Ava the Elephant is worth well over $20 million in 2023, considering the past sales data, and 2021 acquisition. The company was selling a million dollars worth of products since 2012, and sales numbers only grew.
Ava the Elephant appeared on the Shark Tank pilot in 2009, the business is now worth over $20 million in 2023. Learn how Ava the Elephant went from a prototype to a multimillion-dollar business.
Introduction
Children and infants are often reluctant when consuming ill-tasting medicines. As they say that necessity is the mother of invention, this unique and valuable invention was made by Tiffany Krumins who worked as a nanny.
During her job, she noticed that feeding bad-tasting medicine to children, especially a boy with Down Syndrome was very anxious when taking oral medicine. She saw an opportunity and came up with Ava the Elephant.
In this article, we will briefly explain the invention of Ava the Elephant, the product’s Shark Tank appearance, and how Ava the Elephant is doing in 2023. At the end of the article, we will explain the current net worth of Ava the Elephant by taking a look at the sales data and valuation.
What is Ava the Elephant?
Ava the Elephant is a children’s medicine disposer, that’s shaped like an elephant to give children the illusion that it is their friend, and the medicine won’t taste as bad. At first, the idea seemed silly, but we do know that children love toys, and these toys helped parents feed their children their medicines with ease.
Other than the elephant shape, Ava the Elephant also had Tiffany’s voice counting from 1 to 3 and in the end, congratulating the children as they took their oral medicine.
How Ava the Elephant Works
To use Ava the Elephant, you take the medicine dropper out, suck up the right amount of medicine, put it back in, and feed the medicine through Ava the Elephant by pressing the button located at the back.
“One, two, three, open wide, good job,” says Ava the Elephant in Tiffany’s recorded voice when the job is done.
About the Founder Tiffany Krumins
Hailing from Auburn Georgia, Tiffany Krumins lives with her family where she was a nanny with Gibby, a cute boy with Down syndrome. Gibby was the boy behind her creating Ava the Elephant. Now, Tiffany has kids of her own.
Tiffany Krumins was always sure that her product had huge potential to make it big in the real world, and as it turns out, she was right. Even though the girl from a small town in Georgia was a little shy of negotiating with the sharks, her spirit was never damaged and now she’s a multi-millionaire.
Ava the Elephant on Shark Tank, Explained (First ever Shark Tank Episode)
Ava the Elephant was the first ever product to get a deal on Shark Tank.
On Season 1 Episode 1 in 2009, Ava the Elephant was pitched by Tiffany Krumins, and her pitch was so successful that she ended up impressing Barbara Corcoran, and got the first-ever Shark Tank deal.
The Sharks Didn’t Like Ava the Elephant, Except Barbara Corcoran
When Tiffany pitched Ava the Elephant on Shark Tank, the sharks did like the product and Tiffany’s passion, love, and care for children, but as the sharks were there to make money, they didn’t see an opportunity. So one by one, all of the sharks were out except Barbara.
Barbara saw a huge potential not only in Ava the Elephant but also in Tiffany’s spirit for helping others, especially children.
As Tiffany had asked $50,000 for 15%, Barbara wanted to give her all the money she had asked for, but she wanted 55% of Ava the Elephant.
Barabara’s Offer – $50,000 for 55% of Ava the Elephant – ACCEPTED
Here’s the full breakdown of Ava the Elephant’s Shark Tank pitch:
| Product Name | Ava the Elephant |
| Founder | Tiffany Krumins |
| Season/Episode | Season 1 Episode 1 |
| Year | 2009 |
| Seeked Investment | $50,000 |
| Stake Offered | 15% |
| Shark? | Barbara Corcoran |
| Deal | $50,000 for a 55% stake |
| Royalty to Tiffany | None |
| Company Valuation (in 2009) | $90,000 |
| Net Worth (2023) | $20 Million |
Ava the Elephant Sold 100k Units Within Three Years
Three years after the Shark Tank deal, Ava the Elephant had gone a long way up. The clay prototype was turned into an actual sellable product, and in 2012, Tiffany revealed that “I’ve sold 100,000 units, with over a million dollars in sales.”
In 2013, they launched their second product called Ava the Elephant thermometer stickers, and Tiffany hoped to sell $1 million of these liquid crystal thermometer stickers.
Not only that, Ava the Elephant started working with international logistics companies and partnered with four international distributors to expand its business.
The Shark Tank exposure helped, and they closed a deal with FlavorX, one of the biggest pharmaceutical companies in the United States. Thanks to this deal, Ava the Elephant was put in most pharmacies across the country.
Ava the Elephant in 2023 – Is It Still in Business?
After the company’s huge success, Ava the Elephant was acquired by Better Family Inc.
Until 2017, the business was running smoothly and Tiffany was making a lot of money alongside Barbara Corcoran, but in 2018, Tiffany had no time to give the company as she was battling with cancer.
So, due to medical and personal reasons, Barbara and Tiffany decided to license Ava the Elephant to Better Family in March 2021. Since then, Ava the Elephant has been working under Better Family.
So, Ava the Elephant is still in business but is not owned by the founder, Tiffany Krumins, anymore.
Ava the Elephant Net Worth in 2023
Ava the Elephant is worth well over $20 million in 2023, considering the past sales data, and 2021 acquisition. The company was selling a million dollars worth of products since 2012, and sales numbers only grew.
When Ava the Elephant was transitioned to Better Family, we couldn’t get more official sales data, but according to calculated estimates, Ava the Elephant’s valuation of $20 million seems accurate enough.
Final Words
Tiffany Krumins went on the very first episode of Shark Tank back in 2009 and managed to secure a deal with Barbara Corcoran for a whopping $50,000 in exchange for 55% of the business.
Today, in 2023, the company is valued at over $20 million and was acquired by Better Family Inc. It’s clear that Tiffany’s unwavering dedication to bettering the lives of children and her innovative design has made Ava the Elephant a huge hit with parents and kids.
Frequently Asked Questions – FAQs
Is Ava the Elephant still in business?
Yes, Ava the Elephant is still in business but the original business has now been acquired by Better Family. Tiffany Krumins (the founder) had to leave the business due to personal and medical reasons.
Who is the CEO of Ava the Elephant?
Tiffany Krumins was the original founder and CEO of Ava the Elephant. In 2021, she made the decision to step down from her position and sell the business to Better Family. As a result, Ava the Elephant is now owned and operated by Better Family.
What does Ava the Elephant do?
Ava the Elephant makes it easier for parents and children to take oral medicines as the product as it creates a fun and pleasant experience for children, thanks to its friendly and cute design.
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