What Happened to TekDry After the Shark Tank Pitch?
What is TekDry?
TekDry is a proprietary technique that offers a more secure and time-efficient means of fixing wet phones.
Their patented method “utilizes a combination of low-pressure, controlled heat, and special beads to create a safe environment capable of eliminating 100 percent of the moisture from their wet device,” and is more successful than just dropping their phone in a bowl of rice.
The TekDry technique will safely, conveniently, and affordably dry out any phone or device and recover all data, contacts, photos, and programs.
Who is the founder of TekDry?
Adam and Craig founded the company with a $2.3 million initial investment in 2014. They presently have their machines at over 80 Staples locations, with more planned in the future.
These devices have sparked a lot of curiosity since they attract people to the business. They also provide a mail-in service for which they only pay if they are able to repair it.
Many people instantly store their phones in a rice bag after dropping them in water. This procedure is just 15% effective, which is significantly less than leaving it out on the counter to dry.
“Save the rice for your Kung Pao Chicken,” the TekDry guys suggest. The TekDry machine, which manages the drying process according to the manufacturer’s specifications, completes the task in 30 minutes.
A standard smart phone repair is $69, while a laptop repair is $89.
What Happened to TekDry at the Shark Tank Pitch?
Adam and Craig made an appearance on Shark Tank season 8 episode 3 in pursuit of $500,000 in return for a 5% ownership in their company. This represents a $10 million valuation.
They talk about their experiences and demonstrate the equipment.
Except for Lori, the Sharks are all taken aback. She believes that most people would be unable to save their phones, but the men have salvaged phones that have been immersed in water for many days.
TekDry is currently available at 82 big-box stores and via mail-order. The previous year, they were only in a few retailers and made $29,000.
They claim to be expanding by 600 stores, generating $650,000 in sales.
Customers pay $69 to have their phones dried – but only if they work. TekDry keeps 60% of the profits, while the merchant keeps 40%.
They declare that they have raised $2.2 million, which the Sharks find repulsive.
Robert then expresses his confusion as to why they have chosen to continue in brick-and-mortar retail. There is just no market, and Robert is the first Shark to be eliminated.
Lori rejects the valuation and sees no possibility to retrieve her investment; she withdraws.
Barbara quits because she believes that new cell phones will be waterproof and that their machine will become obsolete in the near future.
Mark is gone because he feels they will continue to seek funds and he will be diluted.
Kevin looks to be just somewhat interested, since he likes the goods but not the model and is not interested in disputing the decision. Despite the fact that it is too high for him, he makes an offer.
He will offer them $500,000 at a 13% rate in exchange for a warrant to acquire 5% of the company. As a Shark, he can offer that much value to TekDry, and he expects payback in 36 months.
Craig and Adam make Kevin an offer in excess of $500,000. Kevin, on the other hand, states that they are looking for $500,000 and that he is the only Shark willing to make them an offer.
Craig and Adam exchange looks and assess the situation before reaching an agreement with Kevin.
Craig and Adam have formed an alliance with Kevin, and Mark rises to flush Kevin’s phone down the toilet.
He must have trust in the goods, and Robert and Lori join Mark in mocking Kevin over his phone and new purchase.
What Happened to TekDry After the Shark Tank Pitch?
Kevin’s transaction was completed, and he is now shown as a minority investor on the company’s balance sheets. Following the broadcast, the company received further funding.
In July 2019, they secured $3 million in a venture round, followed by $1.5 million in March 2020.
By December 2021, the company will have placed machines in over 600 Staples sites, the majority of which are on the east and west coasts.
The annual revenue is in the $1 million range.
What is the Net Worth of TekDry?
Adam and Craig made an appearance on Shark Tank season 8 episode 3 in pursuit of $500,000 in return for a 5% ownership in their company. This represents a $10 million valuation.
Kevin made them a $500,000 offer loan at 13% for 5% equity after loan repayment, the worth is $10 million.
Who are the Competitors of TekDry?
TekDry’s competition is Mobile Klinik.
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TekDry FAQS
What is TekDry?
TekDry is a proprietary technique that offers a more secure and time-efficient means of fixing wet phones.
Their patented method “utilizes a combination of low-pressure, controlled heat, and special beads to create a safe environment capable of eliminating 100 percent of the moisture from their wet device,” and is more successful than just dropping their phone in a bowl of rice.
Who is the founder of TekDry?
Adam Cookson and Craig Beinecke founded the company with a $2.3 million initial investment in 2014.
How did TekDry get started?
In 2014, Craig and Adam visited a Staples store. They noticed that there were no places to fix wet phones, and their creation was intended to provide a safe and effective solution for the merchant to keep water-damaged devices in stock.
What does TekDry do?
TekDry is the only device that can safely recover data from wet phones, tablets or laptops and is currently available in 80 Staples locations nationwide.
How much was Adam Cookson and Craig Beinecke seeking in the Tank?
Adam and Craig were asking for $500,000 in return for a 5% ownership in their company. This represents a $10 million valuation.
How many stores are TekDry currently available in?
By December 2021, the company will have placed machines in over 600 Staples sites, the majority of which are on the east and west coasts.
Did TekDry get a deal on the Shark Tank?
Yes, Kevin offer them $500,000 loan at a 13% interest rate to be repaid in in 36 months and acquire 5% of the company
How much annual revenue does TekDry generate?
As of December 2021, the annual revenue is in the $1 million range.
What are TekDry’s competitors?
Mobile Klinik also offers machines that fix wet phones.
What Happened to TekDry after the Shark Tank?
Kevin’s transaction was completed, and he is now shown as a minority investor on the company’s balance sheets.
Following the broadcast, the company received further funding.
In July 2019, they secured $3 million in a venture round, followed by $1.5 million in March 2020.
Where is TekDry located?
TekDry is headquartered in Denver Colorado.
What is website of TekDry?
Their website is www.tekdry.com
How can they contact TekDry?
TekDry can be contacted through their email at [email protected], they can also follow them on Facebook, Twitter and Instagram accounts.
