SubSafe Net Worth 2022 – What Happened After Shark Tank Update
No-one likes a soggy sandwich, and that’s where the SubSafe comes in! A handy container that protects the contents from water and pressure, SubSafe is the brainchild of Desiree and Adam Haller.
The sporty couple were tired of finding their carefully made lunch inedible. They would routinely sit down together following a morning of fishing or boating, only to open their cooler and find their sandwiches mushy and squashed.
Sure, there were plenty of plastic containers, but Desiree and Adam were keen to find a product made from BPA free plastic, a vessel that would be both safe and strong. Perturbed by the lack of choice, the couple set about designing their own – the SubSafe which has grown to a net worth of over $4 million.
With a concept prepared and a pitch well-practised the duo tried their luck in the Shark Tank. Let’s find out what happened…
The Haller’s And The SubSafe
“I was tired of returning from offshore fishing trips with half-eaten soggy subs. Once Desiree and I realized there wasn’t a product on the market, we began the patent and manufacturing process.” Adam Haller.
Florida couple Adam and Desiree Haller launched their new product, SubSafe, on 26th February 2018. Billed as the perfect way to guard against soggy bread, the container also proved to be a practical storage solution for valuable such as keys, wallets, phones and glasses.
Happy with the design, Adam and Desiree added another colour to the range and a strap featuring a carabiner clip and bottle opener. Nowadays you can purchase the SubSafe in charcoal grey, seafoam green, and hot pink.
The container itself can be used to hold a 6” or 12” sub, depending on how hungry you are! BPA free, crushproof and waterproof, the SubSafe is tough and durable.
Taking A Dip In The Shark Tank
The couple entered the choppy waters of the Shark Tank (season 10 Episode 1) ready to showcase their practical product.
The SubSafe carried a price tag of $17.98, with $0.50 per product donated to a charity called Provision Pack. Adam and Desiree asked the sharks if they would consider providing $50,000 for a 13% stake in the business.
The sharks were impressed with profit margin demonstrated, but had some concerns around the low and slow sales. It soon became apparent that the duo had sold their boat to design and produce the SubSafe, leaving little money in the pot to cover marketing and promotion.
Two of the sharks decided to take the bait, with Mark Cuban and Charles Barkley getting together to offer $50,000 each for a 25% stake. Needless to say, the Haller’s were quick to say yes to the deal!
Financials And The Future
The sharks provided invaluable advice and contacts, alongside investment.
The SubSafe RRP decreased slightly to ensure the product appealed to consumers, and the company secured product placements in prominent spots.
The addition of a warranty helped buoy the reputation of the SubSafe, and the product has gone from strength to strength. Nowadays the company is valued at around $4 million.
Soggy Bread Sucks
Spurred on by their success, Adam and Desiree have added to their product range.
There’s now a WineSafe container (ideal for wine and champagne) and a recently launched product called VyroSafe, a 100 percent biodegradable paper straw.
We’re excited to see what this dynamic duo will come up with next!