Animated Lure is introduced as a “Rechargeable Fishing Lure” that attracts the fishes way better than a normal lure. It is shaped and designed like an actual fish to attract the fish around him it’s activated by dropping it inside the water and its starts swimming like normal fish. They come in three different varieties according to the need of customers that are:-
- The first one is called “Mini” which can hold a battery life of up to 45 Minutes.
- Another one is called “Classic” which holds 1 hour and 30 minutes of battery life.
- Lastly, one is called “Saltwater” which holds 2 hours of battery life.
All of its aims are to provide a hustle-free sweet fishing experience. By eliminating hours and hours of sitting time. Once it is located at the depth of the water it automatically starts to swim and act like a real fish.
Animated Lure at a glance:
|Founder’s Details||Sobhan Sanaee and Kanz Kafyan|
|Asked For||$325,000 for 10% of equity.|
|Accepted Deal||$325,000 for 10% and Royalty Of $3 Per Unit Until $1 Million Is Repaid|
|Sharks||Kevin O’ Leary.|
|Business Status||In Business.|
|Buy on Amazon||Buy Now!|
Animated Lure is designed and developed by 2 young entrepreneurs Sobhan Sanaee and Kanz Kafyan. Both from different backgrounds come together to solve the problems of traditional fishing lures. They also, collaborated with “Maleki Hassam” to develop their motorized fishing system, later which was firstly used in 2015.
Sobhan Sanaee is the Project Manager at manufacturing facilities. They migrated from Iran with their family to the USA. Kanz Kafyan is a Licensed Professional Counselor, working in community mental health in “collin country”.
The idea behind this product came from Sobhan Sanaee’s Dad. He loves fishing, they used to go fishing all the time, all the way until he was diagnosed with lung disease and concluded his human experience he noticed some of the problems that exist with old traditional fishing methods. Then they start researching the solution and invented this product.
Did Animated Lure get a deal on Shark Tank?
Sobhan Sanaee and Kanz Kafyan introduced his product on ABC’s famous reality show Shark Tank for the help of $325,000 in exchange for 10% of his company. They introduced it as a Robotic Rechargeable Fishing Lure that removes all complications of traditional fishing lures. They gives samples to sharks and show’s them a little demo of it, they introduced 3 models of it as-
- Mini is the best-selling product that cost him $8 and sold at $29.95.
- Classic as a middle one that cost him $10 and sold at $32.95.
- Saltwater is under construction but costs them $16 and they planned it sold at $79.95.
They told about their sales and re-sale figures as:-
- In 2020, they sold approx. $247,000 of products.
- In 2021, they projected $500,000 of sales.
- In 2022, they projected $675,000 in sales.
They told about their re-sale or re-buy or frequency of purchase by old customers is up to 40 times. Sharks found the product interesting and unique but they don’t invest in it as this product is not related to their fields of operations, therefore all sharks backed themselves except Kevin O’ Leary who offers him $325,000 but at $3 per unit sold until they recover $1 Million as royalty and 10% of the company.
Sobhan and Kanz Kafyan countered $500,000 for 20% of the company and no royalty, Kevin rejected it. They again countered for $325,000 and royalty of $1.50 per unit, until they get half a Million and 10% of equity. Kevin again rejected. Then they finally accepted Kevin’s offer and that’s how they get a deal on Shark Tank.
What happened to Animated Lure after Shark Tank?
After the show, they receives a massive hike in their demand and their sales increased. They planned to deliver in various other parts of the country and become a well-known brand. They want to list their products in various retail chains throughout the country.
But their success doesn’t last long, as when they introduced her product on Shark Tank many other peoples started copying them and the market is filled with many other copycats.
Animated Lure’s website is constantly restocking and introducing different products releases (including their premium range) and also, offers optional additional propellers that can be added to each lure. Kevin’s offer is also didn’t completed as there is a lot of competition exists in the market.
Competitors of Animated Lure
Animated Lure is introduced as a new product in the entire market therefore, no competition is found in their area although, (its idea and inventions are copied by many Copy-Cats) which gives him a serious loss.
Net Worth of Animated Lure
The net worth of Animated Lure is somewhere around $3.2 Million. As they suffer from very tough competition with different small units that run the same as their product, they somehow manage to survive in the market.
Did Animated Lure is Still in Business?
Animated Lure is still in the market and doing great in its area.
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What is Animated Lure?
Animated Lure is introduced as a “Rechargeable Fishing Lure” that attracts the fishes way better than a normal lure. It is shaped and designed like an actual fish to attract the fish around him it’s activated by dropping it inside the water and its starts swimming like normal fish.
Who founded Animated Lure?
Entrepreneurs Sobhan Sanaee and Kanz Kafyan. Both from different backgrounds come together to solve the problems of traditional fishing lures.