Miles Bennett
Golf equipment manufacturer Kronos Golf has experienced success and growth since appearing on ABC's Shark Tank in 2019. Founders Phillip Lapuz and Eric Williams sought $150,000 for 15% equity in their company, which makes precision-milled, handcrafted putters. While the deal with Robert Herjavec ultimately fell through, Kronos Golf has continued to expand, with an estimated worth of $2 million to $19 million as of 2024 and annual revenue of $5 million. The company has also signed multi-year partnerships with PGA Tour golfers and had one of its clubs displayed in a golf museum in St. Andrews, Scotland.
| Characteristics | Values |
|---|---|
| Net worth in 2024 | $19 million USD |
| Net worth in 2023 | $2 million USD |
| Lifetime sales as of August 2023 | $38 million |
| Annual revenue as of August 2023 | $5 million |
| Sales at the time of Shark Tank pitch | $260,000 |
| Percentage of sales from Japan | 95% |
| Amount invested by founders | $100,000 |
| Number of product series | 3 (Raw, Refined, and Rare) |
| Number of PGA tour golfers signed for multi-year partnerships | 5 |
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What You'll Learn
Shark Tank deal
Founders of Kronos Golf, Phillip Lapuz and Eric Williams, pitched their company on Shark Tank Season 6, seeking $150,000 for 15% equity. At the time of their pitch, the company had made over $260,000 in sales, with 95% of their sales in Japan. They impressed the sharks with their product, a precision-milled, handcrafted putter, which they demonstrated in the studio.
However, some of the sharks questioned their pricing, with putters costing $500+ to manufacture, and selling for over $120. Mark Cuban and Barbara Corcoran dropped out, not being golf fans. Lori Greiner suggested they focus on the Japanese market.
Lapuz became emotional when asked about his motivation for starting the company. He revealed that he had invested $100,000, left a well-paying job, and needed the company to succeed to bring his Japanese fiancée to the US. Kevin O'Leary was touched by Lapuz's story, but still dropped out.
Robert Herjavec offered the pair $150,000 for 30% equity, which they accepted after negotiating from 25%. However, the deal ultimately fell through. Despite this setback, Kronos Golf has continued to succeed, and as of August 2023, had achieved $38 million in lifetime sales, with annual revenue reaching $5 million. The company has also expanded its product range, signing multi-year partnerships with PGA Tour golfers, and having one of its clubs displayed in a museum. As of 2024, Kronos Golf's net worth is estimated to be $19 million USD.
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Sales and revenue
As of August 2023, Kronos Golf has achieved $38 million in lifetime sales, with annual revenue reaching $5 million. The company has also been valued at $2 million, although other sources state their net worth to be $19 million USD as of 2024.
Kronos Golf has experienced success in terms of sales and revenue, particularly with their putters. At the time of their Shark Tank appearance, the company had generated over $260,000 in sales, with 95% of these sales coming from Japan. The precision-milled and handcrafted putters are sold on their website and in select specialty golf shops, with three series: Raw, Refined, and Rare.
The company has also signed multi-year partnerships with five PGA tour golfers, who were expected to represent the brand during the 2019 and 2020 PGA tour seasons. This exposure and endorsement from professional golfers have likely contributed to the company's sales and revenue growth.
Kronos Golf's focus on craftsmanship and precision in putter manufacturing has resonated with golfers, as evidenced by their sales figures. Their putters are milled from solid blocks of steel, ensuring a level of precision that mass-produced clubs may not offer. This attention to detail and quality has helped Kronos Golf establish itself in the competitive golf equipment market.
While the company has experienced emotional moments on Shark Tank and fluctuations in deal-making, they have continued to expand and increase their revenue. Their appearance on the show and subsequent exposure have likely contributed to their sales and growth, even if some deals did not ultimately materialise.
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Founders' emotional plea
Founders Eric Williams and Phillip Lapuz's emotional plea on Shark Tank helped them score a deal and expand their business. Phillip Lapuz got emotional about his fiancée, who lived in Japan and couldn't come to America unless he made it big, as her parents didn't approve of the business. Lapuz revealed that he had left a well-paying job and invested $100,000, and that he needed success to bring his fiancée to the US. This plea moved the sharks, with Kevin O'Leary getting choked up.
At the time of their appearance on Shark Tank, Kronos Golf had over $260,000 in sales, with 95% coming from Japan. The company has since expanded and diversified its offerings. As of 2023, Kronos Golf has achieved $38 million in lifetime sales, with annual revenue reaching $5 million. They have three series of putters: Raw, Refined, and Rare, and they sell club heads as well. They have also signed multi-year partnerships with five PGA tour golfers.
The company has also gained recognition for its museum-worthy putters, with the Hinotori putter, a club engraved with artwork depicting a phoenix, being displayed in the R&A World Golf Museum in St. Andrews, Scotland. Kronos Golf has continued to innovate, launching new products like the Birdie Juice putter, inspired by a group at Blackhawk. As of 2024, the company's net worth is estimated to be $19 million USD, with a valuation of $2 million.
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Company valuation
Funding and Investment
Kronos Golf has successfully raised funding and attracted investment, which is a positive indicator for its valuation. In 2014, the company secured $150,000 in funding from a single investor, Robert Herjavec. This funding round indicates a level of confidence in the company's potential and the value proposition it offers to investors.
Revenue and Sales
Kronos Golf's revenue and sales figures provide insights into its financial performance and valuation. By August 2023, the company had achieved $38 million in lifetime sales, with an annual revenue of $5 million. This demonstrates steady growth and market demand for their products.
Product Offering and Differentiation
The company's unique product offering and differentiation in the market can impact its valuation. Kronos Golf specialises in manufacturing custom golf putters with precision milling, meticulous hand finishing, and the use of raw steel for improved durability. Their putters are designed to align sight lines with the centre of gravity, ensuring perfect target-based hits. This differentiation can enhance their brand value and customer perception.
Partnerships and Endorsements
Kronos Golf's partnerships and endorsements can influence its valuation by increasing brand visibility and credibility. The company has signed multi-year partnerships with PGA tour golfers, such as J.T. Poston, to endorse their products. This association with professional golfers adds value to the brand and can attract a wider customer base.
Estimated Worth
Based on their financial performance, partnerships, and market presence, Kronos Golf is estimated to be worth $2 million as of 2023. This valuation reflects the company's growth and potential in the golf equipment industry.
In summary, Kronos Golf has demonstrated positive indicators for its company valuation through successful funding, strong revenue and sales figures, a unique product offering, strategic partnerships, and a growing brand presence in the golf industry. These factors collectively contribute to the overall valuation and potential future prospects of the company.
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Product range
Kronos Golf offers a range of golf clubs, GPS devices, and rangefinders. The company allows customers to try their products on their own time and at their own pace, providing an opportunity to experience the equipment in real-world settings before making a purchase decision. This try-before-you-buy model empowers golfers to make informed choices, ensuring the selected products align with their unique needs and preferences.
The product range includes putters such as the Kronos Mandala Refined PVD Carbon Putter, measuring 35 inches, and the Kronos Golf Vittorio Right-Handed Putter with a 34-inch steel shaft. Kronos Golf also offers the Touch Slant SV Right-Handed Putter, which is another 34-inch steel shaft putter.
Additionally, Kronos Golf provides the Archon SV Right-Handed Putter, featuring a 34-inch steel shaft. For those seeking a double-bent putter, the Kampe Konvertible model is a 34-inch neo mallet-type putter. The Hawaiian Renaissance Putter is another option, measuring 34.5 inches and featuring a head cover with a weight of 672 grams.
Kronos Golf's product range also includes pre-owned options, such as the Y0619 Tocca Maker Chronos Putter Touch Kronos 34-inch putter, which is listed as used. This pre-owned option showcases the brand's commitment to sustainability and accessibility, allowing golfers to acquire quality equipment at various price points.
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Frequently asked questions
Although the deal with Robert Herjavec didn't go through, Kronos Golf is still in business and continues to grow and expand. As of 2023, Kronos Golf has achieved $38 million in lifetime sales, with annual revenue reaching $5 million.
As of 2024, Kronos Golf's net worth is $19 million USD.
Eric Williams and Philip Lapuz believed that they had produced the most precise putter in the world and wanted to create a better putter for golfers. They pitched Kronos Golf on Shark Tank, seeking $150,000 for 15% equity.
