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What Happened to InstaFire After Shark Tank?

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InstaFire is the safest and simplest fire starter. It is a mixture of volcanic rock, paraffin wax, and wood pellets. InstaFire can withstand 20-30 miles an hour wind and can also burn in water.

It is also gentle enough to be used in a grill and safe enough to be extinguished by itself. During an emergency, one glass of InstaFire can help boil 4 glasses of water within a duration of 10 minutes. Instafire can be used for commercial purposes. Its leftover ash can be used as a natural fertilizer. Instafire is helpful while camping activities, grilling, and cooking in emergencies.

InstaFire at a glance:

BUSINESSSimplest and safest fire starter
ENTREPRENEURKonel Banner And Frank Weston
ASKED FOR$300,000 For 10%
ACCEPTED OFFER$300,000 For 30%
SHARKMark Cuban And Lori Greiner
BUSINESS STATUSIn Business

Index:

Who owns InstaFire?

Konel Banner and Frank Weston are the founders of InstaFire from Riverdale, Utah. They had made a revolutionary product with the use of their hard work and experience with fire.

Konel had shared before about the origin of InstaFire as an idea taken by an old man at a mountain man rendezvous. During their start, they had a vision for emergency fuel but expanded it when they came to know about its versatility and its potential.

How was the InstaFire Shark Tank pitch?

InstaFire came on the show Shark Tank in season 10, episode 19, seeking an investment of $300,000 for 10% in exchange for their company.

Konel showed a few demonstrations about how this InstaFire actually works. During the pitch, Frank clarified, “We didn’t invent fire, we perfected it.” After that, Robert was the first to drop out as he was not much happy or convinced with the valuation and 10% in return as equity.

Kevin O’Leary gave an offer of $300,000 for 33.3% means 1/3 of the company in equity and justified his deal with two fair points of putting Marketing experts and social media mastery. Daymond gave an unexpected offer, which was $300,000 for 20% equity and 33.3% equity for online sales.

Mark asked Lori to join him and decided to knock out all the other sharks’ offers and gave an offer of $300,000 for 30% equity, where they’ll look on online as well as on the retail market.

After a small discussion, Frank and Konel made the deal with Mark Cuban and Lori Greiner at 30% for the amount they demanded.

What happened to InstaFire after Shark Tank?

Before Shark Tank, Konel and Frank made sales of 1.2million in their journey. In the Shark Tank show, they revealed that they had earned $378,000 and forecasted twice of it in the upcoming year. Company valuation was around $3million. After the Shark Tank show, their sales jumped to 2.1million.

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After getting the investment from Mark and Lori, InstaFire is still in the market, they helped them to sell their product directly on the online website as well as in Walmart, Lowe’s, Academy Sports, Camping Survival, and many other retailers too. It is still in the business and growing higher and higher, day by day.

They have added a few new products, which include fire starters, charcoal starters, popular mechanism products, and emergency prep products. They are also active on Facebook and other social media platforms, which helps them to boost their sales.

What is InstaFire worth?

At the time of the shark tank appearance, InstaFire was valued at around $999,000. With the help of Mark and Lori, it is available on various online platforms. Also, it is patented by them and they don’t have any other investors. It costs them only $18.5 cents per unit including packaging and labor.

They sell it to the wholesaler for $74 and to the retailers for $ 149, which means they hold a profit margin of 99% from where they earn a huge amount of revenue. They also have connections with various retailers.

Competitor analysis:

Companies or Manufacturers who sell similar products to it, can be termed as its competitors in the market and can also affect its sales and market. Few of its competitors are:-

  • Grill Parts
  • Dynatrap
  • Blaze grills
  • Bergtoys
  • Starfire Direct and many others.

Competition helps you to improve yourself.

Is InstaFire still in business?

Owing to Lori and Marks’s investment, InstaFire is still going very strong. It is sold on their official website and numerous other stores like Walmart, Lowe’s, Academy Sports, Camping Survival, and many other retailers.

InstaFire has a wide range of products including fire starters, popular mechanics products, emergency prep products, and charcoal starters. It is more likely to shine bright in the future.

Interesting facts:

  1. It can burn in water
  2. It can extinguish easily by itself
  3. It can be used as an emergency fuel
  4. It can be used for commercial purposes
  5. It is using its fire starters to slow down deforestation

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Related Articles:

What is InstaFire?

InstaFire is the safest and simplest fire starter. It is a mixture of volcanic rock, paraffin wax, and wood pellets.

Who founded InstaFire?

Konel Banner and Frank Weston are the founders of InstaFire from Riverdale, Utah. They had made a revolutionary product with the use of their hard work and experience with fire.

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