Monosuit Net Worth 2023 – What Happened After Shark Tank?
Breaking into the clothing industry is never easy, but when entrepreneur and designer Maria Agapkina had her chance on Shark Tank, she was determined not to let it slip through her hands.
Backed by dancers and a theme song, Agapkina’s pitch was certainly a little different, and although her product, the Monosuit, seemed a bit run of the mill, in reality, it wasn’t.
What is Monosuit?
It’s a jumpsuit, plain and simple, but there is a secret behind the Monosuit that certainly provides it with its own unique selling point.
Monosuits are manufactured from waste found in the ocean, including plastic and fish nets.
So not only is it fashionable, but it’s eco-friendly too, helping to clean up the world’s oceans one suit at a time.
Interestingly, Agapkina’s company also creates various accessories, including belts, gloves, and even shoes, using this method.
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Who is the owner of Monosuit?
Maria Agapkina, or Mia Murr, as she is known in the fashion industry, started Monosuit in 2018 with her friend, Elena Skazhenyuk.
Their first product, a jumpsuit, was unique in two ways.
We’ve already learned that it’s manufactured from ocean waste, but the second defining aspect of this item of clothing was its design.
Jumpsuits are exactly friendly when needing to use the toilet, with wearers practically needing to undress.
The monosuit, however, has a zip design on the rear end which makes it far simpler to use.
While Agapkina always wanted to be a fashion designer, she originally worked for a consulting company while studying art in her spare time.
Shark Tank appearance: The investment
While the Shark Tank investors were impressed with Agapkina’s song and dance routine to introduce her product, once things got down to the nitty-gritty regarding the numbers, things changed quickly.
It’s not that Agapkina had an unreasonable investment request either. She was looking for $150,000 for a 5% equity share in Monosuit.
That’s not what bothered the investors, however.
When finding out more about the company, Agapkina stated that she had received $2 million from angel investors in 2018 and that the valuation for the company now stood at $12 million.
This didn’t sit well with any of the Shark Tank investors, especially as from 2018 onwards, sales only amounted to $230,000.
It wasn’t those numbers that bothered them the most, however.
Agapkina was keen to highlight other aspects of her business, over and above the fashion side of things.
This included the technological side of coming up with the manufacturing process to use ocean waste to produce clothing, as well as the eco-friendly aspect thereof.
The investment waters were muddied because of this lack of clear focus.
Starting with Mark Cuban, one by one, the Shark Tank investors, while praising Agapkina for her product, all pulled out of the running to invest in Monosuit, leaving her empty-handed.
Where is Monosuit today?
Agapkina hasn’t let a lack of investment from the Shark Tank hold her back and continues to go from strength to strength with her clothing range.
While she might not have received backing from a Shark Tank investor, several celebrities have endorsed her jumpsuits, including Paris Hilton, Kyle Jenner, Madonna, Maye Musk, and Alicia Keys.
Her company has also been featured in several magazines, including Forbes, Vogue, and The Cut.
What is Monosuit’s net worth?
Lifetime sales for Monosuit are estimated at around $1 million currently, while the company has a net worth of $3 million.
Despite losing out on a Shark Tank investor, Agapkina has shown that when you have an excellent product, your business can continue to grow.
Roping in some celebrities to wear her jumpsuits helped in that regard too!