Shark Tank Season 17 Episode 1: What happened when Ben and Pete from Double Soul pitched their product?

Shark Tank Season 17 Episode 1 featured Ben and Pete from Double Soul. While Ben and his wife originally started the company, Pete joined later.

Unique socks from Double Soul were extremely soft, and all the Sharks were interested in investing. After Ben shared more about the company, background, investments, and sales, Shark Tank's Kendra Scott made the first offer.

Fellow Sharks also shared their offers including, loyalty earnings and more. At last, after Kendra and Ben talked to his wife over a call. They agreed to Kendra's offer which was $500,000 for a 10% stake.

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Shark Tank Season 17 Episode 1: Double Soul's Ben and Pete pitch their unique socks to the investors

Recently released Shark Tank Season 17 Episode 1 saw Ben and Pete seeking 500k in exchange for their company Double Soul's 4%.

During their pitch, Ben and Pete noted how buying socks felt before Double Soul. Pete noted that theirs was not an athletic sock or even a novelty sock.

"We took the best of both worlds and created the perfect everyday sock. Packed with features from double cushioned bottom, a seamless toe, a perfectly aerated top, and perfect tension around the ankle," the duo shared.

Interestingly, Pete was not originally associated with Double Soul. A few years ago, he received Double Soul socks as a gift. After experiencing them, he felt that he had to meet the team behind it.

They gave the Sharks a few pairs of Double Soul to ask their opinion. Immediately after trying the socks, Sharks asked about the materials as the socks were notably soft.

"So, they're about 85% organic cotton and 15% recycled nylon," said Ben.

Listening to Pete opening up about his involvement in the company, Shark Tank's Robert Herjavec asked him to share more. Pete revealed that he had a 10% stake in the company:

"I would say at least a year ago, and it was around, like, a mil or two, and now it's...12 and a half," added Pete.

So, the two were seeking $500k for a 4% stake at $12.5 million valuation. After the Sharks inquired more about the sales of the company, Ben revealed:

"We started officially in 2022. We've done 5.2 million in sales on a lifetime basis. May in 2022, 1.7 million the following year. 2.3 million, we did last year. On this year, we're on track to do 7.5."

However, Ben added that they lost 380k last year, and for this year, they were going to make 700k. The Sharks asked the two about their evaluation at $12 million.

Ben also revealed that the cost of the socks was $1.20 for them, while they sell them for $11 on average. With a variety of socks, they revealed that their gross product margin was 89%. After a lot of discussion about other sock brands, and more. Kendra made an offer.

"So what I'm going to offer you is I want 10% for the 500k."

She also noted that she already had 152 stores where the socks could be sold. Fellow Shark Tank judge Rashaun Williams also offered a deal:

"So what I would like to do is $8 million valuation, but I need a pick preferred with a 3x liquidation preference on it, and it is a participating preferred as well."

Shark Tank's Kevin O'Leary offered 25 cent loyalty until they got 3x on the cash. So, Rashaun and Kevin's offer was $500k for a 6.25% stake along with a 25 cent loyalty until $1.5 million is paid. There were multiple deals from the Sharks, and soon, Robert Herjavec also added his offer, combined with Kendra's original offer.

Ben offered a counter to Kendra and asked her if she would go for $500,000 for 6%. Kendra told him that he was not only getting the money but also her retail stores and brands she was already associated with.

After talking to his wife over the call, Ben agreed to Kendra's original offer.

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ABC now streams Shark Tank Season 17 Episode 1.