Scrub Daddy Net Worth [2022 Updated]

Scrub daddy is a name that you may have heard about considering how it quickly became a household name in the cleaning products industry.

Scrub daddy came into the limelight after it was pitched on the American reality tv show, Shark Tank by founder and CEO Aaron Krause. Since then, Scrub daddy net worth has grown to around $200 million. Let’s find out more about the company worth millions from humble beginnings.

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Scrub Daddy Net Worth [2022 Updated] 5

Scrub Daddy Net Worth 2022

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What is Scrub Daddy?

Scrub daddy is an American-based company that manufactures a wide range of cleaning products. It is well known for its best-selling product, Scrub Daddy. Other products in their catalog include sponge daddy, sponge mommy, dish wands, and Screen Daddy among others.

Scrub Daddy Net Worth

In this piece, we will be examining the net worth of the company and its founder. This follows other similar pieces like Alexis OhanianEd Mylett, and Tony Robbins where we examined the net worth of those individuals.

Scrub daddy (the product) is a multipurpose use cleaning product that can be used to clean dishes, pots, and furniture. “The smiling scrubbing pad” is popular and has reportedly sold over 10 million pieces and counting. Its versatility is down to the specially engineered material that hardens in cold water and softens in warm water. It is ideal for cleaning any type of surface without ruining it.

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Who owns Scrub Daddy?

Aaron Krause is an American inventor and the CEO of a cleaning tools company that hails from Pennsylvania. He, like many successful inventors, started creating stuff at a very tender age.

Aaron Krause

He studied psychology at Syracuse University in 1992 and later decided to try his hand in business. He established and run a car detailing business whose services included washing cars, polishing, buffing e.t.c. He named the business “Dedication To Detail”. The business did well but his inquisitiveness led to him inventing more innovative cleaning products.

A good example is the car washer. He wasn’t happy with the buffy polishing pads and buffing pad they used on cars in his shop. So, he invented his own. Aaron started using urethane foam buffing pads. He also came up with a hand cleaning solution to clean greasy and oily hands which was a nuisance to him and his workers.

After managing the automotive business for close to sixteen years, the company fell on 3M’s radar (a global conglomerate). The company acquired Aaron’s company for an undisclosed fee on August 2008 along with its products. They rejected some of his innovative ideas, including the Scrub Daddy which is now a success story.

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How Scrub Daddy began

Aaron Krause had been coming up with brilliant ideas for innovative products while running the car washing business.

He discovered the foam sponge that changed texture depending on the temperature of water (warm or cold water). His initial idea was to clean lawn furniture with it but he later experimented with utensils as a kitchen sponge. He believed that he’d be the first person to revolutionize the cleaning industry.

He ridged a circle and a groove to resemble a smiley face at the center of the high-tech polymer material. Later, this fun design played a major part in it becoming a huge success. He had some luck selling scrub daddy to several local retailers.

Breakthrough

Sadly, his innovation did not take off immediately because of the stiff competition it faced from brand names such as Dobby scouring pads. The product was labeled as a high-priced and unnecessary product by some critics. His persistence paid off after the Scrub daddy sponge was picked up by QVC (an American home shopping show) and was featured in 4 shows. This was after an independent broker took the product to QVC after he saw an article in the Philadelphia Inquirer about the Scrub dadddy.

The spongy smiley face scrubber sales increased as a result but Krause envisioned the company going global. After a successful stint at QVC, scrub daddy had not yet bagged any major retail store. So, Aaron and his wife, Stephanie, decided to look for a strategic partner, and that led him to appear on the Shark Tank. After several months of endless auditions, his product was finally approved.

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The Shark Tank effect, did it help?

When Aaron Krause appeared on the 407th episode of the Shark Tank hoping to get an offer of $100,000 for a 10% stake in his company.

Scrub Daddy on Shark Tank

Kevin O’Leary gave a final offer was $100,000 for a 50% stake while Daymond opted to split the $100,000 with his fellow shark, Lori Greiner, for a 10% stake in the company. Lori saw the potential the product had and gave a final offer of $100,000 for a 20% stake. The other Sharks backed down and Aaron accepted Loris’ offer.

It is worth mentioning that it is one of the most successful product pitches in the history of shark tank. Scrub Daddy was the most successful shark tank product for a long time, and continues to be according to Good morning America.

Life After The Shark Tank

Scrub daddy became an instant success story after appearing on the reality show in 2012. The decision to look for a strategic partner worked out in the long run. After the program aired, the company saw an increase in sales in just under 24 hours from airing. Scrub daddy’s CEO said in an interview that they sold over 50,000 scrubbing pads in under 10 minutes shortly after the show aired.

Scrub Daddy slowly became a household name and was in almost all retail stores in America. It is among the top 3 sponge product providers in the United States and has a significant market share. The company intends to penetrate the international market. You can buy all their products online, in any of their retail partners, and on their online store.

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What is scrub daddy’s net worth?

Scrub daddy’s net worth prior to the Shark Tank episode was estimated to be around $ 1 million. After that, it generated $75 million in sales three years. By January 2017, scrub daddy net worth was $100 million. The Scrub daddy net worth by 2021 was reported to be around $150 million. In 2022, scrub daddy net worth is estimated to be $250 million.

Scrub daddy net worth is attributed to the fact that they are now manufacturing the scrub daddy at $1 a piece. One piece costs approximately $2.80 at retail which is more than double the production cost.

Aaron Krause is a successful entrepreneur whose estimated net worth is $70 million.

Future Strategies

Scrub Daddy’s growth meant an expansion of production facilities and an increased workforce to meet the high demand and the for profit area served. As a result, they rented a bigger space in south jersey (founded date: 2012), which is now the official scrub daddy headquarters regions.

Scrub daddy has entered into partnerships with some of the leading retailers in the country, including Bed Bath and Beyond, QVC, Walmart, Target, Meijer, and Home Depot among others. Scrub Daddy is also expanding its product catalog and now owns over 20 different cleaning products. There are currently working on three more products i.e screen cleaners, sponge candies, and seasonal colors which will hit the market soon.

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Social Media Advertising

Since Shark tank, Aaron Krause and the company have utilized digital advertising as a way of putting them ahead of their competitors. The company has focused on TikTok, magazine articles, interviews, and TV slot commercials. Scrub daddy makes viral content that is catchy and entertaining. During one interview, Aaron claimed that he follows their TikTok engagements religiously. He believes social media presence is the reason the company continues to grow.

Before you leave

If you’re tired of scams and want a real solution for making money online check out my no.1 recommendation.

It’s helped me earn over $300,000 in the last 12 months alone:

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(This is a 100% free training)

Scrub Daddy Net Worth [2022 Updated] 5