RigStrips Shark Tank Update: Sales, Valuation & Net Worth

It all started with a scratched car in a Colorado ski resort parking lot and an idea scribbled on the back of a bar receipt. Every skier, snowboarder, and fisherman knows the exact panic of leaning their expensive, heavy gear against the side of their truck, only to watch it slide down and scrape the paint.

For years, outdoor enthusiasts just accepted this as a cost of doing business with nature. That is until two friends from Denver decided to fix it. When Steven Graf and Zhach Pham walked into the Shark Tank, they didn’t just bring a cool idea, they brought a proven, highly profitable business that had already done millions in sales.

But getting the Sharks to bite on a $4 million valuation was an uphill climb.

What is RigStrips?

RigStrips is a Denver-based outdoor gear company that designs protective, magnetic, and adhesive strips for vehicles. The core purpose of the product is simple: to give outdoor enthusiasts a safe, scratch-free place to prop their skis, snowboards, fishing rods, and bikes against their cars while they gear up or load their trunks.

Their flagship product, the SnoStrip, features specialized hooks and deep slots that lock skis and snowboards in place. Built with military-grade magnets, it snaps onto the side of any steel vehicle and can even withstand highway speeds (though the founders recommend taking it off before a car wash).

After realizing that not all vehicles are made of steel, they introduced an adhesive version, and later, the SunStrip, which is designed specifically for holding fishing rods and bikes during the summer months.

Who is the Founder of RigStrips?

RigStrips was founded by Steven Graf and Zhach Pham, two lifelong friends who actually met way back in the second grade. Growing up with a passion for building things and a love for the outdoors, the duo spent a lot of time in the Rocky Mountains.

The exact "aha!" moment happened in 2019 after a day of skiing at Keystone Resort in Colorado. While packing up their gear in the parking lot, one of their skis slid off the side of the car, leaving a nasty scratch in the paint. Frustrated, they went to a bar in Denver later that day.

Over a few beers, they started brainstorming a solution, eventually sketching the very first concept of the "Ski-Strip" onto the back of their bar receipt.

Over the next few months, they developed prototypes, iterating through four different versions based on real feedback from fellow skiers. By 2020, they officially launched RigStrips directly to consumers online.

RigStrips Shark Tank Journey & Pitch

Graf and Pham stepped into the Tank during Season 16, Episode 2 (which aired in October 2024), asking for $300,000 in exchange for 7.5% equity, effectively valuing their company at a cool $4 million.

The pitch was rock solid. The duo handed out samples, and the Sharks immediately loved the build quality. But what really raised eyebrows in the room was the math. It costs the company roughly $17 total to manufacture and ship a SnoStrip, but it sells for $50, leaving them with an incredibly healthy profit margin of over 65%.

Furthermore, they revealed they had done $3 million in lifetime sales without any outside funding, and in 2023 alone, they took home a massive $450,000 in pure profit. Mark Cuban was visibly impressed, noting it was a great outcome for a "bar idea."

However, the Sharks are notoriously stingy when it comes to high valuations for niche accessories. Cuban dropped out because he viewed it as a product rather than a fully scalable company, and admittedly, he isn't much of an "outdoor person." Kevin O'Leary bowed out because he despised the $4 million valuation. Lori Greiner also stepped back.

This left Guest Shark Todd Graves, the billionaire founder of the fast-food chicken chain Raising Cane’s. Graves, an avid outdoorsman, loved the product and understood the tailgating culture surrounding it.

However, he wasn't buying the $4 million valuation. He offered them the $300,000 but demanded 20% equity. The founders bravely countered at 10%. Graves pushed back, settling at 15%. Graf and Pham accepted the deal to a round of applause.

What Happened to RigStrips After Shark Tank?

The "Shark Tank effect" hit RigStrips like an avalanche. Airing right before the winter holiday season (which historically accounted for 62% of their annual revenue), the timing could not have been more perfect.

Within just a few months of their episode airing, RigStrips sold an astonishing 20,000 units. To put that into perspective, they sold roughly a third of their total all-time volume in a matter of weeks. The massive surge in demand caused the flagship SnoStrip to sell out completely on six separate occasions.

The founders leveraged their new partnership with Todd Graves heavily. Graves brought capital to fund their soaring inventory needs and massive marketing expertise. Because Raising Cane's has deep roots in college tailgating, Graves helped RigStrips lean into the "after-skiing" tailgate culture, leading to the creation of new products like magnetic beverage Koozies that stick directly to the side of a truck.

What is the Valuation & Net Worth of RigStrips?

When Graf and Pham struck their deal with Todd Graves on Shark Tank, the $300,000 for 15% equity deal placed the company's valuation exactly at $2,000,000.

However, given their massive sales spike immediately after the show and their continued expansion, that number has grown. The company was projected to hit $2.7 million in revenue the year they pitched.

With the post-show boost, it is estimated that RigStrips is comfortably pulling in $3.5 million to $4.5 million in annual revenue today. Based on standard consumer goods multipliers and their incredibly healthy profit margins, the estimated valuation of RigStrips is between $5 million and $7 million.

The estimated net worth of the founders is tied heavily to the business, but considering they were pulling nearly half a million dollars in profit before the Shark Tank bump, Steven Graf and Zhach Pham are sitting very comfortably.

Where to Buy RigStrips?

RigStrips maintains a strict direct-to-consumer model. The absolute best place to buy their products is directly through their official website (rigstrips.com).

Buying direct guarantees you are getting the patented product, and they frequently run 20% off sales on bundles, alongside offering free shipping to the US and Canada with a 30-day return policy.

While some third-party sellers occasionally pop up on Amazon, the founders noted during their pitch that they handle their own shipping and fulfillment to keep costs low and quality high.

Are RigStrips Reviews Good?

The reviews for RigStrips are overwhelmingly positive. Outdoor enthusiasts love the simplicity of the product and praise the strength of the military-grade magnets, noting that they don't budge even when heavy snowboards are leaned against them in windy parking lots.

The only minor complaints from consumers historically involved the adhesive versions leaving slight residue if removed improperly, which the company quickly remedied by pivoting their main focus to the much more popular magnetic versions (which now account for roughly 90% of their sales).