Nina Caldwell
Golf equipment company Kronos Golf has been described as one of the most successful businesses to appear on the TV show Shark Tank. Founders Eric Williams and Phillip Lapuz pitched their precision-milled, handcrafted putters on the show in 2015, securing a deal with Robert Herjavec for $150,000 in exchange for a 30% stake. The deal ultimately fell through, but the company has continued to thrive, with revenues of $5 million in 2021 and a net worth of $19 million in 2024.
| Characteristics | Values |
|---|---|
| Net worth | $19 million USD as of 2024; estimated to be worth $2 million in 2023 |
| Revenue | $300k annually at the time of their Shark Tank appearance; $950k monthly as of 2024; $5 million as of August 2021 |
| Market share | 22% in Japan; double-digit growth in Europe and the US |
| Sales | $260,000 at the time of their Shark Tank pitch, 90%-95% of which came from Japan |
| Product | Precision-milled, handcrafted putters, including the Birdie Juice putter and the Hinotori putter |
| Founders | Eric Williams and Philip Lapuz |
| Shark Tank appearance | Season 6; secured a deal with Robert Herjavec for $150,000 for 30% stake, but the deal later fell through |
| PGA Tour golfers partnership | Andrew Putnam, Peter Uihlein, Brendan Steele, Scott Stallings, and J.T. Poston |
| Social media | Active on Facebook and Instagram |
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What You'll Learn
Shark Tank deal
Eric Williams and Philip Lapuz, the co-founders of Kronos Golf, appeared on Season 6 of Shark Tank seeking $150,000 for 15% equity in their company. They believed they had produced the most precise putter in the world, and demonstrated to the sharks how their putters were created. They also shared their financial numbers, revealing that they had generated over $260,000 in sales, with 90-95% of those sales coming from Japan.
The emotional plea seemed to work, as they managed to secure a deal with Robert Herjavec, who offered $150,000 for a 30% stake in the company. However, this deal ultimately fell through as Lapuz's fiancée's parents did not approve of the partnership, even after he sent them a video of his appearance on Shark Tank.
Despite the failed deal with Herjavec, Kronos Golf still benefited significantly from the exposure on the show. Their online putter sales increased by 2,500% each month compared to pre-show figures, and they signed multi-year partnerships with five PGA Tour golfers. As of 2024, Kronos Golf's net worth is estimated to be $19 million, with annual revenues of $5 million and lifetime sales of $38 million. The company has achieved a 22% market share in Japan and is experiencing double-digit growth in Europe and the United States.
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$119
Founders
Williams, who is the Creative Director at Kronos Golf, is based in Arizona. Lapuz and Williams believe that the putter is a precision club and should be manufactured as such, not mass-produced. Each putter head is milled from a solid block of steel.
Kronos Golf is based in San Diego, California, and sells its putters on its website and in some specialty golf shops. They have three series of putters: Raw, Refined, and Rare, and they also sell club heads.
The company has been successful in the years since appearing on Shark Tank, signing multi-year partnerships with five PGA tour golfers and launching new products like the Birdie Juice putter. They have also expanded into new materials, working with a Japanese fabric manufacturer to create an ultra-durable and lightweight material. One of their clubs, the Hinotori putter, was even displayed in the R&A World Golf Museum in St. Andrews, Scotland.
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Revenue and sales
Kronos Golf's appearance on Shark Tank had a significant impact on its sales and revenue. After the show, their online putter sales jumped by 2500% each month compared to before the show. This increase in sales can be attributed to the exposure and publicity that the company gained from appearing on the show, as well as the deal they made with Robert Herjavec, although this deal ultimately fell through.
As of 2024, Kronos Golf's net worth is estimated to be \$19 million, with monthly revenues of \$950,000. The company has achieved a 22% market share in Japan and is experiencing double-digit growth in Europe and the United States.
Kronos Golf has continued to innovate and launch new products, such as the Hinotori putter, which is now displayed in the R&A World Golf Museum in St. Andrews, Scotland. They have also signed multi-year partnerships with five PGA tour golfers, further boosting their brand and exposure.
The company's revenue and sales figures indicate that Kronos Golf has been successful in generating interest in their products and expanding their market reach. Their appearance on Shark Tank played a crucial role in their success, providing them with the platform and exposure needed to reach a wider audience and increase their sales.
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Product launches
Kronos Golf's product launch on "Shark Tank" was a pivotal moment for the company. They successfully secured a deal with Robert Herjavec, receiving $150,000 for a 30% stake in the business. This exposure propelled their success, as they generated significant interest from golfers and investors alike. The company's online putter sales skyrocketed, increasing by 2500% each month compared to pre-show figures.
Following their appearance on "Shark Tank," Kronos Golf continued to build on their initial success by launching several new products. They introduced the Birdie Juice putter, inspired by a group at Blackhawk, and the Hinotori putter, which became a museum-worthy piece. The Hinotori putter, engraved with artwork depicting a phoenix, was displayed in the prestigious R&A World Golf Museum in St. Andrews, Scotland. This putter showcased Kronos Golf's innovation and attention to detail, solidifying their reputation as a leading golf equipment manufacturer.
The company also formed strategic partnerships to enhance their product launches. They signed multi-year deals with five PGA Tour golfers, including Andrew Putnam, Peter Uihlein, Brendan Steele, Scott Stallings, and J.T. Poston. These partnerships provided invaluable endorsements and helped to further validate the quality of Kronos Golf's products. The golfers promoted the brand and used Kronos gear during the 2019 and 2020 PGA Tour seasons, expanding the company's reach and credibility within the golfing community.
Kronos Golf's successful product launches and strategic partnerships resulted in impressive financial gains. As of 2024, the company's net worth was estimated to be $19 million USD, with monthly revenues of $950,000. They achieved a 22% market share in Japan and experienced double-digit growth in Europe and the United States. Kronos Golf's ability to launch innovative products, backed by strategic partnerships and strong financial performance, solidified their success in the highly competitive golf equipment industry.
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Partnerships
After appearing on Shark Tank, Kronos Golf signed multi-year partnerships with five PGA tour golfers, including Andrew Putnam, Peter Uihlein, Brendan Steele, Scott Stallings, and J.T. Poston. These golfers were expected to endorse the brand and use Kronos gear during the 2019 and 2020 PGA tour seasons.
The company's online putter sales increased by 2,500% each month compared to pre-show sales. This surge in sales can likely be attributed to the exposure and credibility gained from appearing on Shark Tank and partnering with renowned golfers.
Kronos Golf has continued to innovate and expand its product line. In 2022, they introduced the Hinotori putter, which features unique artwork and is now showcased at the R&A World Golf Museum in England. The company has also released the Birdie Juice putter, inspired by a group at Blackhawk, and has teased collaborations with Italian engravers for future engraved pieces.
Kronos Golf's success in forming strategic partnerships with influential golfers and creating highly desirable products has contributed to its overall success and growth in the golf equipment industry.
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Frequently asked questions
Kronos Golf is a company that produces putters. It was founded by Eric Williams and Phillip Lapuz, who appeared on Shark Tank in Season 6.
Yes, they made a deal with Robert Herjavec for $150,000 in exchange for a 30% stake in the company.
No, the deal with Robert Herjavec ultimately fell through.
Yes, as of 2024, Kronos Golf's net worth is $19 million USD, with annual revenues of $5 million. They have achieved a 22% market share in Japan and are expanding in Europe and the United States.
Kronos Golf has signed multi-year partnerships with five PGA tour golfers and introduced new products, including the Hinotori putter, which is now displayed in the R&A World Golf Museum in St. Andrews, Scotland.
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