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Knife Aid Shark Tank Update

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Knife Aid is a mail-in knife sharpening service. It is a unique service that is headquartered in Malibu, California. To get one’s knives sharpened, one needs to follow a very simple procedure. They need to order a knife-proof envelope online that they will receive in their mail. The knives need to be kept in an envelope and sent back to California.

Once the knives are sharpened, they are shipped back to the owner and the whole process takes about 3 to 9 days, depending on the owner’s address. Four knives are sharpened for $49. All kinds of sharp objects such as pocket knives, scissors, steak knives, cleavers etc are sharpened by Knife Aids.

Knife Aid at a Glance:-

IdeaKnife sharpening business model
FoundersMarc Lickfett and Mikael Soderlindh
Asked For$250,000 for 20% equity
Accepted Deal$250,000 For 35% equity
SharksLori Greiner And Rohan Oza
Business statusIn Business
Episode No.Season 11, Episode 4
WebsiteKnife Aid

Index:

Who are the founders of Knife Aid?

Mikael Soderlindh and Marc Lickfett are the founders of Knife Aid. They both are originally from Sweden but moved to California. Marc has an eleven-year of experience in online marketing at King and McGaw, and Mikael has eleven years of experience as a sock retailer for Happy Socks. They created Knife Aid because they wanted to establish a business which would provide services to already existing objects that are used daily.

They found out that knife-related injuries occur more due to people using dull knives and they saw the importance of a sharp knife. They employed skilled craftsmen to sharpen knives. They headquartered Knife Aid in Malibu because both of them love surfing and wanted to be near the sea.

Did Knife Aid get a deal on the Shark Tank?

Mikael and Marc enter the shark tank seeking an investment of $400,000 for 15% equity in the business. Michael shared that they needed this investment with channel and packaging strategies with the US market. This made all the sharks overwhelmed and they wanted to know more about the brand. Knife Aid founders demonstrated there their business concept and the idea behind them.

Lori Greiner offers $ 200,000 in exchange for 20% equity and the remaining 200,000 on a line of credit. Kevin O’Leary gave a simple offer of $400,000 in exchange for 20% equity in return. Rohan joined Lori Greiner and matched Kevin’s offers. Mark Cuban sat quietly and waited for their reaction to the given offers. Later, Mark Cuban went out as he thought the given offer was best to go.  

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Barbara Corcoran joined Kevin O’Leary and gave an offer of $500,000 in exchange for 20% equity. Rohan and Lori also changed their offer to $500,000 for 20% equity. Michael and Marc took a moment and accepted the offer of Rohan and Lori Greiner and made a deal with them.

What happened to Knife Aid after the Shark Tank Show?

On the show, Knife Aid was able to grab a deal through its sharpness. It is said that sharp knives help to cut vegetables and fruit easily. Knife Aids help to sharpen the knife, which boosts the taste as it avoids food wastage and nutrient maintenance. All the reasons were enough to attract people to its website and improve its sales figures. 

During the show, Knife aid was asking for a valuation of $2,666,666.7. After the disclosure of sales figures, sharks were seen to be fighting for Knife Aid. Kevin and Barbara gave an offer valuation of $2,500,000. Lori and Rohan also gave the same valuation offer and the founders went with them.

After the show, Knife Aid got a chance to appear on The View, Blade Magazine and at Wierd also. Knife Aid comes in a pack of 4 and a pack of 14. A  pack of 4 costs $59 whereas a pack of 14 sharpens costs $149. 

Knife Aid is earning approximately $250,000 per month, which is quite impressive. The deal made between sharks and Knife Aid was also never closed. As of February 2020, they have also appeared in the greatest shark tank attacks. After the show, Knife Aid is still improving its sharpness by cutting and cutting its competitors.

Competitors of Knife Aids are:-

  • ZB Sharpening
  • KitchenKnifeGuru
  • The Sharpening Guy LLC
  • Sharpening World
  • Razor Sharp Enterprises LLC
  • The Art of Sharp
  • Seattle Knife Sharpening
  • Edger Corp

What is the net worth of Knife Aids?

The valuation during the show was $2,666,666.7 and by the end, they got a deal at a valuation of $2,500,000. The estimated net worth of Knife Aids is $2 million.

Is Knife Aids still in operation?

Knife Aids is still in operation. As of 2020, Knife Aids is improving its way towards success. Knife Aids is earning $2,500,000 per month as of 2020.

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FAQs:

What is Knife Aid?

Knife Aid is a mail-in knife sharpening service. It is a unique service that is headquartered in Malibu, California. To get one’s knives sharpened, one needs to follow a very simple procedure. They need to order a knife-proof envelope online that they will receive in their mail.

Who founded Knife Aid?

Mikael Soderlindh and Marc Lickfett are the founders of Knife Aid. They both are originally from Sweden but moved to California. Marc has an eleven-year of experience in online marketing at King and McGaw, and Mikael has eleven years of experience as a sock retailer for Happy Socks.

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