Trans-owned company earns major investment on Shark Tank

Trans-owned company Sock Drawer Heroes scored a major investment on Shark Tank Australia this week. The company creates and sells gender-affirming clothing.

It was the first trans-owned company to appear on the show. Dr. Catriona Wallace was the investor after sharing that they identify as nonbinary.

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Co-founders Erin Spencer and Bec Cerio sought an investment of $120,000 in exchange for a 7.5 percent stake in the business. Wallace and fellow Shark Jane Lu originally agreed to a joint investment for the full amount in exchange for a 16 percent stake, but Lu dropped out “due to having limited capacity.” Instead, she agreed to provide pro bono e-commerce, website, and social media advice.

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A post shared by Catriona Wallace (@catrionawallace)

Wallace provided a $60,000 investment in exchange for an 8 percent stake.

“I have been a long-time supporter and ally of the LGBTQ+ community so my attention peaked as Erin and Bec entered the Tank. The pitch from Erin and Bec was very compelling with Sock Drawer Heroes being one of the best companies we had seen on the show,” Wallace said after the program aired.

“It was an easy decision for me to invest – the founders were excellent, the business was profitable, it serves an important community, and I identify as nonbinary and genderqueer. I am very happy that I can continue to support the community through my involvement with Bec and Erin and Sock Drawer Heroes.”

But the money wasn’t the only impetus for the founders to appear on the show.

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“It was the opportunity for trans nonbinary representation on national television,” Spencer said.  

“If just one kid watches the show and sees a positive future for themselves, that’s the most important outcome. That’s worth more than any amount of money. As we said in our pitch, it was very important to us that anyone we work with is an ally to the trans and gender-diverse community.” 

“Little did we know that one of the Sharks was going through their own gender identity journey,” they continued. “We are not only grateful for Cat’s investment, which will help us grow our business, but we are so excited to have welcomed Cat into our queer family.”