Wise Pocket Socks is a company that designs unique and stylish socks which have pockets inside. WisePocket Company was founded in 2013 by 13-year-old entrepreneur Sofia Overton.
Sofia got the idea for the Pocket Socks product when she saw her cousin putting her phone in her boot. To utilize this idea, Sofia made some prototypes and gave the prototype to her friend to test.
The prototype of the product was finalized in November 2017 and the prototype was tested till December 2017. Launched a campaign on IndieGoGo in January 2018, raised $10,006, and shipped all orders by May 2018.
To grow the business, Sofia appeared on Shark Tank Season 11 Episode 11 and asked the sharks for $30,000 for 15% equity at a $200k Valuation.
What Is Wise Pocket?
Wise Pocket is a retail apparel and fashion company that sells pocket socks. The patent pending socks from this company come with a unique design which is a huge hit among kids.
The special thing about these socks is that it has a pocket inside which can keep small items like phone, small documents, air pods, etc.
The average cost of each pair of socks is $18. You can buy these socks from the company website.
|Company Name||Wise Pocket|
|Product||The Original Sock with a Pocket|
|Asked For||$30k for 15% equity|
|Final Deal||$35k for 25% equity|
|Shark||Lori Greiner||Daymond John|
|Episode (Shark Tank USA)||S11 E11|
|Air Date||Jan 12, 2020|
|Business Status||Out of Business|
|Headquarters||Solana Beach, California, US|
|Lifetime Worth (Sales)||$1M *estimated|
|Buy and Watch||Buy Now||Amazon Prime|
Another Shark Tank Pitch
Who Is The Founder Of WisePocket?
The Founder and CEO of WisePocket Company is Sofia Overton. At the age of 13, Sofia started her business journey.
How Was The Shark Tank Pitch Of WisePocket?
Sofia gets $30K for 15% equity from Sharks after she enters Shark Tank. She explained her business to the shark. To start this business, Sofia invested a total of $10k of which $5k was her savings and $5k from the business pitch.
The socks cost $5.47 to make and sell for $15 retail and $11 wholesale. Daymond John and Lori Greiner both teamed up to offer $30k for 33.3% equity.
Sofia countered $30k for 25% equity and the sharks agreed.
What Happened To Wise Pocket Socks After Shark Tank?
Wise Pocket Socks business got a deal on Shark Tank. Shark had done a licensing deal regarding this business but no proof has been found after Shark Tank. The exact revenue figure has not been found yet.
What’s new on Wise Pocket Socks
Last Update: August 21, 2023
As of August 2023, this company is no longer available. The official website of this company is not available yet.
Wise Pocket Socks Shark Tank Update
After this episode of Shark Tank aired, the sales of socks of this brand increased for a month. However, there was not much improvement in sales after that. Currently, it appears that this company has gone out of business.
What Is the Net Worth of WisePocket?
WisePocket has an estimated net worth of $1 million. Pocket socks are a very old business idea and many businesses are making and selling this type of product. It is not possible for a new brand to get success in this business.
Is WisePocket Still In Business?
WisePocket business was started in 2013 but this business could not run for long. This business is not available at present.
The current headquarter of this company is in Solana Beach, California, United States.
No, WisePocket is Out of business as of August 2023.