Finding a Gap in The Tattoo Aftercare Market

How Two Miami Students Built a $56 Million Dollar Tattoo Aftercare Business with just $600

Oliver Zak and Selom Agbitor were entrepreneurial-spirited Farmer School of Business students when they identified a gap in the market for natural tattoo aftercare. During their college years, they experimented with e-commerce and eventually sold their dropshipping business for $7000. They Started Mad Rabbit with just $600 in funding but would continue to raise money from friends and family. This drive would eventually lead them to build Mad Rabbit into a national brand with close to a $60 million valuation.

The business of tattoo aftercare was dominated by petroleum jelly products which Zak felt was outdated, their initial product, an all-natural tattoo balm, garnered significant attention through targeted Facebook ads, amassing $300,000 in sales. Recognizing a gap in the market, they introduced a specialized soothing gel for tattoo healing in 2019, amplifying the brand's success. Their entrepreneurial journey has equipped them with the expertise to offer safer, healthier alternatives to conventional tattoo aftercare, and they are eager to create the continued expansion of their business.

But when they started everything wasn’t sunshine and rainbows, for the initial six months of the business, Agbitor and Zak operated from their college apartment, manufacturing, and fulfilling orders manually. They enlisted the help of friends and neighbors to assist in hand-stickering each Tattoo Balm and packing orders for shipment nationwide. Despite sacrificing time typically spent on academics and social activities, they remained dedicated to scaling their startup. Although unconventional for a second semester of senior year, this period was deemed invaluable to their entrepreneurial journey.

They finally got their first big break when Selom applied to the Pitch competition show Shark Tank, which would allow millions of viewers to see their product. Their Shark Tank pitch would eventually lead to an investment from Mark Cuban when he participated in their $10 Million Series A.

Both partners credit Miami for helping them learn to run their startup, with Zak stating in an interview, “The biggest value add for Miami while I was there was definitely the entrepreneurial community of students, faculty, and alumni from the school of business. This vibrant entrepreneurial community that helped us launch our business. We are grateful for the resources and support we received from the Farmer School and the larger community, which helped us turn our idea into a successful business.” 

Since its inception, Mad Rabbit has been growing at an unprecedented rate. Mad Rabbit is currently experiencing remarkable growth, with a year-over-year increase of 138%. Zak and Agbitor's innovative efforts have earned them a spot on the prestigious 2022 Forbes 30 Under 30 list. In fact, the company has been doing so well that Mark Cuban invested in it again.

Their tattoo balm currently sells for $20 and they now offer a wide variety of products from sunscreen to lotion.

Mad Rabbit currently boasts an impressive valuation of $56 million, with their last round of funding being raised in March of 2023. They’ve raised more than $20 million with investors ranging from NFL Superstar Stefon Diggs to 2010s rapper Riff Raff. 

What’s next for Mad Rabbit? Since building their brand mainly using e-commerce outlets during COVID, they have since been focusing on developing a retail footprint with big box retailers as they recently launched at Walmart. They are also focusing on selling DTC in tattoo parlors.