TekDry, a company founded to protect water-damaged electronics, brought its innovative technology to the spotlight after appearing on Shark Tank. Their tech idea initially impressed the Sharks and secured a deal with Kevin O’Leary, the company’s journey has had its ups and downs. Let’s dive into TekDry’s story, its financial performance, and where the business stands today.
Quick Facts About TekDry
| Aspect | Details |
|---|---|
| Founders | Craig Beinecke and Adam Cookson |
| Shark Tank Appearance | Season 8, Episode 3 (2016) |
| Original Ask | $500,000 for 5% equity |
| Deal Secured | $500,000 loan at 13% interest, convertible to 5% equity with Kevin O’Leary |
| Initial Valuation | $10 million |
| Funding Raised (Post-Shark Tank) | Approximately $5.32 million |
| Retail Partnerships | Initially over 600 Staples stores; later reduced to two locations |
| Annual Revenue (2024) | Around $1.5 million |
| Current Status | Limited operations; social media inactive since 2019 |
The TekDry Shark Tank Pitch
When founders Craig Beinecke and Adam Cookson entered the Shark Tank, they aimed to revolutionize how people save their water-damaged devices. They presented TekDry’s unique drying technology, which could restore a wet phone or tablet within 30 minutes without voiding its warranty.
| TekDry Pitch Highlights | Details |
|---|---|
| Founders | Craig Beinecke and Adam Cookson |
| Product | Quick-dry technology for water-damaged electronics |
| Original Ask | $500,000 for 5% equity |
| Final Deal | $500,000 loan at 13% interest, convertible to 5% equity |
| Investor | Kevin O’Leary |
| Initial Valuation | $10 million |
| Revenue at the Time | Over $100,000 in pilot programs |
Kevin O’Leary, impressed by the technology and its potential, offered a convertible loan to help the company expand its reach.
Also read: Frywall Net Worth: How a Shark Tank Pitch Turned Into a Multimillion-Dollar Success
TekDry Net Worth and Revenue
As of late 2024, TekDry net worth is around $1.5 million. After their Shark Tank appearance the company gained traction with machines in over 600 Staples stores and raised over $5 million in funding. However due to operational challenges decreased retail partnerships have significantly impacted its growth. Its annual revenue was $1 million in 2022 and now it operates only in two locations due to which its market reach and future growth potential has been limited.
How TekDry is Doing After Shark Tank
TekDry’s exposure from Shark Tank gave the company a significant boost, but it also faced hurdles as it tried to expand:
- Retail Partnerships:
TekDry initially placed its machines in over 600 Staples stores across the U.S. However, as of 2023, their services are available in just two locations: Marathon, Florida, and Kahului, Hawaii. - Funding and Growth:
The company raised additional funds to fuel its growth but struggled to sustain its retail partnerships and expand beyond the initial footprint. - Operational Challenges:
TekDry’s social media presence has been inactive since 2019, and co-founder Craig Beinecke has shifted his focus to a new venture, Ascent Professional Services. - Revenue Trends:
While TekDry reported annual revenues of $1 million in 2022, the company has significantly scaled back its operations, which may have impacted its financial trajectory.
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