Rocketbook Cloud Notebook Update | Shark Tank Season 8

Many people find it challenging to convert their handwritten notes into digital format. To address this, Joe Epstein and Jake LeMay developed Rocketbook, a reusable notebook that lets users scan, store, and organize their notes in the cloud. By combining the simplicity of pen and paper with digital convenience, Rocketbook saves time and reduces waste. Let’s see if they managed to secure a deal with any of the sharks in our Rocketbook update and pitch recap.

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

Jake and Joe entered Shark Tank Season 8, seeking $400,000 for 10% equity in Rocketbook. After their presentation, they left without securing a deal because the sharks felt the valuation was too high for a company with limited sales.

In terms of a Rocketbook update, the company expanded its product line to major online platforms and retail chains, selling over 500,000 notebooks. Further, Rocketbook was acquired by BIC for $40 million.

Shark	Result
Robert Herjavec	No offer
Kevin O’Leary	No offer
Mark Cuban	No offer
Lori Greiner	No offer
Barbara Corcoran	No offer

Shark Tank Rocketbook Pitch

• Entrepreneurs: Jake Epstein and Joe LeMay
• Business: Smart, reusable notebook
• Ask: $400,000 for 10% equity
• Result: No deal
• Sharks: None

Jake and Joe entered Shark Tank with the goal of creating a sustainable, innovative solution that bridges the gap between traditional writing and digital convenience.

Driven by their belief that handwritten notes should seamlessly integrate with modern technology, they sought an investment to scale up production and boost marketing efforts for Rocketbook.

Rocketbook is a reusable notebook designed to bridge the gap between traditional note-taking and digital organization.

The product functions as a regular notebook.

However, the main selling point is that it allows users to scan handwritten notes and upload them to cloud services like Google Drive.

This feature appeals to students and professionals who prefer pen-and-paper notes but require digital access for organization.

The notebook’s design includes a microwave-safe feature for reuse.

For instance, after scanning and saving notes, users erase all content by microwaving the notebook with a mug of water on its cover. This resets it for reuse.

It retails for $27 and has already generated $2.2 million in sales, with approximately 75,000 units sold.

While this number was impressive to the sharks, they, however, had some reservations.

Especially its long-term appeal and reliance on multiple steps, such as microwaving.

Barbara Corcoran thinks the product will lose its appeal in the future. She’s the first shark out.

Robert Herjavec is visibly impressed by their numbers; however, he had a hard time understanding the product, so he’s out as well.

Kevin O’Leary doesn’t think the business would scale beyond a certain level. He’s out.

Lori Greiner thinks the idea is too technical, so she declined to invest.

Mark Cuban found the idea fascinating but ultimately saw no viable investment opportunity in the concept.

Ultimately, none of the sharks made an offer, leaving Jake and Joe without a deal.

Now that we understand how the negotiations concluded let’s get a Rocketbook update to see how the company is doing.

Shark Tank Rocketbook Update

Our Rocketbook update revealed that after airing on Shark Tank, the company expanded presence to online giants like Amazon and prominent retail chains such as Best Buy, Office Depot, Staples, and Target.

Further, by December 2018, the company had sold over 500,000 notebooks and generated more than $10 million in revenue.

In 2020, the company reported net sales of $32 million, reflecting a remarkable 35% year-over-year increase.

In December of that year, BIC bought Rocketbook for $40 million.

The goal was to combine BIC’s experience in making writing tools with Rocketbook’s digital notebook technology.

Following the acquisition, co-founders Joe Lemay and Jake Epstein remained at the helm, focusing on product development and further expanding the brand’s market presence.

Our research into the Rocketbook update found that the company now operates as a subsidiary of BIC.

Despite not getting a deal on Shark Tank, we are calling this Rocketbook update a success.

Make sure to check out the other company updates from Season 8 Episode 24 below:

• Wine & Design Update
• Laid Brand Update
• Bridal Buddy Update

Check out more company updates from Season 8 on our Season 8 products page.