Doorbot Shark Tank Success Update
The Sharks appeared to like the Doorbot now re-branded as Ring Wi-Fi Enabled Video Doorbell, but surprisingly, none of the investors was willing to make Siminoff a decent offer even with these impressive early online sales. Perhaps it was because Jamie was asking for a $700,000.00 investment in exchange for a 10% stake in the brand new business? The $7 million valuation may have seemed inflated for a brand new product at the time, but in less than two years the Doorbot's valuation is now closer to $70 million making it one of the biggest Shark Tank Success Stories in the History of the Show.
Jamie did raise the $700,000.00 for a 10% equity stake from other Angel Investors soon after the DoorbotShark Tank, but it also got the attention of another multi-billionaire investor by the name of Sir Richard Branson. I've written about Richard Branson a few times on the Shark Tank Success Blog and even recommended He'd make a fantastic Guest Shark for the Show. But who would've thought He'd invest in one of the most Successful Shark Tank products that all the Sharks turned down?
Have you seen Ring.com's new commercials shown on all the Major Networks lately? I sure did, several times, and my first reaction was it looked like the Doorbot seen on the Shark Tank. Siminoff took some of the latest investment capital raised and went shopping for the very best domain name available. The Ring.com domain was first registered in 1995 with no clear direction what type of site it would ultimately become. Sure, it was a basic jewelry ring site for awhile and even became a ringtone website when that was popular in the early 2000's. The domain also pointed to a magazine about Boxing Rings before finally being forwarded to a generic parked page.
Fortunately, Jamie and his new partner +Richard Branson had other ideas what Ring.com could be developed for the Internet. The financial details are publicly non-existent as far as I can tell, but most likely Ring.com sold in the low seven figure range. Some Entrepreneurs might think that's ridiculous spending that much money for a domain name. But the ones who "get it" (and can afford it) know this is a solid long-term investment (no matter what happens to the Doorbot) and a valuable asset when it comes to Marketing and Branding.
It doesn't matter what they paid for this premium dotcom domain name now because Ring.com has become "priceless" as far as the Doorbot Ring is concerned. The site could have become anything related to rings, but instead it's now become an Official Shark Tank product selling the coolest High-Tech Smart Doorbell on the market.
Congratulations Jamie for creating one of the most successful products ever seen on the Shark Tank with or without getting a deal from the Sharks. Taking the Doorbot's valuation from $7 million to almost $70 million in less than two years, is without a doubt, one of "Best Shark Tank Success Stories" in the entire History of the Show.