Ming Zhao pitched her custom skincare company during
If you’re short on time, here’s a quick overview of what happened to Proven after
Entrepreneur Ming Zhao appeared on
|Daymond John||No offer|
|Kevin O’Leary||No offer|
|Mark Cuban||No offer|
|Lori Greiner||No offer|
|Anne Wojcicki||No offer|
Shark Tank Proven Update
- Entrepreneur: Ming Zhao
- Business: Customizable, data-driven skincare
- Ask: $500,000 for 5% equity
- Result: No deal
- Shark: None
Ming Zhao brings her company, Proven, to
Most products on the market only offer a few options for customers based on skin type, but ultimately, skin is very complex. Because of this, each person needs something unique for their individual skin.
A customer can get a custom report by logging onto the Proven website and taking a 3-minute survey. The questions aim to find out everything from your skin concerns, stress levels, location, and even the level of pollution that you’re exposed to.
Ming goes on to share then if a shark invests in Proven, they are actually investing in a technology-first CPG company, which uses the database called ‘Skin Genome Project’. This is the largest beauty database in the world and the winner of MIT’s AI Technology Award.
In terms of sales, Ming says that earlier in the month of filming, during a beta two-month test run, they had sales totaling $110,000. Additionally, advertising was done on Facebook, which cost the company about $90,000.
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Further, Proven has a licensing deal for $3.5 million to use their technology. In addition to this, the company has also raised $6 million.
Unfortunately, the sharks are less than impressed with Ming’s processes, which doesn’t help in an extremely competitive market.
Daymond John is the first to go out because he isn’t in the space and has no idea what the company even does. Further, he says that his mom gave him great skin, so he doesn’t need to use skincare products.
Mark Cuban follows out, after a lengthy discussion where he tries to understand how the Proven AI works.
Guest shark Anne Wojcicki is ultimately unimpressed with the science and says that there isn’t enough to support the data and drops out.
Lori Greiner, who says it is too early for her. Plus, because Ming has already taken in $6 million in investments, she feels that it would take too long to get her investment back.
This leaves Kevin O’Leary. He says that the valuation is ridiculous and he doesn’t like it, so he goes out.
Unfortunately, Ming leaves
Despite the lukewarm reaction Ming’s company received from the sharks, Proven is doing exceedingly well. Annual revenue rose to $10 million in 2020, and $20 million in 2021. In 2023, the company is doing $24 million in annual revenue and has over 100,000 regular subscribers.
This is certainly a huge increase in sales since appearing on
The skincare line now offers several products, making a more complete line. The website also features video reviews from product users, in addition to resources for skincare education.
Proven has been featured on the Today Show, and also by The New York Times, Vogue, Allure, People, The Wall Street Journal, CNBC, and Refinery29.
The future looks very bright for Ming, and if we get any more Proven updates we will let you know!
In the meantime, you can learn about the other companies that appeared on
For even more on companies and products, be sure to stop by our Season 11 products page.
Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!