Mad Rabbit Net Worth: Mad Rabbit, a “Shake Tank” participant, and tattoo after-care firm expect to make $12 million in sales in 2019. Selom Agbitor and Oliver Zak were both Pledges to the Delta Sigma Pi business fraternity at Miami University in Ohio. They’d only known each other for a few months when they decided to start an online business selling women’s bathing suits. “You could be in class and fulfilling clients’ orders if you were drop-shipping,” Agbitor says.
From their side project, the pals acquired a slew of good lessons. “We had to fight with some of the largest names in the swimsuit business the first time around,” Agbitor explains. We learned a lot from this experience, including how to better serve our clients, how to establish a brand, how to communicate with them, and what kind of content to utilize in our ads. Agbitor and Zak have already made a profit on the swimsuit company they created after graduating in 2019. They didn’t go out of business for long, though. Agbitor states that “Oliver approached me with the idea of delivering tattoo after-care.
“No, I initially declined since I didn’t have any tattoos; but, he did, and they weren’t being properly cared for..” Agbitor currently has three tattoos on his body. Zak has five of these in his possession. According to Agbitor, there was nothing in the neighborhood that represented tattoo aftercare. Furthermore, tattoo shops were not doing a good enough job of educating customers about proper tattoo aftercare. Customers may choose to wear [their things] instead of having a tattoo. To put it another way, this was the part where Oliver and I were certain we’d win.”
Nothing in the area indicated Tattoo Aftercare
Because keeping up with the volume of orders was becoming increasingly challenging, Agbitor enlisted the help of her neighbors in wrapping and shipping them out. We used to order from Amazon or Bulk Apothecary on a regular basis. Purchases would include tins, stickers, and mailing envelopes. We’d also drop off multiple times a week at the campus USPS. “This is crazy,” we think. This is way too time-consuming, and we’re ready to start full-time employment following graduation.
Mad Rabbit sold roughly $400,000 worth of Tattoo Balm in its first year of business, with each tin costing $15.99. As a direct-to-consumer business approach, Mad Rabbit began selling on Amazon in 2020 and on Urban Outfitters’ website in April of this year. Mark Cuban gave it $500,000 in exchange for a 13 percent stake in the company. With the help of Zak’s mother, a long-time professional pharmacist, Zak and Agbitor devised a dorm-room crockpot-friendly combination. The Mad Rabbit Tattoo Balm in Frankincense & Lavender, which includes calendula, lavender, sweet almond, and cocoa butter, was the first product in the range. The tattoo aftercare brand costs each of the co-founders $300 to get started.
Customers with tattoos can use the hero product, which was introduced in 2019, to keep the color and shine of their ink fresh. Customers Mad Rabbit attracted mostly through social media advertising showed a strong interest in the product right away, ensuring its success. In its second year of existence, Mad Rabbit made $2.8 million in sales. It was unaffected by the outbreak, in fact, it had the opposite impact. Agbitor planned to double and double his ad expenditure during the pandemic. “We decided to take advantage of this opportunity because everyone else was cutting back.”
” Buying an ad was substantially less expensive back then if you wanted to get your message in front of a broader audience. Prior to this, our return on investment (ROI) was much lower. We went from producing low six figures to high six figures in a month.” This year, Mad Rabbit is introducing two new products: an SPF 30 sunscreen and a soothing gel. Mad Rabbit’s appearance on ABC’s “Shark Tank” helped the brand get additional visibility.
Close-knit group of employees is company’s secret sauce
Zak remarked during the brand’s televised presentation with the panel of investors, or “sharks,” as the brand’s name implies, that this collection of close-knit people is their secret sauce. He explained that the organization receives tens of thousands of tattoo photos from customers. Mad Rabbit’s 90,000+ organic followers get a sneak peek at some of the photos via “tattoo tours,” a name the social media company developed.
Mad Rabbit disclosed on-air that the corporation spends $85,000 per month on marketing. In the month leading up to filming, the brand had made $300,000 in sales and a net profit of roughly 20%. That was accomplished without Zak or Agbitor working on the brand full-time. After graduation, Zak was hired by EY-Parthenon, Ernst and Young’s global strategy consulting arm, while Agbitor worked for Textron Aviation and Bell Flight. Mad Rabbit has already grossed almost $4 million in sales this year. In 2021, the firm expects total sales of $12 million, and it plans to close a $2 million funding round soon after. Eventually.
On Shark Tank, Mark Cuban was defeated by Mad Rabbit. Agbitor and Zak accepted a $500,000 offer from a well-known businessman in exchange for a “non-negotiable” 12 percent stake in their company. According to Agbitor, “Shark Tank” gave us a financial boost, but the press also helped. They contacted us via email and phone to discuss how they could help us take our brand to the next level. As a result, everyone was given a boost and received a lot of attention. We were able to focus that attention on topics that would benefit the organization as a result of that attention.”
Agbitor owns Mad Rabbit and is planning a $2 Million Fundraising
Since their appearance on television, the co-founders have raised further funds. Agbitor owns Mad Rabbit and is planning a $2 million fundraising round. In addition, the company’s workforce is expanding. Agbitor and Zak are currently pouring all of their efforts into it. Two more full-time employees are the content director and the CFO. Mad Rabbit’s co-founders have enlisted the services of approximately 12 contractors, as well as agencies to handle their email marketing and advertising.
Furthermore, the product portfolio is expanding. In the next months, a new Tattoo Balm fragrance will be offered, followed by two more products. Although Agbitor admits that Mad Rabbit’s sales goal for the year is $12 million, Agbitor and Zak remain tight-lipped about their current status. He exults, “We’re a third of the way there.” On Shark Tank Season 12, two Miami University classmates (Oliver Zak and Selom Agbitor) pitched their tattoo skincare product startup, Mad Rabbit. The Mad Rabbit balm can be used to prevent ink discoloration.
Oliver and Selom went into the Tank looking for a $500,000 investment in exchange for a 5% ownership in the company. Their $10 million valuations dropped to $4.2 million when they accepted billionaire Mark Cuban’s offer of $500,000 for a 12 percent interest. Since it aired in March 2021, the Mad Rabbit Shark Tank episode has garnered multiple 5-star reviews online, including this: According to the reviewer, a five-year-old tattoo “looks like new again” after using this solution. “Mad Rabbit was immediately absorbed and did not leave a greasy film on the skin.”
