Expedition Subsahara Net Worth 2022 – What Happened After Shark Tank?
Sofi Seck started an Expedition Subsahara business to market African-inspired woven baskets and other handicrafts for the home.
She, however, did not secure a deal from any of the sharks during her season 14 Shark Tank appearance. The net worth of Expedition Subsahara for 2022 is estimated to be $2,000,000.
What Is Expedition Subsahara?
Expedition Subsahara is an interior design company that features handmade items from Senegal, Africa.
It offers a variety of Senegalese handicrafts, including baskets, kitchenware, home furnishings, and decorative items.
They use bright colors and original patterns in every one of their items. Add some rustic charm to your decor with this handmade craft.
Everything they sell is handmade out of non-toxic materials like colorful fiber, grass, and recycled plastic, and it only takes a quick rinse in the sink to get rid of any filth.
They don’t have a storefront but a warehouse near St. Louis, where a small but dedicated staff assembles the baskets. Senegal is a country in West Africa, and all of her artists hail from there.
The largest basket, like the kind used for hampers, takes over 40 hours to create. This product has an official website where customers may purchase it.
Company Name |
Expedition Subsahara |
Owners |
Sofie Seck |
Shark |
No Shark |
Equity |
10% |
Investment |
$500,000 |
Location |
Greater St. Louis, Missouri, United States |
Networth |
$2 million |
Shark Tank appearance: Did it go through?
Sofi brought her business, Expedition Subsahara, to Shark Tank, where she hoped to raise $500,000 in exchange for 10% stock at a $5,000,000 valuation.
Sofi filled the Sharks in on the customs of her Wolof tribe and the history of her entrepreneurial endeavors.
Sweetgrass, elephant grass, and plastic that can be recycled go into the production of this item. Seck’s little buckets cost her $18 to manufacture but sell for $50.
Online orders account for over 95% of her total revenue. Thus far, in 2022, she has made a total of $900,000.
She has made $3.6 million in total earnings, $1.6 million of which came in 2021. Her net profit was over $750,000 last year, with a margin of over 60%.
The Sharks were concerned because they could see where her money was going when she said she spent $400,000 on advertising last year.
Sofi continued by saying that her monthly profit was $160,000. Her typical revenue continues to be $260,000, yielding a 60% profit margin.
The Sharks are skeptical since her cost to get a customer is $116. According to her, she is breaking even and not losing.
A curious Robert Herjavec had to ask Sofi about her staff wages, and she confirmed that she paid her employees a set amount.
She decided because she wanted the artists to be committed to working exclusively for her company.
Sofi explains to the shark, Kevin O’Leary, who asks why she does not pay them piecework since she trusts the current workers to educate the new artisans joining the company.
When she hires new workers, she assures the Sharks they will perform as efficiently as expert weavers.
Kevin withdrew before anyone else. Shark Lori Greiner, unable to wrap her head around the price, also searched for her.
Mark Cuban has also pulled out of the agreement because he doubts Sofi can generate a profit if the money is invested.
Although Robert would instead take a chance on Sofi than on her company, he is unwilling to do so because he does not expect a positive return.
Daymond also returns from the arrangement since he does not think the investment fits him.
Where is Expedition Subsahara company today?
Sofi was concerned that the American market would not be receptive to her handcrafted woven baskets because of the high price tag they might carry.
The first Kickstarter effort she and her then-business partner launched in 2017 failed to reach its goal, confirming her worst concerns.
On top of that, Sofi’s partner quit, leaving the Senegalese national to fend for herself.
To make Expedition SubSahara a success, however, Sofi was not going to give up.
She labored diligently for several months, gathering a group of talented artists and realizing her goal of introducing American consumers to handwoven baskets.
Also, as she became well-known, the number of people supporting her business grew, and she started making a profit.
Expedition SubSahara also offers handcrafted coasters, pendants, shoppers, and placemats in addition to their handwoven baskets.
Seeing Sofi achieve so much in such a short amount of time is motivating, and we hope she continues to accomplish all her dreams.
