What is the net worth of Enso Rings? The brand is famous for creating stylish and affordable silicone wedding rings. Silicone rings are strong but not too strong. This makes them easily breakable, hence preventing ring avulsion or “degloving.”
Ring avulsion is when your ring gets caught in an object suddenly and rapidly damages tissues, muscles, and bones. It is not common, but it can be extremely dangerous in some instances and requires amputation. In 2015, Jimmy Fallon’s wedding ring got caught at the corner of a table, and he suffered for weeks, having to undergo an operation.
While Brighton Jones was rock climbing, his wedding ring got stuck on a rock. Fortunately, the rock broke, and only minor damage was done. After this incident, he thought it over and talked with his friend Aaron Dalley. It was after this discussion that they thought of creating silicone rings, strong but breakable too. Hence, they formed Enso Rings together in 2016.
Enso Rings have come a long way since 2015, and their journey hasn’t been easy. Here is a brief but essential overview of how they did it and what are the latest updates on the company.
Enso Rings In Early Stages
Brighton Jones and Aaron Dalley assembled the idea and knowledge, and the next step was the arrangement of funds. To arrange funds, they started the Kickstarter campaign and collected $15,324. It was 130% of what they aimed, and by the end of January 2016, they sold items worth $13,000.
By the end of 2016, they were doing an estimated $400K in sales monthly. The product was popular among people who couldn’t wear metal rings due to their profession, like firefighters, construction workers, miners, and electricians. Now, they wanted to expand their coverage, for which they applied to visit Shark Tank. At their third request, they got the chance to get on stage.
Enso Rings In Shark Tank
Brighten Jones and Aaron Dalley appeared in Shark Tank Season 3 Episode 9. They displayed one of the most exciting performances, bringing in three big bodybuilders to demonstrate the dangers of metal rings and how the silicone rings were different and safer. It was clear they impressed the Sharks. They seized the moment and asked for $500K for a 7.5% stake in the company.
The Sharks liked the idea and the pitch, but they also had their fears since $500K is an extensive amount for a 7.5% stake. Mark Cuban didn’t like the fact that they were using 40% of their profit for customer acquisition or, more clearly, marketing. He was the first one out, followed by Lori Greiner. Lori feared that the competition might be a little too tough, and her doubt was genuine since a lot of such brands were popular back then.
Barbara Corcoran was not interested and opted out, saying their idea wasn’t clear. Kevin O’Leary took part and offered $500K for a 20% stake, but when the entrepreneurs didn’t agree, he placed another offer, $500K as a loan with a $2 royalty per unit, until $1.5M gets paid back with a 5% stake. The entrepreneurs crossed with $500K for 10%.
Robert Herjavec offers $500K for 15%, and they counter with 12.5%. Robert is indifferent, so they agree with his original offer of 15%. They thought about Kevin too, but Robert had better understood their plan, emotions, and model.
Enso Rings Net Worth
The estimated net worth of Enso Rings as of December 2022 is $23M. The company boomed after Robert’s investment. When they first started, making each ring cost between $0.70 and $4, and they were selling it for $11 – $39.99, a huge profit margin. They completed their order for the two millionth ring in 2019.
A few days after their Shark Tank venture, their sales went through the roof, and they made $2M over 60,000 orders. The estimated revenue of the company for the year 2021 – 2022 was $16M. With an increase in revenue, sales and customers, they also designed new collections of rings – Disney Collection, Star Wars Collection, Lord of the Rings Collection, House of the Dragons Collection, etc.
They ranked 316 in the Inc. 5000’s lists in 2020 with a three-year revenue growth of 1442.73%. Besides selling rings, they also started selling a variety of bracelets, and there was a time when they shipped to over 80 countries.
You can still get a ring on Enso for $11, but it won’t be what it once was; since prices have risen. Let’s wish them the very best for the upcoming financial years and hope they keep booming. Meanwhile, you can check out the Enso Rings website for collections.
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