What Happened to AquaVault After Shark Tank?
What is AquaVault?
AquaVault is a portable safe that attaches to permanent items such as a beach chair or a stroller and secures people’s belongings at the beach, pool, waterpark, and so on, giving vacationers peace of mind that their valuables are safe from theft while they go for a swim.
Jonathan Kinas, Avin Samtani, and Rob Peck created AquaVault. Before founding AquaVault, Kinas worked in banking, Peck was the owner/CEO of Blue Rise LLC, and Samtani was a Managing Principal at Venetian Capital Partners.
Peck is the CEO of AquaVault, while Samtani is the Chief Operating Officer. The AquaVault is made of strong, high-impact plastic and can hold wallets, phones, jewels, and other valuables.
AquaVault was founded by whom?
Jonathan Kinas, Avin Samtani, and Rob Peck founded AquaVault. Before founding AquaVault, Kinas worked in banking, Peck was the owner/CEO of Blue Rise LLC, and Samtani was a Managing Principal at Venetian Capital Partners.
Peck is the CEO of AquaVault, while Samtani is the Chief Operating Officer. The trio was inspired to start AquaVault while visiting a friend’s wedding at a beach resort. They’d decided to go swimming and had concealed their valuables under their towels.
When they got home, they discovered that their things had been stolen. When they realized there was no actual solution to this widespread problem, they resolved to tackle it themselves.
The AquaVault is a locked, solid plastic container that may hold a wallet, phone, keys, and other small items. The lid is secured with a three-digit combination lock that mounts on a pole or post with a diameter of up to two inches.
To go for a swim or fetch something from the snack bar, simply lock your Aqua Vault to a bike, bike rack, or your chair. Many Florida beach hotels employ them and offer racks to properly store Aqua Vaults.
The Aqua Vault costs around $40 and the guys donate a portion of their profits to local Make-a-Wish Foundation chapters. They hope that their gadget will become standard equipment for beachgoers and vacationers all over the world.
What Happened to AquaVault’s pitch on Shark Tank?
Avin Samtani, Rob Peck, and Jonathan Kinas hope to receive some cash for Aqua Vault, their outdoor safe when they show it to the Sharks in Shark Tank episode 22 season 6.
Avin, Rob, and Jonathan entered the Shark Tank seeking $75,000 for a 12% ownership in their business, which is worth $625,000.
The men demonstrate the AquaVault and explain why it is terrific beach equipment. They sell it wholesale for $22 and create it for $10, despite the fact that they have only done one small manufacturing run.
Mr. Wonderful claims that their competitor has presented their company to him and that he is intrigued by AquaVault’s business proposition.
They state that they want to sell directly to consumers as well as wholesale to hotels, resorts, and cruise ships.
They’ve sold $87,000 in six months and have a deal for an additional 1,000 units, increasing their total sales to more than $100,000 in a year.
Robert feels that they should offer the software to hotels for free and then take a part of the recurring revenue.
They claim they were unable to do so because, because they were a new, unproven product, many hotels refused to “open their books” to them.
Their goal is to keep selling to hotels and offer the product as an in-room purchase so consumers can take it to the beach or pool.
Robert was enamored with the idea and offers $75,000 in exchange for 25% ownership.
The lads agree that 25% equity is a little excessive, and Robert is ready to wait for other ideas.
Daymond has a question: he’d want to know whether they have any other deals except the motels they’re currently staying at.
They sold 800 units to HSN but only 200 were delivered. The Sharks think that 250 unit online sales are too low.
Robert exits because he was dissatisfied with what he has heard.
The exchange was over before Mr. Wonderful screams, “POOF!” Daymond was interested in water parks and claims to have a deal with HSN; he claims to be able to aid in lowering manufacturing costs and offers $75,000 for 25% ownership shares, but he requires a response RIGHT AWAY.
They accept Daymond’s offer. According to Daymond, they were so concentrated on getting the items made that they were unable to focus on sales. They eventually left the pitch with a deal.
What Happened to AquaVault After Shark Tank?
AquaVault finalized their deal with Daymond after the show aired, and three guys left the pitch with a deal, as detailed in Beyond the Tank episode 203.
The corporation undergoes another improvement in season nine, episode 911. In this update, they introduce their second product, the Flexsafe.
It is a slash- and water-resistant safe that also serves as an RFID blocker to keep credit cards safe. Since then, they’ve introduced the Flexsafe tiny, a waterproof phone case, and a credit card-sized phone charger.
AquaVault is available for rent at more than 200 hotels, including Marriott, Disney, Margaretville, Universal Orlando, Atlantis, and Hilton.
As of December 2021, the firm was still in existence. They received $1,069,663 — $7 per share for their StartEngine shares. Total lifetime sales total $10 million.
In the market, the firm has a slew of rivals. United Commercial Capital, Gallaway Corp., Mgm Innova Capital, Intoxicating Beauty, Pleazeme, Inspired Bronze Inc., Calonet Tech Corp., Bromley&co., and S.h.e.d. Inco. Are among them.
AquaVault’s Net Worth
During the pitch, the firm was valued at $625,000; following Daymond’s investment, the company was valued at $300,000. The company’s net worth is estimated to be $20 million.
What is AquaVault?
AquaVault is an outdoor lockable safe for valuables. The capsule is a container that contains a combination lock that mounts on a pole or post.
Where does the company all originate from?
Avin Samtani, Rob Peck, and Jonathan Kinas were all students at Florida State University. They wanted to raise the profile of the sport of scuba diving in Florida but had no equipment for it.
Was AquaVault’s Shark Tank Pitch Successful?
Daymond John was the only shark to invest in AquaVault, for $725,000. He gave them 25% of his own and original shares in the corporation in exchange for 18% of their start-up funds.
Has AquaVault been Disastrous?
No consumers have reported negative experiences with AquaVault since Shark Tank. However, there have been some issues with the packaging and instructions. The safe can be installed upside-down on a pole with no problem.
What is AquaVault’s Future?
The AquaVault is the final of three products launched by the business. They introduced mobile and wrist wallets, which they call the Flexsafe. They are still selling the Aqua Vault and are currently developing modified versions to appeal to different clients.
How does AquaVault work?
The three-piece pole structure is comprised of a brass cylinder, a transparent Tritan tube, and the locking head. The together they can be opened by combination lock. This waterproof safe can also be used in tandem with AquaVault’s handbag, which has an RFID-blocking material to prevent credit cards from being hacked.
Is AquaVault safe?
The AquaVault has a 1,500 pound weight capacity and can withstand water pressure of up to 20 feet. The box it was designed to hold can be concealed in a small, discreet spot and the pole can be disguised by a shrub.
How do people use their product?
The AquaVault is not for individual investors who want to keep their valuables safe and hidden; it’s meant for those who want to conceal valuables in an outdoor climate-controlled environment.
Do I need Internet to rent or buy AquaVault?
You don’t need the Internet to rent or buy one of the units, but if you want to be able to lock up your belongings in public, you’ll have to go online.
How much does the Aqua Vault cost?
AquaVault has a retail price of $359 and a wholesale price of $316.
How much does the Aqua Vault weigh?
The Aqua Vault weighs 8 pounds. Its 5 feet 9 inches tall and 5 feet wide.
What is AquaVault made of?
The AquaVault is made of a polypropylene plastic.
Where can I purchase or rent the safe?
The AquaVault is available for sale at www.AquaVault.com and at hotels that offer online-conferencing facilities, such as Hilton Hotels and Marriott Hotels.
What is AquaVault guarantee?
AquaVault has a 90-day guarantee.
How do I make payment to AquaVault?
AquaVault accepts payment online. AquaVault accepts MasterCard and Visa credit cards. AquaVault also accepts checks, money orders, and corporate checks.
What is the maximum capacity of AquaVault?
The Aqua Vault can fit a computer, wallet, tablet and keys.
Is the product FDA approved?
AquaVault passed the American Society for Testing and Materials International Level 6 Certification for water resistance. It also passed the ANSI/BIFMA X7.