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Polar Pro: Shark Tank Update

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Polar Pro is introduced as a Smartphone and Professional Camera and Drone Accessories. A Newport Beach, California-based company, that makes it easier to document various adventures with mobiles professional cameras, and drones.

It is designed and developed to provide some extraordinary cinematography content and professional color contrasts and light tones. The whole of her accessories is designed by their passion for adventure and filming. One of its product’s unique features is that most of them is comes with in-built battery packs in it, which helps them to recharge their equipment and use them all day long.

Currently, they entered various other products like accessories such as Microphones, extension poles, and different types of cases.

Polar Pro at a glance

EpisodeSeason-7, Episode-8.
IdeaSmartphone and Camera Accessories.
Founder’s DetailsJeff Overall
Asked For$500,000 for 10%
Accepted Deal$500,000 for 20%
Sharks  Mark Cuban and Robert Herjavec.
Business StatusIn Business.
WebsitePolar Pro
Buy on AmazonBuy Now!

Index:

Founder Story:

These accessories are founded and developed by a young serial entrepreneur Jeff Overall. They studied Economics and Accounting at the University of California, Santa Barbara. Later he worked in UC’s Santa Barbara on the Ski Team and filmed tons of videos from their cameras, they think that why not videos look alike professional Ski movies, so they researched that and invented their products.

He is also run’s a business before as a Crab seller when they are of 15 years, they started their first company in 2006. The idea to sell crabs came from a retail shop where they saw that they sold Hermit Crabs for $4 each which can be easily found on the beach. They stats collecting them in a bucket and sold them online. They learned lots of business techniques here and later he learned basic website development and SEO optimization techniques to launch their website. They launched her sites listed her products and start selling them online.

Did Polar Pro get a deal on Shark Tank?

Jeff introduced her products in ABC’s famous reality show Shark Tank in Season-7 and Episode-8, with an investment proposal of $500,000 in exchange for 10% of their company. They introduced her 3 top-selling camera accessories:-

  1. Power Pole:-  World’s first battery-operated selfie stick that allows a user to charge their camera’s all day and capture some stick angles of themselves.
  2. Power Vault:- World’s only Camera case that comes with an in-built battery deck that allows users to charge multiple batteries or USB devices.
  3. New Filter Cases for Drones:- It allows a user to capture the most vibrant cinematic videos and also protects lenses when they fly into your neighbor’s tree.
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Their best selling item is their Drone’s camera filters that come in 2 different packs, the 1st one is of 3 packs that sold at $69.99 and another one is of 6 packs that sold at $140. The cost of manufacturing is $12, as they can secure a margin of 70% to 300%. Sharks found products interesting and asked for his sales figures. They told about their sales as:-

  1. In 2011, in their first year of business, they made over $8,000 in sales.
  2. In 2014, the year before the show they reached over $2.8 Million in sales.
  3. In 2015, (when they appear in the show) they are estimated to touch $5.6 Million in sales.
  4. Profit up to this year is about $300,000.

All sharks are impressed by their figures and want to offer them him except Kevin O’ Leary who didn’t show any interest in his. Later on, Mark Cuban offer’s him $500,000 for the same 10% as they asked for, but Damon counters him and offers the same amount for 15% of equity.

Lori matched Mark’s offer later Robert also joins with Lori in his offer. Damon again offers him $1 Million but for 17.5% of equity. The owner asked Mark to join with the same amount with Robert for 20% of equity(10% each), both agree on it and here they got a deal on Show.

What happened to Polar Pro after Shark Tank

After the show Polar Pro receives a massive hike in its sales as its target of $5.6 Million is reached just a few months after the show. They started to expand their business in various other reasons of America although the agreement with Robert and Mark is never been materialized the company is doing great and its valuation reached over $15 Million, also in March-21 its sales is approx. $2 Million.

Competitors of Polar Pro:

The company faces a taught competition with Benro, LensCoat, Oiloclip, and Aputure.

Net Worth of Polar Pro:

The net worth of the company is estimated at $15 Million on December 21, almost 3 times that when it appears on the show as $5 Million.

Did Polar Pro still in Business?

Polar Pro is still in business and doing great as they started to expand their area in different regions of the USA along with some international Shipping’s too.

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Related Articles:

What is Polar Pro?

Polar Pro is introduced as a Smartphone and Professional Camera and Drone Accessories. A Newport Beach, California-based company, that makes it easier to document various adventures with mobiles professional cameras, and drones.

Who founded Polar Pro?

Polar Pro is founded and developed by a young serial entrepreneur Jeff Overall. They studied Economics and Accounting at the University of California, Santa Barbara

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