RigStrips: Shark Tank USA S16, a Magnetic holder for Ski and Snowboard

Appeared on Shark Tank Season 16, RigStrips is a Denver, Colorado, USA-based startup that sells Magnetic holders for Skis and Snowboards. RigStrips appeared in Shark Tank USA Season 16 Episode 02. The pitch was presented by founders Steven Graf and Zhach Pham. They were there to seek $300K in exchange for 7.5% equity.

What does RigStrips do?

RigStrips offers innovative products that help hold snowboards, skis, and fishing gear securely in place using their “Snostrip” and “Sunstrip.” These magnetic and adhesive strips allow gear to lean against cars without sliding or scratching the vehicle, making it easy for outdoor adventurers to transport their equipment without hassle.

Conclusion -  RigStrips

The founders of RigStrips presented a wonderful pitch and explained their business to Sharks on Shark Tank USA, Season 16 Episode 02. Shark Cuban and Kevin opted out due to personal preferences and valuation concerns. However, Shark Todd showed interest in the startup and offered $300,000 for a 20% stake. Shark Lori also passed the deal as she wasn't keen on the equity offered by the founders. After some negotiation, the founders countered with a 10% stake and Todd revised his offer to $300,000 for 15%. They successfully struck a deal and moved forward with Todd as their investor.