What Happened to FireAvert After the Shark Tank Pitch?

What is FireAvert?

FireAvert is auto stove shut-off solution was designed to keep your home and family safe from house fires.

According to the National Fire Protection Association (NFPA), unattended kitchen ranges are the top cause of house fires in the United States.

Our fire detection and prevention device will protect your home and loved ones from a possibly fatal disaster.

FireAvert takes less than 10 minutes to set up and requires no special tools or knowledge.

Simply connect your stove to the FireAvert plug-in and plug it into a power socket.

Then, using our ground-breaking synchronization technology, match the sound characteristic of your smoke detector to your FireAvert device for optimal dependability and fewer false alarms.

The compact device measures 7 1/2 inches tall, 3 1/2 inches wide, and 2 1/4 inches deep, and it can be linked to our 3- or 4-prong Pig Tail extension chord to allow you to set your stove flat against a wall.

Only NEMA 10-50 outlets are compatible with FireAvert.

In dusty, hot (90 degrees Fahrenheit), or humid (80% humidity) environments, FireAvert should not be used.

Our first alert smoke alarm system syncs with your smoke alarm and turns off the power to your stove when it detects smoke from unattended food.

Who is the Founder of FireAvert?

Peter Thorpe, a professional firefighter based in Provo, Utah, established FireAvert.

He saw the devastation that residential fires can inflict, from little property damage to fatalities.

Fire was, without a doubt, a significant topic for him. Another call came in one day, revealing that another housing complex had been destroyed. In a matter of minutes, hundreds of families had lost their homes.

He saw it as his obligation as a young business to find a solution. Stove fires were the primary cause of emergency calls, according to Peter.

He reasoned that a device could communicate with the stove and the smoke alarm, leading the stove to turn off on its own.

Early in 2014, he released his product, FireAvert.

For as long as he could, Peter ran the company on his own.

In the early phases of FireAvert, he joined four events and won all of them.

This provided him with approximately $100,000 in initial finance, but it was quickly spent. Peter was obliged to sell shares to a friend, Jeff, not long after.

Fortunately, Jeff became a strategic partner, supporting Peter in selling FireAvert to multi-family housing and nursing facilities.

What Happened to FireAvert at the Shark Tank Pitch?

Peter appeared on Season 7 Episode 12 of Shark Tank in pursuit of $300,000 in exchange for a 7% share in his company. This translates to a $4.2 million valuation.

He claims to be a firefighter and an entrepreneur, claiming that in the United States, a stove fire occurs every 4.5 minutes.

He demonstrates the equipment and states that all you have to do is plug it in and utilize it.

As he passes around samples, Robert adds that it’s intriguing, but that a lot of smoke would be required for it to function.

Fire Avert is now only available for electric stoves. It’s been on the market for 18 months and costs $195 to produce; it’s only $45 to produce.

By the end of 2015, Peter expected to have made over $2 million, with a profit margin of over 40%.

The majority of his stuff is sold straight to multi-unit housing developments.

When he admits that he only owns 30% of the company, the Sharks are put off.

He believes he had to sell his property in order to survive. A friend owns 60% of the company and has a lot of connections with apartment building owners.

Mark is concerned about Peter’s stock position; he states that he never offers more than 49 percent since he does not want the entrepreneur to lose control of the company.

Daymond likes the product but not the equity spread, therefore he won’t participate.

Lori is going because she does not want to take any more of Peter’s business away from him.

Kevin recommends purchasing the remaining 49 % from his friend (who paid $50,000 for his 60% ownership).

After a brief pause, Robert proposes the same deal as Kevin, but for $400,000. Mark walks down the corridor with Peter, intending to call his friend and notify him of the two offers. Mark isn’t playing since he doesn’t think Peter is invested enough in the game.

Lori is told by Peter that he believes he can decrease the cost to $20 and sell it for $99, and he asks if she will accept $300,000 for a 12% reduction.

Lori states she will lend $300,000 at 5% interest in exchange for a 15% royalty.

Kevin responds by offering a $300,000 loan with a 10% royalty. Peter asks Lori if she’ll take out a $300,000 loan with a 5% interest rate until she recoups $400,000 + 10% equity, and she says yes.

What Happened to FireAvert After the Shark Tank Pitch?

The Fire Avert was dropped to $99 the day after the show aired on the company’s website and Amazon.

By the middle of 2019, he had generated $3.6 million in revenue, and the company is still running strong in 2021. In November 2021, annual revenue is estimated to be $4 million.

What is the Net Worth of FireAvert?

Peter appeared on Season 7 Episode 12 of Shark Tank in pursuit of $300,000 in exchange for a 7% share in his company. This translates to a $4.2 million valuation.

He accepted Lori’s offer of a $300,000 loan at 5% interest until she recoups $400,000, plus 10% equity, bring the total valuation to $3 million.

Current valuation is evidently higher since the Company has grown.

Who are the Competitor of FireAvert?

For FireAvert Competitor, no competitors have been identified.

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FireAvert FAQS

What are the Benefits of FireAvert?

The benefits of the Fire Avert is that it prevents stove fires. The compact device measures 7 1/2 inches tall, 3 1/2 inches wide, and 2 1/4 inches deep, and it can be linked to our 3- or 4-prong Pig Tail extension chord to allow them to set their stove flat against a wall.

What are the Cost of Using FireAvert?

The cost of FireAvert is $99.

Who founded FireAvert?

The company was founded by a professional firefighter based in Provo, Utah, Peter Thorpe.

How much was Peter Thorpe seeking in the Shark Tank?

Peter Thorpe was seeking $300,000 in exchange for a 7% stake in his company.

Did FireAvert get a deal from the Shark Tank?

Yes, Lori invested $300,000 loan with a 5% interest rate until she recoups $400,000 + 10% equity in the Company.

6. What is FireAvert?

Fire Avert is an automatic smoke alarm that goes with their stove and prevents fires starting in your kitchen.

This system will be sent automatically as soon as there’s a fire in their houses or apartment. They don’t need to plug it into anything or do anything special to use it.

What Happened to FireAvert after the Shark Tank?

The Fire Avert was dropped to $99 the day after the show aired on the company’s website and Amazon.

By the middle of 2019, he had generated $3.6 million in revenue, and the company is still running strong in 2021.

Is FireAvert still in business?

Yes, the company is still in business and as of November 2021, annual revenue is estimated to be $4 million.

What exactly is the Fire Avert website?

The website for FireAvert is www.fireavert.com

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