Anytongs Net Worth 2023 – How Did a Tongs Biz Get So Big?

Anytongs net worth

Kitchen gadgets are some of my favorite types of products to see on Shark Tank – they always seem to have an element of fun and usefulness to them. That’s why Anytongs caught my attention when founder Tog Samphel pitched his clever utensil accessory to the Sharks. I decided to dig into the Anytongs net worth story and find out if this business really could become the next big Shark Tank Season 14 success.

A Clever Solution for the Kitchen

So what exactly is Anytongs? It’s a simple but genius kitchen tool that allows you to turn any regular spoon or fork into a makeshift pair of tongs. It attaches via a strong spring and fits onto most standard cutlery.

I don’t know about you, but I hate having to buy multiple different types of serving utensils. Anytongs offers an affordable way to save space and consolidate tools. Plus, being able to easily switch back and forth between a spoon, fork, and tongs just makes cooking tasks simpler.

Anytongs net worth

The product is sold on Amazon at price points of $12.99 individually or $19.99 for a pair. With over 1,000 5-star reviews, it seems I’m not the only one who found this gadget helpful to have in my kitchen!

Rapid Growth Leads to an Impressive Anytongs Net Worth

Founder and CEO Tog Samphel is an experienced product designer and clearly used his expertise to create something consumers genuinely love and want. This strong product-market fit help explain how Anytongs was able to achieve a current Anytongs net worth of around $1 million in just a few short years.

Here’s a breakdown of the company’s impressive growth:

  • In 2023 so far – $1 million
  • In the full year 2022 – $700k
  • In 2021 – $400k
  • In 2020 (its first year) – $200k
  • In 2019 when initial concept work began – $100k

Most new businesses never make it to the million-dollar valuation mark. The fact that Anytongs was able to get there in under 3 years shows the underlying business fundamentals must be working.

Next, let’s look at how Anytongs landed a lucrative deal on everyone’s favorite business reality TV show.

Scoring a Deal on Shark Tank

Anytongs founder Tog Samphel appeared confident yet humble when he made his Shark Tank pitch for $150k in return for 20% equity in the business. He demonstrated how placing the Anytongs device onto ordinary kitchen tools effortlessly turns them into makeshift tongs.

Tog shared an interesting origin story – his mother used to employ a similar tong trick back in their family’s native Tibet when he was a child. This personal connection to the problem Anytongs solves helped humanize the product.

Some additional compelling details from Tog’s presentation:

  • Ran a successful Kickstarter campaign, raising over 300% of their $10k goal
  • Incredibly capital-efficient advertising – only spends $1 for every $7 in revenue
  • Strong sales velocity online through Amazon and their own e-commerce site
Anytongs

However, he did reveal that Anytongs struggled with inventory management and keeping enough stock available for sale. This problem was exacerbated by supply chain issues caused by the COVID-19 pandemic.

A Promising Pitch Leads to Conflict

Initially, investor Kevin O’Leary expressed skepticism, bluntly stating he didn’t think there was any money to be made in this business. His questioning led fellow Shark Robert Herjavec to withdraw interest as well.

Fortunately, investor Daymond John recognized the potential he saw in the Anytongs product and brand. He offered Tog the full $150k ask in exchange for a sizable 49% ownership stake.

This sparked a classic Shark Tank dramatic moment – would the founder accept giving up almost half his company just a few years in? To Daymond’s surprise, Tog took a minute to think it over and then replied “I’ll do it.” He seemed to recognize that despite the higher equity tradeoff, Daymond’s connections and guidance could be invaluable in bringing Anytongs to the next level.

The other Sharks looking on commended Tog for negotiating well and not being too greedy this early on in his entrepreneurial journey. It was a tense yet satisfying end to the pitch!

What’s Next for This Shark Tank Success?

Now that Anytongs secured a lucrative deal with prominent investor Daymond John, what does the future look like?

I think Anytongs is set up for very strong continued growth thanks to:

  • Daymond’s mentorship regarding supply chains, manufacturing, and branding
  • Expanding the product catalog beyond just the core kitchen tong tool
  • Getting Anytongs into mainstream retail outlets like Bed Bath & Beyond, Target, etc.
  • Taking advantage of larger marketing budgets to drive sales
  • Continuous product innovation – perhaps a complete eating utensil set?

With such a uniquely useful item that solves a common kitchen problem, I could truly see Anytongs becoming a household name and the founders reaching an Anytongs net worth of $10 million or more.

They’ve got exactly the kind of clever gadget that becomes ubiquitous. Judging by online reviews, once you try it you’ll end up buying more Anytongs items for yourself and as gifts. I know I’ll be keeping an eye out for when they start appearing at stores near me!

A Simple Solution for Kitchen Problems

When it comes down to it, Anytongs embodies the ethos of Shark Tank – take an everyday frustration people experience and create an ingeniously basic product that solves for that. Don’t overcomplicate it or get too gimmicky.

The visual demonstration on the show of quickly turning a spoon and fork into a makeshift pair of tongs said it all. People want multifunctional tools that save them time, money, and storage space in the kitchen. Anytongs delivers on that premise exceptionally well.

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Combined with a relatable backstory of the founder’s mother’s experience that sparked the idea and a confident but grounded pitch by Tog Samphel, this product pitched on Shark Tank checked all the right boxes.

This set Anytongs up well for securing a profitable deal with Daymond John to take their early-stage success, already reflected in an impressive Anytongs net worth figure, to the next level. I can’t wait to see the new products and brand-building they come up next!

Related Anytong’s FAQ

  1. What exactly is Anytongs?

Anytongs is a clever plastic and stainless steel kitchen gadget that allows you to turn any regular spoon, fork, or other utensil into a pair of tongs. It attaches via a strong spring mechanism.

  1. Who founded Anytongs?

Anytongs was founded by Tog Samphel, an experienced product designer with a background working for companies like Nintendo, Meta, ADP, and more.

  1. How much is Anytongs worth? What is Anytongs net worth?

As of 2023, Anytongs has a net worth of about $1 million. The company achieved this million-dollar valuation just a few years after first launching in 2020.

  1. How much did Anytongs raise on Shark Tank?

On Shark Tank, Anytongs founder Tog Samphel secured a $150,000 investment from Daymond John in exchange for 49% equity in the business.

  1. Where can I buy Anytongs?

Anytongs is available to purchase on Amazon.com as well as the company’s official website AnyTongs.com. The product currently retails for $19.99.

  1. What other Anytongs products are available besides the original kitchen tong tool?

So far, Anytongs only sells the core kitchen tong accessory. However, the company may expand into a wider range of multifunctional eating utensils and tools in the future.

  1. Does Anytongs come in different colors or sizes?

Currently, Anytongs only comes in one standard size and color option – black and stainless steel. Customers have requested alternative colors and sizes that Anytongs may offer in future product launches.