Squid Socks is a brand that manufactures baby socks. This sock has Squiddy Dots which help in holding the sock on the feet. This brand has made socks for babies from different materials and all the socks are completely safe for the skin.
This baby socks company was started in 2015 by Jessica Miller & Gabe Miller. This is both wife and husband. After getting married, both of them went to London in 2014 for their honeymoon. There Gabe visited his cousin’s family’s house and had a baby boy.
Their child lost socks all the time and his father used to search for socks every day, it is quite a frustrating task. Till then Jessica & Gabe had no child so they did not know about this problem.
They talked to their friends, family, and neighbors about the problem of losing socks and they all had this issue. To solve this problem, Gabe did a lot of research, and after that, Squid Socks was born.
Most children do not like to wear socks, so they always throw socks here and there and sometimes hide them. Babies easily take off normal baby socks and lose them.
The founders of this company Jessica and Gabe both appeared in Shark Tank Season 11 Episode 3 and asked the sharks for $125,000 for 20% equity at a $625K Valuation.
What Is Squid Socks?
Squid Socks is a baby socks company that manufactures Squiddy Dots design socks from a variety of 100% safety materials. Inside each sock are “Squiddy Dots” made from 100% silicone. This makes it easy to grip the socks on the feet.
All the socks are completely soft as well as breathable. This brand uses bamboo, cotton, and polyester to make socks that are good for baby skin. The socks of this brand have also been certified by CPSC (Child Product Safety Certificate).
Apart from making socks for babies, this brand is also making socks for adults. The cost of socks ranges from $24-$50.
|Company Name||Squid Socks|
|Founder||Jessica Miller & Gabe Miller|
|Product||Soft baby socks made with Squiddy dots design|
|Asked For||$125K for 20% equity|
|Final Deal||$125K for 33% equity|
|Episode (Shark Tank USA)||S11 E3|
|Air Date||Oct 13, 2019|
|Business Status||In Business|
|Lifetime Worth (Sales)||$5M *estimated|
|Buy and Watch||Buy Now||Amazon Prime|
Another Shark Tank Pitch
Who Is The Founder Of Squid Socks?
The president and co-founder of this socks company is Jessica Miller and another co-founder is Gabe Miller. Both this wife and husband started this company.
After graduating from Washington State University, Jessica worked as a salesperson for various companies, including Atiyeh and Associates, Oso Stephanie, Simple Concepts Consulting, and more.
Gabe became an engineering manager at the Boeing Company after studying MBA from the University of Washington. On October 2021, he joined Wisk company, although he works in a part-time socks business.
How Was The Shark Tank Pitch Of Squid Socks?
Gabe and Jessica both entered Shark Tank with their two kids and asked the sharks for $125k for 20% equity. They told Shark about their business journey and how it started.
They have utility patents pending and also trade mark of the product. This business has done $40,000 in sales in 16 months. The retail cost of the socks is $24 and the wholesale cost is $12. Their making cost is $5.85.
Kevin O’Leary, Lori Greiner, and Mark Cuban didn’t find this business investable so they decided to out. Robert Herjavec offered $125k for 40% equity. Daymond John decides to match Robert’s offer. After a few seconds, Daymond changed the offer to $125k for 33% equity.
Lori Greiner said she would like to come with Daymond but Daymond said no. Robert made another offer of $250K for 40% equity. They countered Daymond’s 25% equity but Daymond said no. They agreed to Daymond’s offer.
Finalized: Daymond John invest $125k in exchange for 33% equity in Squid Socks.
What Happened To Squid Socks After Shark Tank?
Squid Socks got funding in Shark Tank and after this episode aired, the company received thousands of orders. Daymond is a very good partner for this business as he has built his business in the clothing industry.
In recent times this brand is also making comfortable seasonal socks for kids. Along with kids, this brand has also launched the adults socks category.
Jessica is the President of this company along with being a mother and she is currently handling this company. Gabe is currently working part-time in this company along with his job.
The brand ships socks worldwide and its products are available at Bed Bath & Beyond, Amazon, and more stores across the United States. As of February 2023, the annual revenue of this company is $3 million.
Squid Socks Shark Tank Update
After this episode of Shark Tank aired, 50k+ people visited the company site and this resulted in a lot of sales for the company. The product of this brand has also got very good reviews.
We’re following Jessica Miller & Gabe Miller along with their company for further updates.
What Is The Net Worth of Squid Socks?
The co-founder sought investment for the company on Shark Tank at a $625k valuation, however, the funding was finalized at a $378k valuation. Before Shark Tank this company had total sales of $40k and this is very less sales in 16 months.
The market size of the socks industry in the United States is estimated to be $2.08 billion in 2023 and the growth of this industry is increasing every year.
Is Squid Socks Still In Business?
This company was started in 2015 and in 2019 this company was successful in getting investment. After Daymond John partnered with this company, the company started growing.
Numerous media publications have featured the company, including Popsugar and Many More. The headquarter of this company is in the United States.
Yes, Squid Socks is still in business as of August 2023.
frequently asked questions
Who owns Squid Socks?
Squid Socks was founded by wife and husband Jessica Miller & Gabe Miller.
How much is the valuation of squid socks?
The current valuation of this company is $625,000.