Sunday, February 25, 2024

SubSafe 2024 Update – What Happened After Shark Tank

SubSafe Before Shark Tank

Fishing is a pass time that is enjoyed by people all around the country and Adam Haller was one of those people who enjoyed tossing the bait to hook the scaly creatures. Unfortunately, one problem that plagues fishermen is water entering the boat and when this happens, it risks ruining everything.

For Adam, like many fishermen, the water would get into his cooler and soak all his food. The coolers that were available in the market were simply not waterproof and he often found a water-logged sandwich when he went to get his lunch from his cooler. Soggy bread is a terrible meal and Adam would often have to forfeit his lunch because of this.

Fortunately, Adam and his wife did not simply resign themselves to having soggy meals. Instead, they got innovative and developed the subsafe. The subsafe is a waterproof container in which people can store their submarine sandwiches.

The watertight container will keep the meal dry until you are ready to eat it. Being waterproof, the subsafe also prevents moisture from escaping into the atmosphere keeping the meals as moist as they should be. The subsafe has flat ends so it can be placed standing up and can even be used as a cup.

Adam Haller and his wife, Desiree Haller, started the company SubSafe and were off to a good start. However, they soon ran out of money for marketing and the company could not successfully take off. They requested to be on Shark Tank and they were invited to be on the 13th episode of the 10th season. This episode featured Charles Barkley as a guest shark.

SubSafe on Shark Tank

Subsafe 2 Adam Haller and Desiree Haller went onto the show seeking $50,000 while offering 13% of SubSafe. This gave the company a valuation of $384,615. They started by giving a presentation showing the problems that people experienced with normal coolers. They then showed their product, subsafe, and showed how it could keep food dry even in the worst of conditions.  They then gave the sharks some sandwiches that had been stored in the subsafe to taste.

The sharks thought that the safe worked very well. It kept the sandwiches dry as promised. Lori then asked what could be put in it. Adam told her it could be used to store anything even a phone or keys. The subsafe came in two sizes: 12 inches and 6 inches. The 12-inch subsafe could store up to 6 pounds and still float while the 6-inch could store up to 4 pounds.

Robert then asked what it cost. Desiree said that the sales price was $17.95 and a person would get all three pieces. It cost $2.38 to make the subsafe. The sharks liked the profit margins. Lori then asked them what their sales were.

Desiree said that they had launched on February 26 of that year.  The episode was broadcast on January 27, 2019. Since that time, they had done $40,000 in sales which the sharks thought was low. Desiree said that the low sales were because they were new and did not have much money to invest in marketing.

The Hallers had injected $37,000 into the business and Adam said that he had sold his boat to get the money. Charles Barkley then asked what would happen if he didn’t get the money and Desiree said that Adam might have to sell his truck next. Mark asked if there was anything like what they had in the market. Desiree said that there wasn’t anything like their product in the market. Kevin then suggested it was because nobody needed it which the Hallers refuted.

subsafe 3 Robert asked if they had a patent and he was told that it was patent pending. The patent was a design patent. Desiree said that she had been contacted by the largest sub restaurant in the country. The restaurant wanted to do a campaign for the summer of 2019. Their product would be used in 1,500 locations. The deal was that if a person bought a sub sandwich that was longer than a foot long you would get a free subsafe.

Mark Cuban said that they had a terrible name which did not give a clear meaning of what they did. Lori disagreed and thought that it was easier to remember if someone first learned what the product was about. However, she liked to invest in products that were a bit broader. With those remarks, she left.

Kevin said that raising consumer awareness about the product was difficult but he thought that he could get a deal from a retailer. He also thought that he could help them expand on social media but he wasn’t sure how he would get his money back. He then started to wonder why he was making a deal.

Robert said that he liked the product and he wanted to give them the $50,000 that they had asked for. However, he wasn’t sure what he would ask for it. He then asked for time to think about it. Charles said that he saw a lot of potential for the product beyond submarine sandwiches.

Charles thought that the market was much wider because people didn’t just carry one sandwich when they went fishing.  He then said that he would partner with Mark and offered the Hallers $100,000 for 25% of the company. Each shark would get 12.5% of the company. Mark said that they needed that money to invest in marketing.

The Hallers accepted the offer. Desiree said that being able to turn their idea into a real product was a dream come true for her.

SubSafe Now in 2024 – The After Shark Tank Update

Subsafe 4 SubSafe has benefited tremendously from its partnership with Mark Cuban and Charles Barkley. It is now available on Amazon where it has a 4.5 out of 5-star rating and is delivered worldwide. The subsafe is also available on Publix.

SubSafe has also partnered with Jimmy Johns, Islamorada beverages, and Dietz and Watson. Subsafe also launched its website and you can buy it directly from its site. It also now provides a customizable option so you can customize your order to have your company brand on it.

SubSafe has been very successful in its social media marketing. It has more than 16,000 followers on Instagram and more than 7,000 followers on Facebook. It also has a Pinterest page with 36 followers.  SubSafe now also offers the winesafe which is a storage container to keep wine dry. Its patent was also approved.

Its annual revenue as of 2022 is approximately $1,100,000. SubSafe is located in Florida and they do more than continue to provide employment to the people in the region. They are sponsors of the King of the Inlet fishing competition. Given its success, The Hallers can probably buy back their boat and enjoy their favorite pass time now improved thanks to them.

Victor Kamwengu
Victor Kamwengu
Victor is a movie buff, dog lover and author of a wide variety of subjects. When he's not tapping away at the keyboard, you can probably find him cozied up on the couch watching a cult classic or catching up on new releases.
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