First into the tank is Insta-Fire seeking $300,000 for 10 percent equity.
Key Takeaways: Insta-Fire on Shark Tank
- Product: Instant fire starter that works in any weather and can even boil water.
- Investment Ask: $300,000 for 10% equity.
- Shark Response: Mark Cuban and Lori Greiner invested $300,000 for 30% equity.
- Post-Show Success: Insta-Fire has expanded its product line and distribution, becoming a trusted name in emergency preparedness and camping.
What Exactly is Insta-Fire?
Insta-Fire is an instant fire-starter that can light charcoal, and is also water-repellant. The product can also boil water.
They see it as both a fire-starter as well as emergency preparedness, in addition to the charcoal starter component. To date, they have made $2.1 million.
Robert Herjavec doesn’t see their valuation and goes out. Kevin O’Leary offers $300,000 for 33.3 percent and thinks that he could add a lot of value. Daymond John then jumps in with an offer of $300,000 for 20 percent equity and 33.3 equity online.
Social reactions from Insta-Fire’s appearance on Shark Tank:
I T S L I T ❗️❕❗️❕❗️ #instaFIRE #SHARKTANK pic.twitter.com/XbEqdyOac8
— ☼ｔｙｍｂｒｅ⇢ (@tymbietott) February 22, 2016
This #instafire product is perfect for camping. I like it! @ABCSharkTank
— Susan Smith (@sjakubow) February 22, 2016
Love the #instafire name too! Lord knows we are in an INSTA generation they def know what their doing for 360 branding opps #sharktank
— The Help (@izewrites) February 22, 2016
Mark Cuban asks Lori Greiner to partner and they offer $300,000 for 33.3 percent. They counter 20 percent, which they quickly reject.
John then drops to 17.5 percent ownership and 25 percent online, which causes O’Leary to fall to 25 percent. Cuban and Greiner drop to 30 percent, while O’Leary drops further to 20 percent to vie for the deal.
Ultimately, however, they accept Cuban and Greiner’s deal.
Final deal: Mark Cuban and Lori Greiner for $300,000 for 30 percent.
Would you try Insta-Fire?