Muvez Net Worth: What Happened To It After Shark Tank?

When entering a house, many individuals remove their shoes and replace them with slippers. To solve this problem, entrepreneurs Ryan Cruz, Kevin Zamora, and Eric Cruz created Muvez, a pair of shoes that can be converted into slippers. Muvez is now worth $3 million by 2022, thanks to his deal on Shark Tank. New York City brothers Ryan and Eric Cruz. Ryan attended the New Jersey Institute of Technology for his education in industrial and product design.

In contrast, Eric attended Fairleigh Dickinson University to earn his master’s degree in Business and Sports Administration. Kevin Zamora, a native of Carlstadt, New Jersey, attended both Miami Dade College and Bergen Community College, earning two associate degrees in the process. He’s also done an internship with Disney. In the beginning, the co-founders’ professional lives diverged greatly from one another. Their paths, however, crossed when Ryan was assigned, as part of his college coursework, to reimagine an everyday consumer good. In this article, we will discuss muvez net worth and many more things related to it.

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Establishing The Company

Eric chose to assist his sibling with his homework. After seeing how quickly their father’s slippers wore out, the two decided to design shoes that could be converted into slippers by removing the soles. The Cruz brothers went to a nearby craft store and bought some supplies to begin shaping a prototype. Despite the fact that Ryan’s professor was not enthusiastic about their proposal, they persisted in pursuing it. They hired Kevin, who had previously been instrumental in the launch of several other businesses. In 2017, the three of them established Muvez. They organized a Kickstarter drive and collected $33,873 in all. In the end, they made $70,000 in sales after a year. muvez net worth

Muvez Net Worth

The Sharks agreed to let the three entrepreneurs present their inventions on the show in 2020. They stepped into the shark tank, offering the Sharks $200,000 in exchange for 15% ownership in Muvez ( muvez net worth $1.3 million). The show’s cast praised the trio for their innovative footwear and the rapid expansion of their startup.

Yet, the vast majority of them reached the conclusion that the shoe business is just too cutthroat. Lori Greiner was cautiously optimistic about it. She suggested partnering up with Daymond John, but he was more interested in striking out on his own, offering $200,000 for a 33% stake. The Muvez founders countered with $200,000 for 25%, and Daymond agreed. Before even making their presentation, the boys knew they wanted Daymond on board, so their reaction was understandable. muvez net worth.

What Happened To Muvez After Shark Tank?

As reported by CNBC, in just three months following its Shark Tank appearance, Muvez doubled its 2019 revenue by $100,000. As a result of the epidemic, many non-essential enterprises were forced to close, leading to a massive increase in sales. Due to this, Eric, Ryan, and Kevin ended up packaging the orders themselves, but everything turned out fine in the end.

The corporation finally introduced a line of products aimed squarely toward female consumers in 2020. Muvez’s ‘New Traveler’ show premieres in 2022 and will soon be available for pre-order. Shop Pay is a payment plan offered by the company to assist its clients. Several NBA players, including Langston Galloway and the Detroit Pistons, have begun working with the company.

The sneakers may be purchased directly from their website or on Amazon right now. The company is profitable and growing, with a current valuation of $3 million. Muvez was unable to secure a patent for his heel-locking invention. Because of this, they were unable to negotiate license agreements with major shoe companies. AS everyone is interested in muvez net worth.

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Did Muvez Get A Deal On Shark Tank?

Shark John warned the group that he and the other two would require assistance with licensing based on his knowledge gained from running the Fubu brand. He turned down Greiner’s partnership offer and instead offered to pay the Muvez founders the whole $200,000 in exchange for 33.3% of the company. Greiner added, “Daymond would have been a terrific partner but he threw me under the bus,” before withdrawing from the auction.

Kevin Zamora, the entrepreneur, countered the offer with $200,000 in exchange for 25% ownership. John thought the offer of 25% equity was fair and accepted it. He got up from the table to give a final handshake and embrace to the three people there. This is all we all know about muvez net worth.

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