What is SockTABs? Who is the founder of SockTABs?
SockTABs is a device that keeps pairs of socks together during washing and drying. It is a plasticized version of a manila envelope clasp that can also be worn as a cufflink.
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The founders of SockTABs, Tracie and Glen Burress, are from Rockford, Illinois, and they started the company with the assistance of a local business incubator in 2014.
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The tabs are available in a variety of colors and can be purchased in a 24-pack for $9.99 or $14.99 for a pack of “Bling” tabs. They can be found at select stores and on Amazon.
What Happened to SockTABs at Shark Tank pitch?
Glen and Tracie Burress, the founders of SockTABs, pitched their product on Shark Tank episode 711. They sought $50,000 in exchange for a 20% stake in their company, which they valued at $250,000.
They demonstrated how the tabs worked and distributed samples to the Sharks. They had sold $20,000 worth of the tabs in six months, with 60% of sales coming from retail locations in Rockford, Illinois and 40% from online sales.
However, the Sharks were not interested in investing. Lori and Robert cited competing businesses as the reason for their exits.
Daymond claimed that his company Bombas would kill him if he invested, as losing socks is a necessary part of their business. Mark said that he was not interested and Kevin had concerns about Tracie’s availability to work on the business full-time.
As they were leaving the pitch, Daymond offered them $50,000 for a 30% stake in the company if Bombas agreed to the deal. They accepted and left the pitch with a deal.
What Happened to SockTABs after Shark Tank?
After appearing on Shark Tank, Glen and Tracie Burress, the founders of SockTABs, secured a deal with Daymond John and made an appearance on HSN, which is Daymond’s shopping network partner.
They also began targeting Chicago-area Bed Bath and Beyond stores and gained shelf space in several locations. The product is also available on Amazon.
They ran out of stock on their website and on Amazon in 2018. Their last Facebook post was in April 2020. As of May 2021, their website stated that the company is still in business with annual revenue of $1.1 million, and as of February 2022, the company is still in business with annual revenue of $1.1 million.
Competitors of SockTABs
The main competitors of SockTABs include: These Socks, Cousin Dave Silversmith, YESNESS, Soto Boots, OPC KICKS and Plato’s Closet Harwood Heights.
Net Worth of SockTABs
The net worth of SockTABs is not publicly available. However, during their pitch on Shark Tank, the company was valued at $250,000.
After Daymond John invested, the company was worth $166,667. However, since then, the company has continued to operate, so its current net worth may be higher than that of the pitch.
SockTABs FAQs
What is SockTABs?
SockTABs is a wearable solution to the dreaded lost sock problem, and finally a simple, discrete, and successful tool for combating the infamous sock monster.
Who is the founder?
Tracie Burress and her husband Glen Burress both are the founders of SockTABs.
How much were they seeking on Shark Tank?
They were seeking $50,000 for 20% of the business.
How much would they sell their company for?
Tracie and Glen desired $250,000 for 20% stake in their firm.
Did the couple receive their investment from Shark Tank?
Yes. The couple received $50,000 for 30% of the business from Daymond John.
Is SockTABs still in business?
Yes, SockTABs is still in business and the business is valued at $1.1 million.
Where is the company based?
The company is based out of Rockford, Illinois.
How much does SockTABs cost?
The tabs are available in packs of 24 for $9.99 or 29 for $14.99.
How are SockTABs worn?
SockTABs are extremely adaptable and may be worn with or without wings. Whichever is most convenient for them.
Will SockTABs cause any damage to my socks?
No. SockTABs are very thin and slender wings that pierce the sock fibers without causing any harm.
Is SockTABs machine-washable and dryer-safe?
Yes. SockTABs are constructed with a durable, temperature-resistant polymer that is suitable for use in both standard and high-efficiency washers and dryers.
Do SockTABs always remain on your sock?
Yes. The tab is always worn on one sock, making it accessible and easy wherever and whenever you remove your socks.
Are SockTABs suitable for all socks?
Yes. SockTABs are compatible with all socks and perform optimally when worn at the ankle or higher.
Will the color bleed?
No. The colors do not bleed through or do any harm to the socks.
When I wear the SockTABs, will they bother my ankle or leg?
No, the majority of individuals are unaware that they are wearing it. SockTABs are tiny and made for comfort, and most people forget they are wearing them after the initial installation, akin to a belt buckle, ring, or small watch. They eventually forget they’re wearing it.
What is the net worth of Tracie Burress?
The net worth of Tracie Burress is not available.
What is the net worth of Glen Burress?
The net worth of Glen Burress is not available.
