Sunshine is great but sunburns are no fun. That’s why Betsy Johnson and her brother Berry Wanless have created a line of sun-safe swimwear for kids. Will they earn a deal on
- Entrepreneurs: Betsy Johnson and Barry Wanless
- Business: UV-blocking swimwear for kids
- Ask: $60,000 in exchange for 5%
- Result: $60,000 in exchange for 20% equity
- Sharks: Lori Greiner
Betsy and Barry brought their SwimZip, sun safe kids swimwear line to the tank. Betsy shared that after being diagnosed with skin cancer at just 26 years old, she was inspired to design and create swimwear sets that protect kids from dangerous UV rays that can have a lifelong effect on health.
Zipper closure. UPF 50+ UV sun protection blocks 98% of UVA and UVB rays. (UPF is the clothing equivalent of SPF). Easy all day sun protection! Swim shirt tops and 1 Piece Swimsuit are both UPF 50+!!!
While much of kids swimwear manufactured today is already made of UV-reducing material, Betsy feels her kid-friendly, easy-on, easy-off zippered suits set her designs apart from the rest.
The company has been in business for three years. Two years prior to filming, they had $18,000 in sales, but in the year leading up to the
Kevin O’Leary threw cold water on their $1.2 million valuation, and ultimately went out. Daymond John agreed, and went out next. Robert Herjavec said that the two should be proud of their business, however, he was out. Mark Cuban said it was too early for him to invest, and also went out. That left one shark, Lori Greiner.
Lori had an offer for the company of $60,000 in exchange for 20% equity. Betsy was thrilled, but Berry thought the offer was all wet, and he told his sister the investment put their valuation too low. Betsy had a change of heart and asked Lori to do $120,000 for 20%. Her counteroffer made waves with Lori, who didn’t like what she heard. She turned to Berry and told him they needed the deal.
After some back and forth, ultimately accepted Lori’s deal. What happened next for their company? Keep reading our SwimZip update to find out!
Our SwimZip update finds the company is still in business since the airing of the 2014 episode, and they look to be doing pretty well. Their line has been expanded, with products available on Amazon, and the SwimZip website. Estimates put the company’s net worth at around $5 million.
Would you like to learn about the other companies featured on Season 5 Episode 15? Follow the links below for our other company updates from the episode.
- Freshly Picked Update
- Life Caps Update
- FitDeck Update
- For even more on companies and products, be sure to stop by our Season 5 Products Page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!