Boost Oxygen sells bottles with 95% pure oxygen. Many assume it’s a hoax because, after all, oxygen is everywhere. But in reality, it’s hard to get clean air during many recreational activities. Kevin O’Leary realized this and made a deal with the founders, Mike Grice and Rob Neuner. As of 2022, Boost Oxygen is worth $15 million.
About the Founders
Mike Grice and Rob Neuner are both from Milford, Connecticut. Mike studied Business Administration and Management at the University of Colorado at Denver. He also spent time serving in the United States Marines.
Mike went to the American Public University System and got a master’s degree in Military Science. Later on, he attended the University of Southern California’s Marshall School of Business to get an MBA.
Rob Neuner was a businessman at heart, but most of his early endeavors were on the other side of the globe. He spent a lot of time in Europe, importing beer across the continent.
Establishing the Company
Neuner was always traveling to the Czech Republic for business and always used supplemental oxygen when he had jet lag. He spotted a new opportunity after discovering that there were no bottled oxygen providers in the US.
Thus, he left the beer importing industry and went to America. There, he linked up with Mike Grice to officially launch Boost Oxygen in 2007. Like every other supplemental oxygen product, it was not FDA-approved.
However, it had real benefits and no side effects. Its 95% oxygen content was a big difference from the 25% in the open air. With this, the company made $6.4 million in sales with a $1.5 million profit before seeking help from angel investors.
Shark Tank Appearance
Mike and Rob appeared on Shark Tank in 2019. Their company was already fairly successful around this time, but they still wanted to expand. So, they pitched their business with an offer of $1 million for 5% equity.
Their product was highly unique, but it was their numbers that caught the attention of the Sharks. However, some of them were afraid that the learning curve for potential customers to appreciate the advantages of bottled oxygen was too high.
Mr. Wonderful, Kevin O’Leary, was the only one who was willing to take the risk. He offered to lend $1 million at 9% interest for 7.5% equity. He was countered with a $1 million loan, 7.5% interest, and 6.25% equity. They accepted the deal and the rest is history!
After Shark Tank
Since appearing on Shark Tank, the firm’s sales and growth have skyrocketed to new heights. The product is now available to buy at national retail stores such as Albertsons, CVS and Walmart. In addition, it’s available for sale through thousands of independent retailers nationwide.
Boost Oxygen is reportedly selling like hotcakes in high-altitude areas such as Colorado. They started offering oxygen in different flavors, which gained popularity in malls. The brand also became a favorite among many fitness enthusiasts and triathletes. Even football teams are customers, they stock them on sidelines to help players recover from long runs.
With over $15 million in sales since Shark Tank, Boost Oxygen is now considered the leading non-medical oxygen supplier in the US. According to SharkTankRecap.com, Boost Oxygen were projecting $20 million in sales for 2021 and is currently worth an estimated $15 million.
It will be interesting to see if the product can maintain their strong sales or if the hype will fade away. One thing is for sure, the other Sharks missed out on a huge winner!