Jamie Siminoff, an American tech entrepreneur is best known as the founder of Ring Inc., a home security, and smart home company. Founded in 2013 as Doorbot, Siminoff’s creation saw him multi-million fortune after Amazon.com acquired it for $1 billion+ in 2018.
Siminoff, formerly the CEO of Ring Inc. now serves as its Chief Inventor, which offers an advanced Cloud recording & Alarm monitoring service on doorbells.
How Much Is Jamie Siminoff’s Net Worth In 2020?
According to Celebrity Net Worth, Siminoff has a net worth of $300 million as of July 2020. The tech entrepreneur earned such massive fortune after his company Ring (formerly Doorbot) was acquired by Amazon in 2018 for $1.2 billion-$1.8 billion.
At that time, Jamie allegedly had around a 30% stake in the company that accounts for more than $300 million-plus payday.
As per his LinkedIn profile, Jamie works as Chief Inventor in Ring since January 2013. From November 2011 to July 2013, he was Chief Inventor at Edison Junior Design Laboratory.
Moreover, his past work experiences include President at NobelBiz
and Chief Strategy Advisor at Ditech Networks (DITC).
Prior to Ring, Jamie Siminoff founded ventures such as:
- PhoneTag (September 2006- 2010)– World’s first voicemail-to-text company
- Unsubscribe.com (September 2010- 2011)- Served as its CEO
Ring Founder Siminoff Faced Rejection In SharkTank
In 2011, while working in his garage, Jamie created the world’s first Wi-Fi video doorbell. Thereafter Siminoff founded the home security service as Doorbot (now Ring) in 2013 with $364,000 funds by Christie Street.
In November 2013, Siminoff appeared in Season 5 of Shark Tanks and asked investors for $700,000 for a 10% investment, that would value his company at $7 million. In fact, by that time, Jamie’s business was already making $1 million annually.
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However, the American tech entrepreneur was rejected by almost all judges/investors Barbara Corcoran, Daymond John, and Robert Herjavec.
Only Kevin O’Leary came with an offer; it was $700,000 loan in exchange for 10% of sales & then a reduced 7% cut of all sales after the loan is paid. Moreover, he asked for a 5% equity stake.
Jamie Siminoff put down O’Leary’s offer & walked away from Shark Tank without any investor.
Defeat In ‘Shark Tank’ Rather Became Billion-Dollars Mark
After appearing in Shark Tank, Jamie changed his company’s name from Doorbot to Ring. As a result of airing on the show, the products made $5 million in direct sales.
However, Ring still had poor picture & sound quality. To cope with it, he landed a deal for the redesign with Foxconn in March 2014. Reportedly, Siminoff paid $1 million to buy the ring.com domain.
Thereafter, his service began to appear in large stores such as Best Buy, Home Depot, and Target as well as in TV commercials.
Then in 2015, business magnate Richard Branson came as its investor & put $28 million in the company. He became interested in Ring after a visitor on his island used the Ring service to check his house thousands of miles away.
With additional investments from Shea Ventures, American Family Insurance & others, the Ring Inc. was valued at $70 million & soon hit an investment of $200 million.
In 2016, 4-time NBA champion Shaquille O’Neal became Ring’s pitchman & acquired its equity stake.
Regarding his tension of workload, Jamie recalled those moments with Inc.com:
The years 2015 to 2017 might have been the toughest. If I’d stopped, I would have lost my house. I had a 3-year-old son. There were nights when I woke up at 3 a.m. in tears.
Acquisition By Amazon
In February 2018, the online sales giant Amazan acquired the Ring Inc. paying a sum in the billion-dollars figure; it was estimated to be between $1.2 billion and $1.8 billion.
Moreover, after the huge sale, then-CEO of Ring Jamie Siminoff appeared as a guest in Season 10 of Shark Tank.
No doubt, Ring Inc. was a huge miss for Shark Tank. Reportedly, if Jamie had accepted 10% equity for a $700,000 loan, then the company would have around $180 million valuations only.
Jamie Siminoff’s Short-Bio: Education, Wife & Children
Siminoff was born on October 18, 1976, in Chester, New Jersey, the USA. Currently, the 43-year-old entrepreneur lives in Santa Monica, California, with his wife & son.
Jamie enjoys a blissful relationship with his wife of 13 years, Erin Siminoff; they married on October 7, 2006. Together, the couple shares a son named Oliver.
Reportedly, Erin, a Pepperdine University graduate works in Twentieth (20th) Century Fox Film Corporation since 2001.
Jamie Siminoff attended West Morris Mendham High School & later enrolled at Babson College to study entrepreneurship. He graduated in 1999.