Sierra Madre Research Update | Shark Tank Season 9

Frustrated by the lack of suitable hammocks during humanitarian work in Central America, Richard Rhett, an engineer and outdoor enthusiast, invented a versatile hammock shelter. This experience led to the creation of Sierra Madre Research, a company that provides high-quality camping gear and supports clean water initiatives. In our Sierra Madre Research update and pitch recap, let’s see if the sharks will join them in expanding their business.

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

Richard and Juli Rhett came into Shark Tank Season 9 seeking $175,000 for a 15% equity in their company, Sierra Madre Research. Guest shark Sir Richard Branson resonated with their business mission and goals and offered them exactly what they requested: $175,000 for 15% equity.

In terms of a Sierra Madre Research update, since their Shark Tank appearance, they’ve expanded their product line and remained committed to their social mission. Since airing, annual sales has grown to over $4 million.

Shark	Result
Richard Branson	Accepted offer of $175,000 for 15% equity
Lori Greiner	No offer
Mark Cuban	No offer
Robert Herjavec	No offer
Daymond John	No offer

Shark Tank Sierra Madre Research Pitch

• Entrepreneurs: Richard and Juli Rhett
• Business: Covered hammocks to replace the common tent
• Ask: $175,000 for 15% equity
• Result: $175,000 for 15% equity
• Shark: Richard Branson

During their appearance on Shark Tank, Richard and his wife presented Sierra Madre Research to the sharks. To captivate the sharks’ attention, hammocks were strategically displayed on the stage. 

They began their pitch with a personal story about the inspiration behind their unique product. 

Richard told the sharks that he was inspired to make his first hammock during a 2009 humanitarian mission to rural Honduras, where he helped underprivileged communities.  

While there, he identified a lack of suitable hammocks in these communities and was inspired to develop his own design. Upon returning home in 2010, he brought his vision to life, crafting the initial prototypes himself using a second-hand sewing machine.

He further explained that he named his company Sierra Madre Research after the Sierra Madre mountain range, which extends from Arizona to Honduras and encompasses diverse landscapes and cultures. 

This connection highlights the versatility Richard envisioned for his outdoor gear. Sierra Madre Research also has a social mission. A portion of their sales is dedicated to supporting clean water initiatives in rural Central America, while the products themselves are manufactured in Nicaragua. 

Richard said he and his wife, Juli, are seasoned outdoor enthusiasts with experience operating tours in Alaska and the Yukon. They share a deep passion for exploration. 

Their flagship product, the Nube Shelter by Sierra Madre Research, embodies this love of the outdoors. It is designed for camping adventures. 

The Nube Shelter functions as a suspended tent, offering an off-the-ground camping experience. 

This suspended tent system includes a canopy, bug netting, a designated gear storage area, and a hammock. Combo packages start at $349, and an insulating sleeping bag is available for $249. 

He revealed that their products have garnered positive feedback from campers and they’re seeking investment to expand into major retail chains and increase their production capacity. 

After this background story, the sharks themselves had the opportunity to test the hammocks and find them comfortable.  

When asked about profitability, Julie said they are currently threading on solid ground. They had a net profit of $210,000 last year and $400,000 in sales year-to-date. 

Despite positive feedback on the product and its social mission, the sharks expressed reservations. 

Daymond John couldn’t envision a clear role for himself in their growth and decided to exit the deal.  

Similarly, Lori Greiner found the hammock market too competitive, so she’s out of the deal. 

Robert Herjavec and Mark Cuban, echoing Lori’s concerns, followed suit. 

However, guest shark Sir Richard Branson is impressed with both the entrepreneurs and their company’s social impact. 

He decided to offer them $175,000 for a 15% equity, which is exactly what the couple asked for. However, there is a clause in this offer: all his profits from the investment would be directed to charitable causes. 

This offer is too good to refuse; the couple accepts the deal and walks out of the tank. 

With a juicy deal with a guest shark, let’s see how things are right now with Richard and Julie in our Sierra Madre Research update. 

Shark Tank Sierra Madre Research Update 

The negotiations with Sir Richard Branson proved successful, and the deal ultimately closed. Since then, he has remained a vocal supporter of the company. 

Since appearing on the show, Sierra Madre Research has expanded its hammock line. They now sell innovative options like the Ninox (a spacious, flat hammock with bug netting) and temperature regulation solutions like the Hot Pocket and Ember (which uses solar power for warmth on chilly nights). 

According to the Sierra Madre Research website, in addition to their signature hammocks, their product catalog has grown. It now includes truck bed shelters, temperature-regulating sleeping bags, and various outdoor essentials like blankets, power supplies, and camping chairs. 

Our Sierra Madre Research update found that the company faced some manufacturing and shipping hurdles during the 2020 COVID-19 pandemic. However, it successfully navigated these challenges. 

Sierra Madre Research’s commitment extends beyond innovative camping gear. True to their mission, Richard and Juli have directly contributed to improving lives in Central America by helping establish clean water access in two remote villages.  

Since Shark Tank, the company has thrived, reaching $4 million in annual revenue.

It looks like Richard and Juli used Sir Richard Branson’s money well. Things are looking good for our next Sierra Madre Research update.

You can find the other company updates from Season 9 Episode 1 here:

• Simple Habit Update
• WYP Aviation Update
• Locker Board Update

Before you go, be sure to check out our other Shark Tank Season 9 updates.