Wise Pocket is a name synonymous with the product offering a wise storage pocket to everyone. While carrying stuff around like keys, phones and other essentials is tough, the wise pocket provides a handy solution to the issue. Being an innovative product its growth also impacted Sofia Overton’s net worth after Shark Tank
Wise Pocket is a stylish sock that has pockets to assist you in storing essentials while going outside. When pants don’t have pockets, Wise Pocket comes in handy. The innovative Wise Pocket socks caught the attention of many and similar was with Sharks on ABC reality show Shark Tank.
When pitched for funding on the show Wise Pocket received a remarkable response from the Sharks. Ever since Shark Tank the company has seen multiple ups and downs that you would definitely find interesting. So, let’s dive deep into knowing Sofia Overton’s net worth after Wise Pocket’s growth:
The Founder: Sofia Overton
Sofia Overton the founder of a phenomenally valuable sock adding utility to every wearer was just 13 when she discovered Wise Pocket. Originating from Bentonville, Sofia Overton stumbled upon the idea of Wise Pocket when she noticed her cousin facing complications carrying a mobile.
Similar issues were faced by her as trousers and many other dresses don’t necessarily have pockets in them. Tired of facing issues carrying stuff around, Sofia Overton decided to do something about it and made Wise Pocket. The brainchild of Sofia Overton, Wise Pocket began exponentially but later went Out of business.
Sofia Overton’s Shark Tank Deal
Sofia Overton before appearing on Shark Tank raised a hefty amount of funding by doing crowdfunding. In 2027 when the prototype of the product was ready Sofia began a campaign on IndieGoGo and raised around $10,006. From funding, she started the business and fulfilled all the orders in 2018.
Later, to take Wise Pocket to new heights she went on Shark Tank for episode 11 of season 11 which aired on January 12, 2020. On Shark Tank, as a Kidprenure she pitched her idea to Sharks in a compelling way and caught the attention of Sharks for her creativity.
Sofia came on Shark Tank with the ask of $30,000 for 15% equity to which she got a deal of $30,000 for 33.33% equity. Daymond John and Lori Grenier both came in to offer the deal, but Sofia contoured their offer with an ask of $35,000 in return for 25% equity. Sofia accepted the final offer and got to have a professional at business along with funding.
Post Shark Tank Evolution Of Wise Pocket
After the show aired Wise Pocket gained a lot of recognition because of its innovative product and Sofia’s young bright mind. For a while, the company performed exceptionally well with orders for the product already pouring in by numerous customers.
Sofia went on to increase the variety of socks and launched the Hawaiian version as well as Wise Pocket leggings. As Wise Pocket’s business grew Sofia Overton’s net worth also saw a rise. Just after the Shark Tank episode, the sales of the product were reaching new heights for a month.
However, for a month the growth was static. As of 2023, the company is no longer in business and does not have any active business activities. Even though her idea had potential it went out of business due to troubles in the business model.
cc Net Worth In 2023
Before appearing on Shark Tank Wise Pocket already has raised a phenomenal net worth of $140,000. The company later grew and its net worth is estimated to be around $20,000,000 even though it is no longer in the market.
Wise Pocket sold over 100,000 of its innovative socks and accumulated a huge revenue. With the growth of the company Sofia’s Overton’s net worth also blew up with an estimated staggering amount of $1 to 5 million.
Wrap Up
Being an entrepreneur at the age of 13 Sofia Overton invented a phenomenal product taking Sofia Overton’s net worth to millions at a young age. From crowdfunding to investment from Shark Tank, Wise Pocket performed exceptionally well but after that, the business as of 2023 is inactive and has no active official website.
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