Boost Oxygen was first founded in 2007 but caught the attention of the American public in 2019 when it featured on Shark Tank.
So what is the story behind Rob Neuner’s product, and what is Boost Oxygen’s net worth?
Who is Boost Oxygen founder Rob Neuner?
Rob Neuner was born in the US in 1967.
He attended Williams College in Massachusetts between 1985 and 1989 studying political science before then studying for an MBA in international finance at the Fordham Gabelli School of Business in New York between 1989 until 1992.
Neuner went on to have a career in international business and after 15 years of work, he suddenly had an idea.
“I used to do business in the Czech Republic – I imported beer from there. I sold the business back in 2007,” he said in an interview about his journey to becoming an entrepreneur.
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“One day, I was talking to a friend over there and I told him how I would see oxygen cans at stores and truck stops for hangover relief and keeping drivers alert on the road.
“Another friend mentioned using these cans in Germany for jet lag. It reminded me of when I played football in high school and college and there was supplemental breathing oxygen on the sidelines – and I always wondered why football players couldn’t get oxygen while they were on the playing field.”
What is Boost Oxygen?
Armed with an idea, in 2007 Rob Neuner went about setting up Boost Oxygen: Portable cans of 95 per cent pure supplemental oxygen.
A lifestyle tool rather than a medical tool, Boost Oxygen aimed to be for helping those who needed extra oxygen. Among those it can be used by includes athletes – for recovery and performance – and walkers/climbers at high altitudes.
Boost Oxygen on Shark Tank
In 2019, after 12 years of growth, Rob Neuner took Boost Oxygen onto the US investment show Shark Tank along with the company’s vice president Mike Grice.
They headed into the pitching room with $6.4 million in sales each year and a profit of $1.5 million.
The Sharks on the show were all left dumbfounded by the success of the product to date.
Looking for a staggering investment of $1 million, Rob Neuner offered the Sharks a five per cent equity in return.
While all the potential investors were impressed by the sales figures and profit made by Boost Oxygen, they were not all keen to put up $1 million.
Barbara Corcoran exclaimed: “I saw a beach house last week that was exactly $1 million and it was beautiful… I’d much rather have that beach house for $1 million.”
Meanwhile, some of the others worried that the product would fail to become mass market enough to be worth investing in.
Kevin O’Leary was the only Shark to offer the money. However, he offered the $1 million as a three-year loan with a nine per cent interest rate and for a 7.5 per cent stake.
Neuner and Grice put forward a counteroffer and, after negotiations, agreed to take O’Leary’s loan at 7.5 per cent interest plus 6.25 per cent equity.
What is Boost Oxygen’s net worth?
Boost Oxygen is now thought to have a net worth of $15 million.
The rapid growth in value of the company post going on Shark Tank is largely thanks to Kevin O’Leary helping to open doors at more retailers for the firm.
It is now stocked in more than 8,000 stores across the US including in chains such as Walmart and Kroger.