Sunflow Shark Tank Update | Sunflow Net Worth

Sunflow, which appeared on season 13 of The Shark Tank, is a beach gear company known for its innovative and patented beach chair design.

Founded by Greg Besner and Leslie Hsu, the company has made strides in transforming the comfort and convenience of beach lounging with its robust, long-lasting, and water-resistant beach chair.

The Sunflow beach chair is designed with the user in mind. It provides a comfortable reclining option, and it also comes with a sun cover attached at the back, allowing users to block the sun rays at will.

Sunflow beach chairs are known for their durability. This beach chair is constructed from durable plastic and woven cloth, making it long-lasting, even in harsh beach conditions.

The Sunflow beach chair is priced competitively, with each unit retailing for $198, offering good value for the quality, durability, and plethora of features that come with it.

Despite facing tough competition from other brands like Tommy Bahama and Hurley, the unique selling propositions of the Sunflow beach chair set it apart, providing a new, customer-centric approach to beach gear.

What Is Sunflow?

Sunflow is a company that specializes in creating high-quality, comfortable, and stylish beach chairs. They’re known for their innovative, functional, and aesthetically pleasing designs.

Sunflow’s main product is the Sunflow Beach Chair, designed to provide maximum comfort and convenience for beachgoers. The chair is lightweight, easy to carry, and has various useful features, such as adjustable backrests and storage pockets.

The company is committed to sustainability and uses durable materials to ensure its products can withstand the test of time. They also offer other beach-related products and accessories, such as sunshades and drink holders.

Who Is The Founder Of Sunflow?

Sunflow, a premium brand known for its innovative beach chairs, was founded by Leslie Hsu and Greg Besner. Leslie Hsu, a successful handbag designer, is well-versed in the startup scene with three businesses under her helm, including Sunflow.

Her other ventures include @LesliesFinds and PUNCHCASE By Leslie Hsu. The idea for Sunflow was conceived out of personal discomfort experienced by Hsu at the beach.

During her visits to the beach with her husband, Greg Besner, and her family, she found the beach chairs she used to be uncomfortable, which detracted from her enjoyment of the experience.

She recognized a market gap for comfortable and aesthetically pleasing beach chairs, so she decided to design the Sunflow chair.

Before appearing on Shark Tank, Sunflow had already tasted a significant degree of success. Thanks to the founders’ knowledge and understanding of the business, they ran the startup successfully.

Their beach chairs had already carved out a space in the market, with many customers purchasing them to enhance their beach visits.

Their business acumen and the product’s popularity set a strong foundation for the company’s performance on Shark Tank, where they managed to secure an investment from Kevin O’Leary. 

Despite facing challenges during the Covid Pandemic of 2020, which affected their sales, the founders remained resilient. Sunflow continues to operate and grow from its headquarters in Short Hills, New Jersey, United States.

How Was The Shark Tank Pitch Of Sunflow?

Sunflow, the beach chair company founded by entrepreneurs Greg Besner and Leslie Hsu, made its pitch on Season 13 of Shark Tank.

The founders were seeking a $1 million investment in exchange for 6% equity in their company, which had been operational for 13.5 months and had generated impressive sales of $2.9 million during that period.

However, despite these positive figures, the sharks expressed concern about several aspects of the business.

The company’s high valuation and the price point of the chairs, which stood at $200 without the accompanying accessories, were key issues. Furthermore, the sharks were worried about their ability to recoup any potential investment.

Guest shark Daniel Lubetzky was the first to make an offer, proposing $1 million for a 22.5% stake in the company. However, as Greg and Leslie continued discussing with other sharks, Daniel retracted his offer.

Mark Cuban, a regular on the show, was particularly skeptical about recovering any investment due to the company’s high valuation, leading him to opt-out.

Barbara Corcoran also dropped out, attributing her decision to what she perceived as overconfidence by the founders. Lori Greiner followed suit, expressing concerns that the company’s sales might decline in the future.

The only remaining shark, Kevin O’Leary, wrestled with the same valuation concerns. However, he eventually offered $1 million for 4% equity, with a $5 royalty per chair sold until he recouped $2 million.

The founders found this offer overly aggressive, and after some negotiation, they finally reached an agreement with Kevin. The final deal was $1 million for a 5% equity stake and a $5 per chair royalty until Kevin recouped his initial investment of $1 million.

Since appearing on Shark Tank and securing Kevin’s investment, Sunflow has expanded its product line to include accessories like a sunglasses case, towel, and bikini bag, all available on the company’s website.

Greg and Leslie have indicated that there will be more product launches in the future, illustrating that the company is continuing to innovate and grow post-Shark Tank.

What Happened To Sunflow After Shark Tank?

Following the Shark Tank appearance, Sunflow’s sales soared four times higher, and the company expanded its product range. The beach chair, priced at $198, comes with various accessories like sunshades and a drink holder.

Sunflow continued its ambitious growth plans and aimed to introduce new products like a higher chair, table, and lounger.

Sunflow is valued at $16 million and remains operational. The company weathered the challenges posed by the COVID-19 pandemic and maintains its headquarters in New Jersey, with 1-10 employees.

The company has also continued to release more accessories and hinted at the launch of additional products to further enhance its offerings. Sunflow’s consistent growth and expansion indicate a promising future for the brand.

Sunflow Shark Tank Update

After appearing on Shark Tank, Sunflow experienced significant growth in sales, with a 4x increase in sales compared to before the show.

Sunflow’s founders, Greg Besner and Leslie Hsu, have expanded their product line, broadening their offerings beyond beach chairs.

In addition to their main product, they have launched new accessories, including a towel, wine tumbler, sunglasses case, dry bag, and bikini bag.

This expanded product line diversifies their portfolio and allows them to cater to a broader beach-goer segment, further driving their business growth.

Moreover, in terms of funding, they successfully secured Kevin O’Leary’s investment of $1 million for a 5% equity stake, plus a $5 per chair royalty until Kevin had recouped his initial investment. This investment further fuelled Sunflow’s growth and expansion.

Beyond the Shark Tank investment, Sunflow raised $3.5 million from other investors in November 2022, providing more capital to support their ongoing business operations and growth.

Despite the Covid-19 pandemic challenges, which decreased sales due to lockdowns, Sunflow has demonstrated resilience and adaptability.

Sunflow is still in operation and thriving, with its headquarters in Short Hills, New Jersey, and between 1 to 10 employees working in the company.

The company’s valuation has grown to an estimated $16 million, and it is anticipated that if its popularity continues to grow, its value may increase even further.

Our research shows that Sunflow is still in business. Despite facing challenges during the COVID-19 pandemic, the company remains operational and thrives.

Sunflow has experienced positive growth since its appearance on Shark Tank, expanding its product offerings and continuing to build its business despite the challenges brought about by the pandemic.

What Is the Net Worth Of Sunflow?

According to our research, the net worth of Sunflow is estimated to be $20 million after securing an investment from Kevin O’Leary on Shark Tank.