Moki Doorstep's remarkable growth after Shark Tank: A detailed update
Moki Doorstep, a car accessory company, secured one of the largest deals on Shark Tank in season 10. The Browns who founded the company agreed to sell the whole of it to Daymond John so that they could balance their main careers and familial responsibilities, but did the deal materialize? Read on for more on Moki Doorstep's Shark Tank update today.
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Moki Doorstep has seen significant changes since appearing on Shark Tank. Apart from increased sales and major partnerships, there was also an increase in knockoffs flooding the market.
What is the Moki Doorstep?
Moki Doorstep is a vehicle accessory created by husband-and-wife Alyssa Brown and Zachary Brown to help short car owners reach the roof of their cars. They founded the company in January 2017 in Newington, Connecticut.
The couple raised their initial funding of $110,000 from their initial 30-day Kickstarter campaign, which exceeded their expectations of just $2,000. The small and portable metal platform with aircraft-grade aluminium easily hooks into the internal latch of a car door and is designed to hold up to 2200 pounds.
When the step is secured, an individual can effortlessly access the top of the vehicle. The device is perfect for loading and strapping down cargo bags, canoes, kayaks, skis, snowboards, and bikes.
Moki Doorstep offers a universal fit for all vehicles in both the rear and front doors. It features a rubber bumper and coated hook to protect the car. The accessory is also easy to store and can be placed in the car's centre console, spare tyre compartment, or glove box.
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The Moki Doorstep and Shark Tank deal
Alyssa, an ER nurse, and Zachary Brown, a firefighter paramedic, appeared on Shark Tank in season 10, episode 9, to pitch their idea to a panel of investors. They were asking for $150,000 in exchange for 5% equity in their company, which was valued at around $3 million at the time.
The couple was seeking an investment to scale their business. Daymond John offered to give them $450,000 for 20% equity. Zach turned it down, saying,
For that amount of equity, I think we'd just be better off selling it outright. If the offer was right, I would sell it.
The Browns got another interesting offer from Daymond, who proposed purchasing the entire company for $3 million instead of investing in it. The couple agreed to sell the whole company to Daymond, and Alyssa later said,
We've enjoyed running the company, but we really enjoy our careers and being with our family so we can make money off of it and go back to our normal lives.
Daymond later addressed his decision to become Moki Doorstep's owner during his appearance on The View. The investor was impressed by the work that Alyssa and Zachary had put into creating the company.
They already had licensing deals on the table, and that is very hard to do. So when they offered that that was an opportunity, I wanted to jump on that...So, even the purchase of the entire business, I still want them somewhat involved. But they did almost all the work for us.
Source: Getty Images
What happened to Moki's Doorstep after Shark Tank?
Moki Doorstep and Daymond John never closed the deal after the Browns' appearance on Shark Tank. The couple teamed up with outdoor and rooftop accessory company Rightline Gear (now owned by MacNeill Pride Group) from North Carolina to license and manufacture the product.
While talking to Starter Story in May 2020, Zach revealed that he was still involved in the company, though not in a manufacturing capacity. He added that he was not planning on launching another product but was looking to expand to overseas markets.
We have a unique partnership (with Rightline Gear) as I am still very much involved and help out at tradeshows like SEMA...Most of my time is focusing on Copycat and infringing products. We have removed over 9,000 knockoff listings off the internet. That in itself is a full-time job.
How much is Moki Step worth today?
Moki Doorstep's net worth in 2024 is estimated to be around $5 million, according to various sources, including Insider Growth and Techie Gamers. Moki Doorstep company's value has increased since its appearance on Shark Tank following its licensing deal with Rightline Gear that got them into major retailers like REI and Academy Sports.
How much is Moki Doorstep's revenue?
The company's annual revenue is estimated to be between $500,000 and $1 million, according to Shark Tank Blog. Moki Doorstep's sales to date have seen a tremendous increase. In the weeks following the episode's airing, the company reportedly sold $ 1 million worth of product sales.
The product currently goes for $49.99 on the Klymit website. You can also find it on Amazon and REI. Each unit costs around $10.50 to produce.
Source: Getty Images
FAQs
Moki Doorstep's journey post-Shark Tank has been impressive but not without challenges. Below are some frequently asked questions;
Did Damon buy Moki?
Daymond John offered to purchase the whole company for $3 million. However, the deal did not close, but the couple got a licensing deal from North Carolina-based Rightline Gear.
Who is the CEO of Moki Doorstep?
Moki Doorstep's managerial positions have not been made public, but the company's founder, Zachary Brown, retained its ownership after entering into a licensing deal with Rightline Gear. He is mostly involved in removing copycat products from the internet.
Is Moki Doorstep still in business?
The vehicle accessory company is still in business. Their products are sold at various online and retail stores.
How much did Moki Doorstep sell for?
Shark Daymond John offered to purchase it for $3 million. The Browns had initially accepted the offer but later decided to go with a licensing deal with Rightline Gear.
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Moki Doorstep's website and social media are currently inactive, but the product is still available in retail. Despite facing knockoffs and maintaining the original price tag, their partnership with outdoor gear company Rightline Gear has helped them succeed in both retail and online spaces.
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Source: Briefly News
