Roominate was made available as a construction kit in 2012 by Maykah Inc., a company founded by Alice Brooks and Bettina Chen. The device, which is made for girls ages 6 to 10, includes plastic building blocks that fit together to form models and electrical circuits.
Following its first Kickstarter funding, the firm secured funding from Mark Cuban and Lori Greiner on the sixth season of Shark Tank. Roominate was acquired by the toy manufacturer PlayMonster in 2016. How did Roominate secure such a wonderful deal from two of the most experienced sharks in the tank, and how did they go on to build a Roominate business that is now thought to be worth over $15 million?
Brooks and Chen first established Maykah Inc. to produce toys under their own name. They became buddies while pursuing their engineering master’s degrees at Stanford University.
Bettina and Alice showcased one of their model house construction toys on the program, which featured electronics that ran an electric fan. The sharks quickly fell in love, but not all of them were eager to participate. Lori went on board after Mark Cuban offered $500,000 for 5% of Roominate, saying she could help the business sell more goods. the net worth of Roominate
According to a 2015 Shark Tank report on Roominate, Alice and Bettina were able to access 800 physical and online merchants thanks to Cuban’s funding. Cuban’s engagement has resulted in a $4.5 million raise in sales. According to reports, Patch Products bought Roominate in 2016. These sales significantly altered Roominate’s net worth.
After then, PlayMonster became Patch Products. A toy firm called PlayMonster has a wide range of distinctive brands and goods. The company’s mission is continuing to encourage the next generation of young women to pursue engineering careers, and Roominate products are still offered online.
Roominate Net Worth:
Business 2 Community calculates that Roominate’s net value is $10 million if Cuban and Greiner both donated $500,000 for a 5-percent ownership position. However, nobody is certain of Roominate’s real financial situation. His daughters Alexis and Alyssa were 10 and 7, respectively, at the time.
Cuban’s offer came with one requirement: they had to be able to hang around with Chen and Brooks. “You know, I want to put them in a position where they have good role models,” he said, explaining this to the two. Despite having many material possessions, I am unable to buy that. This is the entirety of Roominate’s wealth.
Roominate Acquired Price
The amount that toy firm Patch Products paid for Roominate in 2016 is unknown. In a press release at the time, Brooks said, “Patch’s entrepreneurial approach and inventive culture is exactly what we were seeking to help build Roominate.
It’s a significant milestone for Patch, and we look forward to working with the Patch team to motivate the upcoming generation of imaginative thinkers. Even PlayMonster exhibited Patch Products’ passion.
“We are honored and excited to take on an initiative that gets girls enthused about engineering through play,” CEO Bob Wann said at the time. Chen sees herself as an engineering program manager at Apple, but Brooks lists her current position as a principal at Khosla Ventures.
What Happened to Roominate After Shark Tank
The Shark Tank season 6 opener will showcase Roominate, a line of building toys for girls. They created Roominate in an effort to encourage more young women to seek professions in STEM fields (Science, Technology, Engineering, Mathematics).
When Barbie dolls and dress-up sets are no longer a part of kids’ lives, a pair of Stanford mechanical engineering graduates will be happy. Alice was inspired to create a Barbie doll by a small saw her father gave her when she was a child. She had requested it, so he had given it to her. Bettina enjoyed building with Legos. roommate’s wealth.
These women have set an example for other young women with Roominate, even though they are unsure if their childhood toys had any influence on their decision to become engineers. Girls can design a fully functional home with elevators, fans, and working lights using a dollhouse generator.
In their market research, Alice and Bettina found that educational toys are typically marketed toward male buyers. For its creative design and inventive application, Roominate received multiple honors in 2013, including the Parents’ Choice Gold Award, the Academics’ Choice Brain Toy Award, the Dr. Toy 100 Best Toy Award, and the Oppenheim Toy Portfolio Platinum Award. The Roominate women are probably looking for a Shark to help them with distribution and production for big-box stores.
Is Roominate Still in Business
Following their appearance on Shark Tank in December 2015, Roominate was acquired by PlayMonster. partnered with PlayMonster to improve Roominate toys. She enjoys being a part of Roominate’s expansion and is proud of how it has grown under her leadership.