simply need to take a picture of their child’s foot using the app, which will automatically measure the foot size.

The app then sends the measurement to a store selling children’s shoes, allowing parents to find the correct shoe size and make online purchases easily.

Foot Fairy aims to save parents time and effort by providing a convenient way to measure children’s feet at home, ultimately preventing issues related to poorly fitting footwear.

Who Is The Founder Of Foot Fairy?

The founders of Foot Fairy are Dr. Sylvie Shapiro and Nicole Brooks. Both are moms who conceived the idea of Foot Fairy as a solution to a common parenting issue.

Dr. Sylvie Shapiro is a trained podiatrist. As a foot doctor, she often observed the issues caused by children wearing incorrectly sized shoes. Many parents admitted to guessing their children’s shoe sizes, resulting in ill-fitting footwear and potential foot problems.

This insight and her experiences as a mother made her realize the need for a more accurate, convenient method for determining children’s shoe sizes.

Nicole Brooks, a fellow mom, shared the sentiment. She was also frustrated with the traditional shopping process for children’s shoes.

The chore often involved taking unruly children to a store and keeping them calm long enough to get their feet measured. These shared experiences inspired Nicole and Sylvie to create a better way.

Thus, Foot Fairy was conceived – an iPad application designed to accurately measure a child’s foot size from the comfort of home.

The app was designed to streamline the shoe-buying process for parents, replacing the in-store measurement ordeal with a simple, at-home process.

Parents could place their child’s foot against the iPad screen and wait for a chime, and the app would have determined the child’s shoe size.

Moreover, the app offered a convenient link to a pre-populated web page from Zappos, an online shoe retailer, showcasing shoes in the child’s size.

Before their appearance on Shark Tank, the founders had successfully developed the Foot Fairy application, and it had been downloaded 13,144 times in the three weeks since its official launch.

Despite a partnership with Zappos that would offer a commission on shoe sales, the company had yet to generate significant revenue, largely due to a glitch in their system linking to the Zappos app rather than the correct webpage.

Seeking funds to build their back-end infrastructure, improve their system, and retain customers, they pitched their innovative solution to the investors on Shark Tank.

How Was The Shark Tank Pitch Of Foot Fairy?

The Shark Tank pitch of Foot Fairy, a foot-measuring mobile application, was made by the co-founders, Dr. Sylvie Shapiro and Nicole Brooks. Their presentation aimed to secure an investment of $75,000 for a 15% equity stake in the company, valuing Foot Fairy at $500,000.

In the presentation, they introduced Foot Fairy as an app designed to take an accurate imprint of a child’s foot using an iPad’s screen surface, thus helping parents measure their kids’ feet for shoe shopping conveniently at home.

It then linked to Zappos, a major online shoe retailer, suggesting shoes that fit the measured size. Nicole explained that the business model was to offer the app for free and make revenue via commissions from Zappos when users purchased shoes based on the app’s recommendations.

At the time of their pitch, the Foot Fairy app had been officially launched for three weeks and had garnered over 13,000 downloads.

However, the founders had yet to receive a commission check from Zappos, and there was no cross-promotion or integration with Zappos.

The Sharks had mixed reactions to the product and the business model. Barbara Corcoran was curious about why they were trying to sell shoes for another company rather than monetizing the app directly.

Kevin O’Leary voiced his concerns about the ease with which major shoe retailers could duplicate the app’s features, which led him to withdraw from a potential deal.

Robert Herjavec echoed Kevin’s concerns about the lack of proprietary elements and bowed out. Lori Greiner liked the concept but felt it wasn’t at an investable stage yet, leading her to exit.

Barbara Corcoran felt that the entrepreneurs’ enthusiasm blinded them to the business realities, resulting in her opting out.

Mark Cuban, the remaining Shark, saw potential in the product despite the concerns raised by his fellow Sharks. He offered $100,000 for a 40% stake in the company, but this offer was contingent on several conditions.

These conditions included him testing the software personally to ensure its functionality, checking that there were no similar products in the market, and reviewing the contracts with their technology team to ensure that Foot Fairy retained ownership of the software behind the application.

Sylvie and Nicole accepted Mark Cuban’s offer, securing a deal on Shark Tank. Unfortunately, the deal ultimately fell through, and the company shut down a few months after their 2014 Shark Tank episode aired. Sylvie and Nicole moved on to other successful ventures in their respective fields.

Final Deal: Mark Cuban agreed to invest $100,000 for a 40% equity in Foot Fairy.

Did Foot Fairy Get a Deal on Shark Tank?

Yes, Foot Fairy did get a deal on Shark Tank. Sylvie Shapiro and Nicole Brooks, the entrepreneurs behind Foot Fairy, pitched their foot-measuring mobile application on Season 5 of Shark Tank.

They asked for $75,000 in exchange for 15% equity in their business. Ultimately, they received an offer from Mark Cuban for $100,000 in exchange for 40% equity, subject to meeting multiple contingencies.

The pair accepted the deal, and Foot Fairy secured an investment in the show. However, it is later revealed that the deal with Mark never closed, and the company shut down a few months after the episode aired.

Sylvie Shapiro went on to succeed in her podiatry practice and with her line of spa and resort footwear called Planet Flops. Nicole Brooks co-founded a men’s skincare line called Strike Club.

What Happened To Foot Fairy After Shark Tank?

After their appearance on Shark Tank, the prospects for Foot Fairy seemed promising. They had accepted a deal with Mark Cuban for $100,000 in exchange for 40% equity in the company.

However, the deal was contingent on several conditions, including software testing, market research, and contract reviews.

Unfortunately, the deal with Mark Cuban did not close. The specific reasons have not been disclosed, but it’s plausible that the contingencies were not met during the due diligence process.

Without the investment, the company faced struggles. Foot Fairy eventually shut down in May 2014, a few months after the Shark Tank episode aired.

The lack of a dedicated website, minimal activity on their Facebook page, and low search results for “Foot Fairy” on Google suggested that awareness and interest in the app were limited.

Despite the unfortunate end of Foot Fairy, the co-founders Sylvie Shapiro and Nicole Brooks moved on to other ventures. Dr. Sylvie Shapiro continues to practice podiatry in Beverly Hills and has a successful line of spa and resort footwear called Planet Flops.

Nicole Brooks co-founded Strike Club, a men’s skincare line. Despite the closure of Foot Fairy, both founders found success in their respective fields, indicating their entrepreneurial spirit was undeterred.

Foot Fairy Shark Tank Update

After appearing on Shark Tank, the deal with Mark Cuban did not work out for Foot Fairy. Mark’s team is not saying why the deal fell through, but it is speculated that something was found during due diligence that caused it to collapse.

As a result, the company eventually shut down in May 2014, just a few months after the episode aired.

Several factors may have contributed to the company’s lack of success. Firstly, Foot Fairy never had a website, and their Facebook page was inactive, with only 1,500 likes.

A Google search for “Foot Fairy” yielded limited results, mostly related to the Shark Tank episode rather than the company itself. This lack of online presence may have affected awareness and interest in the app.

Foot Fairy has no trace on the app store, and the company appears to have disappeared. Dr. Sylvie Shapiro, one of the co-creators, still has Foot Fairy listed as active on her LinkedIn page, but this may not be significant considering she also has other ventures listed that have folded.

On the other hand, Nicole Brooks, the other co-creator, has launched a new company called Stryke Club, which offers skincare products for men.

Foot Fairy did not achieve success after appearing on Shark Tank. The company shut down shortly after the episode aired, and there is no evidence of its existence. However, one of the co-creators has moved on to start a new venture in the skincare industry.

Is Foot Fairy Still In Business?

No, Foot Fairy is no longer in business. The app stopped functioning just six months after airing on Shark Tank. Despite initially gaining traction with 13,144 downloads, the company faced stiff competition in the app market and encountered technical issues that couldn’t be resolved.

As a result, the founders decided to discontinue the business. Today, Dr. Sylvie Shapiro, one of the founders, has shifted her focus to her other two shoe-related websites.

What Is the Net Worth of Foot Fairy?

According to our research, the net worth of Foot Fairy is $0 since the company is out of business. The valuation of Foot Fairy was $250,000 after securing an investment from Mark Cuban on Shark Tank.