How often do we hear or see the news of a fire breaking out in a nearby place due to carelessness in the kitchen and the casualties caused due to it?
Does this make you anxious about leaving your kids at home with appliances that could supposedly be dangerous?
FireAvert is here to rid you of this anxiousness, with its fire prevention device that not only detects the start of a fire but also directly switches off the power supply of the gas stove to prevent it from spreading further.
FireAvert at a Glance:-
| Idea | Fire prevention device for kitchen stoves |
| Founders | Peter Thorpe |
| Asked For | $300,000 for 7% |
| Accepted Deal | $300,000 loan at 5% interest+10% royalty until $400,000 is paid+10% equity |
| Sharks | Lori Griener |
| Business status | Still in business |
| Episode No. | Season 7, Episode 12 |
| Buy on Amazon | Buy Now! |
Index:
What is FireAvert?
FireAvert is a fire prevention technology that detects the smoke caused due to fires and signals the stove to stop cooking, hence preventing in-house fires.
This detection+prevention device can be the ultimate formula for preventing fires caused due to unattended stove flames.
The device works on a simple formulation of detecting smoke or any suspicious gas in the environment, it then signals your electric stove to stop working at the first sign of smoke.
It requires no human intervention in detecting or preventing fires, eliminating the time taken to react to signals of a fire alarm.
Founder Story:
Peter Thorpe, a former firefighter had seen and attended to various fires in his entire firefighting career. Having witnessed a number of fires and the destruction caused by them, Peter decided to find a solution to this.
He found that most of the fires were a result of unattended stove fires and hence decided to build a special kitchen-stove fire protection device and called it FireAvert.
Reports claim that every 3.5 minutes, a stove fire is reported in the USA and it is also the number one cause of home fires with over 500 casualties every year. This was the major reason why Peter was inspired to create FireAvert.
Did FireAvert get a deal on Shark Tank?
Thorpe entered the tank with a demand of $300,000 for 7% stakes in the company. He then begins his presentation by demonstrating how to use his plug-in device and also hands out samples of his product.
He then says that for the 18 months FireAvert has been in the market, it has sold over $2 million worth of products with a 37% profit margin. The products are sold for $195 and manufactured for just $45
Thorpe then reveals that he owns only 30% of the company, which puts the Sharks off the track.
He says that 60% of the company is owned by his friend (who invested $50k for 60%), who has a good network with apartment owners. Due to the equity spread sharks such as Daymond and Mark dropped out of the deal.
Kevin then offers to buy out the friend and take 49% of the company, Robert makes the same deal for $400k. But, Peter’s friend refused to let go of his equity.
Peter then convinces Lori to invest in the company and ends up sealing a rather complicated deal of $300k loan at an interest of 5% with a 10% royalty and equity.
What happened to FireAvert after Shark Tank?
Sources say that the deal with Shark Lori Greiner never closed, but as promised FireAvert went live with a price of $99, both on Amazon and their website, immediately after the episode was aired.
By mid-2019, the company was reported to have $3.6 million in sales.
Peter changed his business model slightly, shifting his focus towards multifamily property in 2019, and found success.
His new market has also turned out to be rental property owners. As of May 2023, the annual revenue of the company is said to be $4 million.
Product Details:
- FireAvert is a kill switch for an electric range, which plugs into the sensor and stops power to the stove.
- Each product is expected to last for over 25 years and is highly durable.
- The device is small and portable and can be used with different types of outlets as well.
- The product comes with a warranty and is also UL and CSA certified.
- The company has also launched a range of real-time leakage detection.
What’s the net worth of FireAvert?
FireAvert entered the tank with an ask of $300,000 for 7% equity, evaluating the company to $4.2 million. The owner however ended up accepting Lori’s deal, which evaluated the company to about $3 million.
The company has gained a lot of attention and popularity since then and has reached about a revenue of $4 million per year. The exact net worth of the company is not known.
Is FireAvert still in business?
Yes, FireAvert is still in business and is in fact growing with each passing year.
The company has made a major mark in the harm protection department and with a noble cause such as this, it is bound to touch various peaks as a business.
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FAQs:
What is FireAvert?
FireAvert is a fire prevention device for kitchen stoves.
What's the net worth of FireAvert?
FireAvert entered the tank with an ask of $300,000 for 7% equity, evaluating the company to $4.2 million. The owner however ended up accepting Lori’s deal, which evaluated the company to about $3 million.