RigStrips Update | Shark Tank Season 16

Outdoor enthusiasts often struggle with scratched vehicles or damaged gear when leaning skis or fishing rods against the car. For this reason, Zhach Pham and Steven Graf came up with SnoStrip and SunStrip, magnetic and adhesive holders that easily stick to their car’s exterior. This keeps everything secure and scratch-free. Now, will the sharks see the value in these protective innovations? Dive into our RigStrips update and pitch recap to find out!

If you’re short on time, here’s a quick overview of what happened to RigStrips after Shark Tank.

Zhach and Steven entered Shark Tank Season 16, seeking $300,000 for 7.5% equity in RigStrips. After their presentation, they struck a deal with Todd Graves for $300,000 for 15% equity.

In terms of a RigStrips update, the company capitalized on its Shark Tank appearance by driving growth through targeted promotions and customer engagement. 

Shark	Result
Todd Graves	Accepted offer of $300,000 for 15% equity
Kevin O’Leary	No offer
Mark Cuban	No offer
Lori Greiner	No offer
Daymond John	No offer

Shark Tank RigStrips Pitch

• Entrepreneurs: Zhach Pham and Steven Graf
• Business: Lightweight, portable vibrating mat designed to calm crying babies
• Ask: $300,000 for 7.5% equity
• Result: $300,000 for 15% equity
• Shark: Todd Graves

Zhach and Steven walked into Shark Tank with a simple mission: to stop outdoor gear from damaging cars. 

They asked for $300,000 for 7.5% equity in RigStrips, valuing it at $4 million. 

With the investment, Zhach and Steven need to increase inventory to meet rising demand and test new online marketing strategies to boost sales.

Their main products, the SnoStrip and SunStrip, are protective strips that keep cars scratch-free when skis, snowboards, or fishing rods are propped against them. 

Furthermore, they offer two types—magnetic for steel vehicles and adhesive for aluminum—making sure there’s an option for every car owner. 

The goal is to help outdoor enthusiasts protect their cars without fuss.

RigStrips operates with a direct-to-consumer model, selling exclusively online. 

Customers can order straight from their website, and the shipping cost is already factored into the price. 

This setup lets RigStrips stay connected to its target audience: skiers, snowboarders, and fishermen who want reliable and hassle-free gear protection.

The company started with an adhesive strip, but after listening to customer feedback, they introduced a magnetic version that fits most vehicles. 

However, they later expanded with the SunStrip, specifically for fishing rods, to cater to a broader audience. 

RigStrips’ one-of-a-kind, patented design gives it a real advantage in the ski and snowboard market.

It costs $8.50 to make a SnoStrip and $7 to make a SunStrip, with an added $8.50 for shipping each unit. 

Even with those expenses, both products sell for $50, leaving plenty of room for profit. 

The SnoStrip’s $17 total cost leaves them $33 profit per unit, or about a 66% margin. 

On the other hand, the SunStrip, with a total cost of $15.50, brings in $34.50 profit per unit, a margin of 69%.

RigStrips began in 2019 and officially launched in 2020. Since then, they’ve sold over 60,000 units and earned $3 million in revenue—over half of that in 2023 alone. 

This year, they’re aiming for $2.7 million in revenue. 

Most of their marketing happens on Facebook, with a $10 CAC. Sales spike during November and December, when 62% of their yearly sales come in, making the product a holiday favorite.

Further, the company is on solid ground, reporting an EBITDA of $450,000 in 2023.

Mark Cuban sees the business as more of a product than a company. He’s also not an outdoor person, so he’s out.

Kevin O’Leary says achieving the results he wants would require too much effort, so he’s also out.

Guest shark Todd Graves makes the entrepreneurs an offer for $300,000 for 20% equity.

Lori Greiner says she’s not excited about the business, and she’s out of the negotiations.

The entrepreneurs turned back to Todd and countered with $300,000 for 10% equity to better match what they believed the company was worth. 

Todd didn’t hesitate to push back, countering with 15% for the same investment.

After a moment of consideration, Zhach and Steven accept the deal.

Let’s get a RigStrips update to see where the company is right now.

Shark Tank RigStrips Update

Since appearing on Shark Tank, Zhach and Steven have not spoken much.

Even their personal social media accounts have not been updated with any information yet.

However, according to our RigStrips update research, shortly after its episode filming, the company has been experiencing significant growth. 

Furthermore, we discovered a strong demand for RigStrips’ SnoStrip and SunStrip in the “Ski & Snowboard Car Racks” category.

Our RigStrips update found that the company has recently leveraged its Shark Tank exposure with promotions and email updates to keep the community engaged. 

You can check out their website for the latest news and offers.

We can’t wait to see what the future holds for Zhach and Steven in our next RigStrips update.

For more updates from Shark Tank Season 16 Episode 2, be sure to check the links below:

• Topsail Steamer Update
• Life Raft Treats Update
• BucketGolf Update

Before you go, be sure to check out our list of all the Shark Tank Season 16 products.