Albuquerque’s Z-CoiL Footwear walks away with a deal on ‘Shark Tank’

Z-CoiL Footwear’s shoes may not win a beauty pageant anytime soon, but they did walk away with a deal on “Shark Tank.”

The Albuquerque company made an appearance on the season 17 premiere of the well-known television show — which features entrepreneurs from across the country pitching their business ideas to a group of famous investors known as “sharks” — on Wednesday.

The pitch proved to be a bumpy ride, but father-daughter duo Andres Gallegos and Lindley Gallegos Bach managed to come away with an investment of $250,000 from mainstay shark Lori Greiner in exchange for 50% of their company. The pair went into the pitch seeking $250,000 for a 10% stake in the company.

“(Lori) was our perfect shark, and she’s everything this brand needs and really wants right now,” Gallegos Bach, Z-CoiL’s general manager, said on the show. “She’s going to help us take it to the next level.”

The deal didn’t come without a fight.

The company’s product — a three-coil spring shoe that acts as a shock absorber for the body and reduces impact on the wearer’s feet, legs and back by up to 50% — was quickly met with laughter from the famous group of investors.

“This is not the best-looking shoe I’ve ever seen,” said guest shark Rashaun Williams during the episode. “... They just look really bad. I’m trying to get over the look; the feel is great.”

“Ugly is in right now,” Gallegos Bach responded.

Greiner actually asked if the shoe was a prototype when she first set eyes on it, but when she tried the shoe on, she was quickly impressed with the comfort and feel.

“We get the same reaction every single time someone puts on the shoes,” Gallegos Bach told the Journal, adding it was “really validating” to hear the sharks thought the shoe was comfortable.

The company’s 30-year history and recent sales numbers were not as thrilling to the sharks.

The company made $11.8 million in sales in 2005 but expected to make $1.6 million in sales with a loss of roughly $270,000 in fiscal year 2025, Gallegos said.

“We went from really good news to 1.6 at 30 years later,” shark Robert Herjavec said. “What happened?”

Gallegos cited the company’s fast growth and the 2008 recession as reasons for the decline. Gallegos Bach said the company is operating at a deficit because she’s spending money on marketing to try to turn things around.

Gallegos Bach tried to reel the sharks back in with survey numbers that indicate 25% of their customers are in health care, followed by other industries in which standing is frequent. Gallegos emphasized the need for the product by stating that 24% of Americans have daily foot pain.

Kevin O’Leary, known as “Mr. Wonderful,” seemed to respect the concept.

“You target these people that spend a fair amount of their day on their feet,” O’Leary said. “They don’t give a damn what the shoes look like if there’s comfort, and that’s the message. Yes, they’re ugly, but you’re going to feel great.”

Still, O’Leary was dissatisfied with the company’s number, making him the first shark to “go out,” which means choosing not to invest.

Williams, Herjavec and Kendra Scott quickly followed, stating they recognized the shoe’s comfort but were concerned with the numbers and lengthy history.

Thus, it all came down to Greiner.

“I am truly torn about this because they feel phenomenal... but it just seems like such a mountain to climb,” Greiner said. She added that not everything she loves is investable before going out.

With tears in her eyes, Gallegos Bach made one final plea to Greiner before her father kissed her on the head and they slowly made their way out of the tank. They were almost to the doorway when Greiner said, “Wait! Come back.”

Greiner made the offer of $250,000 for 50% and the father-daughter duo briefly discussed it before Gallegos Bach, with tears and a smile, said the famous “Shark Tank” phrase: “You’ve got a deal!”

Greiner was the shark that the company went into the tank hoping to get a deal with, Gallegos Bach told the Journal. The steep equity ask felt worth it due to Greiner’s experience and Z-CoiL’s struggles in recent years.

“I was just beside myself,” Gallegos Bach said of the TV moment. “We went there to get a deal. We’re serious about turning this around and bringing in new energy and new blood. So we were just absolutely elated.”

As any “Shark Tank” fan knows, all deals made on camera are contingent upon due diligence and the signing of a binding written agreement.

Morrison Outdoor, another Albuquerque company that appeared on the show in May, also struck a deal on camera, though it eventually fell through.

Since Z-CoiL only filmed the pitch in June, the company is still in the due diligence phase, meaning the deal is pending, Gallegos Bach said.

The Z-CoiL leaders said they were legally prohibited from sharing more, but said they remain hopeful.

In the meantime, the pair has already been flooded with support and messages from friends and family, including many from those who didn’t expect to see the New Mexico entrepreneurs on their television screens.

The company has also been inundated with orders since the episode aired.

“The website visits skyrocketed, and we did have, I think, over 100 orders last night — so really exciting,” Gallegos Bach said. The company has a small team of employees, so Gallegos and Gallegos Bach were in the office all day Thursday, helping their warehouse workers.

The last 24 hours have summed up much of Z-CoiL’s journey, encompassing both fun and challenging moments, Gallegos said. But it’s the challenging moments that serve as perspective adjusters and reminders for “why you are doing what you’re doing,” he said.

“Our mission is to change people’s lives forever. And exposure like this is just really powerful to get people to understand what we’re doing as a company,” Gallegos said.