Hex Pegs Net Worth 2022 – What Happened After Shark Tank?

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Market to the right target audience and you’ll have support for your product. And when you pitch your idea correctly to some sharks, they may even fight each other to partner with you.

After appearing on Shark Tank with a valuation of $200k the company has since growing enormously to a value closer to $5 Million.

For Damian Joyce and his Hex Pegs, this was the case when he wanted to help the camping community find more dynamic tent pegs.

What Is Hex Pegs?

The Business

As stated on smartcompany.com.au, Hex Pegs was launched in January 2017. The brand sells an alternative to traditional camping tent pegs.

They’re designed to be pushed into the ground—or extract them—by using your drill or an impact driver. This makes for more effortless camping, no matter what type of soil you’re camping on.

The Owner

An avid camper, Damian Joyce, came up with the Hex Pegs idea after too many camping trips where he struggled with hard soil or hitting his fingers trying to hammer tent pegs into the ground.

Apart from running the Hex Pegs company, Damian was also a firefighter.

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Overall Score: 93/100

Hex Pegs and Shark Tank – What Happened?

Appearance on Shark Tank

Damian entered Shark Tank with an established business, in search of $80 000 and offering 20% equity in the Hex Pegs company.

He valued the company at $400 000 and went onto the show with 13 000 units already sold which translated into $138 000 in sales in his first year.

Why take a successful company to Shark Tank? Because Damian hoped to expand in Australia while also selling to the US and the rest of the world.

At the time he had no distribution partners and only sold to consumers directly. He hoped to secure assistance with distribution channels and showcased his flat top and hook top pegs.

Damian quickly received an offer from Steve Baxter, but even the other sharks frowned upon his suggestion, thinking even a bank could offer a better deal.

He wanted $1/peg until he has received $160 000. When that happened, his equity would drop to 5%.

The second shark to offer him a deal was Glen Richards, but he wanted 40% for his $80 000. This was a welcome development since he had connections with OzTrail, which would do wonders for distribution.

Did The Investment Go Through?

Damian, due to an agreement he had with his wife, first had to go back stage to discuss the options with her.

Coming back to the tank the couple did ask Glen about the possibility of a 30% stake, but the shark wouldn’t budge, stating a larger percentage would secure more of his attention.

Damian accepted the statement, refused Steve’s offer and shook hands on a deal with Glen.

Hex Pegs Today – Was it Successful?

As reported by pressforum.info, Glen’s connections helped the company almost immediately.

Hex Pegs are still going strong and as can be seen on the brand’s Facebook page, many people in the camping community support and endorse them.

Damian and the team also expanded the range of pegs, so you can now opt for:

Pegs to use in sand or snow
The Hex socket
Shorter versions of flat top and short hook pegs

Conclusion

It took re-watching past Shark Tank episodes for Damian to prepare for his adventure in the tank.

It paid off and many campers are now enjoying their hobby more than before. What other hobbies can bring entrepreneurs their fortunes?