|SEASON 8 EPISODE 4|
|Pitch||protective high heel caps|
|Entrepreneur||Monica Ferguson and Becca Brown|
|Asked For||$500,000 for 10%|
|Deal||$500,000 for 20%|
What is Solemates?
Solemates is on a mission to ease the lives of women who loved their heels. They started off with rubber slip-overs which fit inside high-heeled shoes and prevented them from sinking into grass while providing better grip in general. The company since then, grew to sell a whole line of shoe care products for heels-loving women.
Who are the Founders on Solemates?
Monica Ferguson and Becca Brown are the creators of Solemates. Monica did her BS from Georgetown University while Becca got her BA from Harvard.
Both then went on to get MBA degrees from Columbia University and worked at Goldman Sachs. While both continue to be co-founders at Soulmates, Becca is also Principal Owner at Core Satellite Partners and Advisory Board Member at Stylecard.
The creators founded Solemates to power their mission of “improving the lives of the well-heeled with every step” in 2009. Their aim was to make wearing stilettos a more pleasurable experience and began with rubber heel slip-overs which prevented heels from sinking into grass, provided support on hard irregular surfaces and avoided falls. They initially invested $100,000 and each owned 40% of the company.
They raised over $1 million in their first year as they sold in more than 3000 retail stores like Nordstorm’s David’s bridal. They were on route to their goal of $1.5 million for the second year before making an appearance on Shark Tank in 2018.
Solemates Shark Tank Update
Did Solemates Get a Deal on Shark Tank?
On Shark Tank Season 8 Episode 4, Monica Ferguson and Becca Brown accepted an offer of $500,000 for 20%, from Robert Herjavec.
The company was unable to close the deal with Robert but Solemates is still going strong in 2021 as they have now expanded their product line to include shoe fresheners, blister protectors, a “winter warrior” collection and more. They had a dramatic sales increase following their appearance on the Shark Tank. Eventually, they partnered with CVS and started selling online on the Solemates website as well as Amazon. The company boasts an annual revenue of $2 million as of May 2021.