A wedding ring is a sweet memento of a wonderful life event. But did you know that wearing one can be a safety hazard? With this in mind, Aaron Dalley and Brighton Jones created a safer alternative called Enso Rings. After getting a deal with Robert Herjavec on Shark Tank, Enso Rings is worth $20 million.
The Founders
Aaron Dalley and Brighton Jones are from Utah, United States. Aaron is from Provo, and he attended Mountain View High School. After graduating, he became a missionary for the Mormon Church. Then, he studied business management at Utah Valley University.
Brighton hails from Salt Lake City. Not much is known about his academic background, but he once headed an educational non-profit organization called Soul Punch. Jones is also a serial entrepreneur.
He founded startups like Lincoln Projects, BrightonJonesTV.com, BrightonJones.net, and Social Fixation. On the other hand, Aaron served as a marketing manager for firms including Bonneville Fuels, Invaluable Inc., and MuscleEgg.
Founding Enso Rings
Brighton is a married man who loves the outdoors and this is where he got the idea for the product. While climbing, he slipped and almost fell. For a brief moment, he hung on to a rock by one finger with his wedding ring. If the rock hadn’t broken first, his finger could’ve been amputated.
After telling his old friend Aaron about it, they concluded that traditional wedding rings are not safe for many tasks. A business idea soon followed and the guys decided to make fashionable silicone rings.
They called them Enso Rings, which looked like typical wedding rings but were softer and safer. The company launched in 2016 and made $3.8 million in sales after only 18 months.
Shark Tank Pitch
To scale the business, Aaron and Brighton wanted to bring on a new investor. In 2017, they appeared on season 9 of Shark Tank, asking for $500,000 in exchange for a 7.5% equity stake.
During the pitch, the two men introduced a safety risk called ring avulsion, where the jewelry piece cuts off its owner’s finger. The demonstration involved three topless bodybuilders which got Barbara excited but not about the product itself.
There were two Sharks that battled it out for the deal: Kevin O’Leary and Robert Herjavec. Kevin’s proposal was fair but confusing. Robert won with a simple offer of $500,000 for 15%, which the founders accepted. This was one of the few times Kevin had the best offer and didn’t get picked. The majority of his royalty deals are mainly in perpetuity.
Progress After Shark Tank
Unfortunately, it appears the deal with Robert never closed and it’s not listed as an investment on his personal website. This isn’t surprising as Robert invested without understanding the product.
After their Shark Tank episode aired, Enso Rings made $2 million in sales according to SharkTankRecap.com. The huge spike in orders was tough to manage but sales returned to normal levels within a few months.
With this success, the company began selling stylish silicone bracelets and offer them in sizes such as thin, halo, stackable, and accent. To differentiate their rings they introduced new lines for Harry Potter, Disney, Pixar, Star Wars, and more. They can be found at Walmart, Amazon, Target, and EnsoRings.com. The rings are selling like hot cakes on Amazon and all of the products are averaging over 4 stars.
In 2020, Enso Rings made it onto the exclusive Inc. 5000 list for 2020. They ranked as the 316th fastest growing private company in the United States, with a three-year revenue growth of 1,442%.
The company didn’t make the Inc. 5000 list in 2021 so growth might have slowed down. According to RocketReach.co, Enso Rings is making $23.7 million in annual revenue and is now worth an estimated $20 million.
