Jamie Siminoff Net Worth 2024

James Siminoff net worth: James Siminoff is an American entrepreneur who has a net worth of $300 million. James Siminoff is the founder and CEO of the Ring doorbell. He famously appeared on Shark Tank in November 2013 to pitch his firm which was then referred to as DoorBot. DoorBot was pitched as a wifi-enabled “video doorbell” that synced to the person’s smartphone permitting them to see who was ringing their door in actual time. The DoorBot additionally got here geared up with a burglary-deterrent characteristic that allowed customers to faux they have been in the home once they really weren’t. When Jamie appeared on the present he was already doing round $1 million in annual gross sales. A really spectacular small enterprise. He was in search of an funding to take his product to the subsequent degree. He requested the sharks to speculate $700,000 for a 10% funding in his firm. That’s a $7 million valuation. He acquired 4 rejections. His one provide, from Kevin O’Leary, was a sophisticated mortgage/royalty deal that Jamie rejected.

After showing on Shark Tank, DoorBot modified its title to Ring and proceeded to promote $5 million price of product. They additionally attracted buyers like Richard Branson and Goldman Sachs who finally pumped $200 million into the corporate. On February 27, 2018 it was revealed that Amazon was shopping for Ring for $1.2 – $1.8 billion. It is believed that Jamie owns 20-30% of Ring. That would imply Jamie grossed someplace between $360 and $540 million earlier than taxes. After taxes his reduce could be round $180 – $270 million. Oh and btw, that $700,000 funding for 10% of the corporate finally would have been price $120 – $180 million.