Hot Tot Update 2024 | Shark Tank Season 04
Megan Gage came on the Shark Tank Season 04 to raise funds for her kid’s hair care kit brand, Hot Tot. She wanted a $50,000 investment in return for 15% shareholding in the company.
With her convening pitch, she got an investment of $75,000 in return for 40% equity from Mark Cuban.
In an interview, Megan said, “I would rather love to own 60% of a successful company than 100% of a struggling one,” and she is happy with her decision.
Do you want to know what happened to Hot Tot after Shark Tank? Find out all the latest information and updates about Hot Tot company that got an investment of $75,000 from Mark Cuban.
| Company Name | Hot Tot |
|---|---|
| Founders | Megan Gage |
| Founded | 2007 |
| Products | Kid’s hair care products |
| Ask | $50,000 for 15% equity |
| Deal | $75,000 for 40% equity |
| Sharks | Mark Cuban |
| Valuation | $133,333 |
| Current Valuation | Over 8 million dollars |
Hot Tot Update Shark Tank (Season 4)
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Hot Tot after Shark Tank.
Hot Tot founder Megan Gage appeared in Shark Tank Season 04 with an ask of $50,000 for 15% equity. After a few minutes of conversation in the tank, she accepted an offer of $75,000 for 40% equity from Mark Cuban.
Apart from investment, her kid’s hair care brand got immense exposure worldwide. After getting investment from Mark, she did allergy testing for her products, and Hot Tot is now officially a hypoallergenic kid’s hair care brand.
In an interview, Megan said that many people were interested in distributing her products but she decided to distribute through top-tier luxury hair saloons. Megan got an investment in the tank at a valuation of $187,500 in the tank.
As of April 2022, Hot Tot’s valuation was 5 million dollars, but now the company is valued at over 8 million dollars in March 2024.
Who Are the Major Competitors of Hot Tot?
Hot Tot is a hair care brand that specially focuses on manufacturing hypoallergenic hair care products for kids. They have a very limited range of products, but still, customers have faith in this brand. That’s why Hot Tot competes with other businesses like Fairy Tales Hair Care and So Cozy, which deals in similar categories.
Is Hot Tot Still in Business?
Hot Tot is still operational and doing great. As of now, it has become a trustworthy kids’ hair care brand in the United States. After closing a deal on Shark Tank, Hot Tot collaborated with luxurious salons and branded itself as high-quality hair care products for kids.
Hot Tot has shown consistent growth in the past few years, and company revenue has grown to 8 million dollars in 2024. Mark Cuban proved as a lucky charm for Megan and her brand.
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Conclusion
After getting a $75,000 investment from Shark Tank, Hot Tot became a popular brand in the kid’s hair care segment. Currently, the company’s revenue has grown to 8 million dollars, and Megan is quite happy with it. This brand is still in business, and it’s going great with the support of Mark Cuban.
