Adam and Desiree Haller came onto Shark Tank in 2019 seeking investment for their company, SubSafe, which specializes in building outdoor food storage containers to protect sub sandwiches. After securing a deal with Mark Cuban and Charles Barkley, SubSafe has gone on to amass an impressive net worth, solidifying its place as a successful “Shark Tank” alum. In this blog post, we’ll delve into the story behind SubSafe, its founders, the Shark Tank pitch, and the company’s remarkable growth and evolution over the years.
Who is SubSafe?
SubSafe is a company that specializes in producing water- and crush-proof containers designed to keep sandwiches and other valuables dry and protected while enjoying outdoor activities. Adam and Desiree Haller founded the company to address the issue of soggy, smashed sandwiches during beach trips, boat outings, and other summer adventures.
Who is the founder of SubSafe?
Adam and Desiree Haller are the co-founders of SubSafe. The couple came up with the idea for the product after experiencing the frustration of dealing with damaged sandwiches during their own outdoor excursions. Determined to find a solution, they set out to create a durable, yet affordable, container that would keep subs and other items safe from the elements.
How Was The Shark Tank Pitch Subsafe?
When Adam and Desiree Haller stepped into the Shark Tank, they were seeking an investment of $50,000 in exchange for a 15% equity stake in their company. During their pitch, they were able to demonstrate the functionality and versatility of the SubSafe containers, highlighting their impressive profit margins.
However, the sharks were initially hesitant due to the relatively low $40,000 sales since the company’s launch. After some negotiation, Mark Cuban and Charles Barkley decided to team up and offer the Hallers $100,000 for a 25% equity stake, which the entrepreneurs accepted.
| Entrepreneurs | Adam Haller and Desiree Haller |
|---|---|
| Business | Outdoor Food Storage Containers |
| Initial Ask | $50,000 for 13% equity |
| Offer Received | $100,000 for 25% equity |
| Sharks | Mark Cuban and Charles Barkley |
| Outcome | Deal Accepted |
SubSafe Shark Tank Update:
Since their appearance on Shark Tank, SubSafe has continued to thrive and grow. The company is now generating over $1 million in annual sales, with its products available on Amazon as well as in various retail outlets like Publix and Bed Bath & Beyond. The original three-piece SubSafe set, which retails for $19.99, has maintained a strong 4.5-star rating on Amazon, with customers praising the product’s ability to keep their sandwiches and other valuables safe and dry.
After Shark Tank, what happened to SubSafe?
After securing the investment from Mark Cuban and Charles Barkley, SubSafe has undergone significant expansion and diversification. The company has introduced new products, such as containers for square-shaped sandwiches, small snacks (SnackSafe), and even wine bottles (WineSafe), catering to a wider range of customer needs. This strategic move has allowed SubSafe to capitalize on its initial success and reach new market segments.
| Product Offerings | Original three-piece set, SnackSafe, WineSafe, and more |
|---|---|
| Original Set Price Increase | From $17.95 to $24.99 (Amazon) |
| Customer Reviews | 4.5-star rating on Amazon |
| Expansion and Availability | Available online and in various retail stores |
SubSafe Net Worth:
Although SubSafe does not publicly disclose its exact net worth, its steady growth and expanding product line indicate a robust and prosperous financial position. With over $1 million in annual sales, strong profit margins, and a growing customer base, SubSafe’s net worth is likely in the multi-million-dollar range, reflecting the success of Haller’s innovative idea and the positive impact of the Shark Tank investment.
Subsafe Growth and Operations:
Since its inception, SubSafe has steadily expanded its operations and production capabilities to meet the increasing demand for its products. The company has streamlined its supply chain, optimized its manufacturing processes, and focused on maintaining high-quality standards to ensure customer satisfaction. This strategic approach has allowed SubSafe to scale its business while maintaining a strong competitive edge in the outdoor food storage market.
| Impact | “Safe, not soggy” solution for sandwiches and valuables |
|---|---|
| Customer Feedback | Positive reviews and customer satisfaction |
| Distribution Highlights | Strong presence in Publix, significant retail accounts |
SubSafe Marketing and Sales:
SubSafe has employed a multi-faceted marketing strategy to raise brand awareness and drive sales. The company’s strong presence on e-commerce platforms, such as Amazon, has been a key factor in its success, allowing it to reach a wide customer base. Additionally, SubSafe has forged partnerships with major retailers, including Publix and Bed Bath & Beyond, further expanding its brick-and-mortar presence and accessibility to consumers.
| Sales Numbers | $40,000 since launch |
|---|---|
| Investment Raised | $37,000 (by selling Adam’s boat) |
| Current Annual Sales | Just over $1 million |
| Price per Unit | Customer: $17.95, Manufacturing: just over $2 |
| Current Product Price | Original set: $24.99 (Amazon) |
| Distribution | Amazon, Publix, Bed Bath & Beyond, SubSafe website |
Subsafe Social Media Presence:
SubSafe has also leveraged social media platforms to engage with its customers and promote its products. The company’s active presence on platforms like Facebook and Instagram has allowed it to showcase its products, share user testimonials, and connect with its target audience in a more personal and interactive manner. This strategic social media approach has contributed to the brand’s growing popularity and positive customer sentiment.
SubSafe Interesting Facts:
Adam and Desiree Haller, the founders of SubSafe, made a personal sacrifice. To get the company off the ground, the couple sold Adam’s boat to raise the necessary funding, demonstrating their unwavering commitment to their entrepreneurial dream. This dedication and willingness to make tough decisions have undoubtedly played a vital role in SubSafe’s ultimate success.
What’s Next for SubSafe?
As SubSafe continues to grow and expand, the company is poised to explore new product categories and market opportunities. With the support of its Shark Tank investors, Hallers may consider developing additional accessories and complementary products to further solidify SubSafe’s position as a leader in the outdoor food storage solutions industry. Additionally, the company may explore international expansion to tap into new customer segments and drive even greater growth.
Final Words:
SubSafe’s journey from a simple, yet ingenious, idea to a thriving, multi-million-dollar company is a testament to the power of persistence, innovation, and smart business decisions. Adam and Desiree Haller’s success on Shark Tank has paved the way for SubSafe’s remarkable growth, and the company’s impressive net worth reflects the hard work and dedication of its founders.
As SubSafe continues to evolve and expand, it is poised to remain a leader in the outdoor food storage market, providing customers with reliable and innovative solutions for years to come.
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