If you’re a fan of the reality TV series Shark Tank, chances are you’ve heard about Insta-Fire Inc. It’s the company behind the innovative product that helps outdoor enthusiasts start fires safely and efficiently.
If you want to learn more about the company, read on because this post talks about Instafire’s net worth and history. We’ll also talk about you how the company is doing after its TV appearance.
InstaFire’s 2022 Net Worth
As of the final quarter of 2022, InstaFire’s net worth is estimated to be around $5 million.
For the last several years, the company has enjoyed a steady increase in revenue. Its product, the InstaFire Fire Starter, continues to expand its customer base.
About Insta-Fire Inc: A Brief History
InstaFire is the brainchild of business partners Konel Banner and Frank Weston. As outdoor enthusiasts themselves, they know the challenge of making fires in the wilderness.
In fact, the harrowing experience Konel had in 1976 when the Teton Dam collapsed ignited the idea behind the product. Unfortunately, that disaster took 11 lives and damaged more than $400 million worth of properties.
Luckily, Konel and his family survived, even though they’d been missing for about a week as rescuers searched for survivors. During that time, Konel experienced firsthand how difficult it was to build a fire to stay warm.
While it took several decades before they could launch the product, Konel’s ordeal played a significant role in the inception of InstaFire. In 2007, he and Frank began perfecting their product’s formula in an abandoned warehouse.
About InstaFire Fire Starter
Made of wood pellets, volcanic rock, and paraffin wax, the InstaFire Fire Starter provides users with a safe and easy way to start a fire.
In addition, the product is versatile enough to allow users to light a fire in harsh weather conditions, such as snow, high winds, and rain.
InstaFire Appears On Shark Tank
On February 21, 2016, InstaFire appeared on the business reality television show Shark Tank. It was a chance of a lifetime for Konel and Frank to pitch their product in front of a panel of investors.
The duo asked the investors for $300,000 in exchange for 10% equity.
Sharks Kevin O’Leary and Daymond John offered to give the requested amount.
However, the former required 33.3% equity, while the latter required 20% equity and 33% equity from online revenue.
In the end, sharks Mark Cuban and Lori Greiner partnered, and, in the process, managed to secure a deal for 30% equity.
InstaFire After Shark Tank Appearance
After InstaFire appeared on Shark Tank and enjoyed Mark and Lori’s vote of confidence, the company earned around $2.1 million in revenue.
Retailers like Lowe’s, Walmart, Camping Survival, and Academy Sports filled their shelves with the product, which was selling like crazy.
The company also started manufacturing new products, such as plasma lighters, self-powered stoves, biomass stoves, and charcoal starters.
Insta-Fire Inc. projects that product sales will increase to $7 million in the next few years.
Quick Facts About InstaFire
Here are some quick facts about InstaFire:
- InstaFire’s HQ is located at 860 W Riverdale Rd Ste A7, Ogden, Utah, 84405, United States.
- The company has less than 25 employees.
- The InstaFire Fire Starter can withstand winds with a speed of 30 miles per hour.
- The company has been featured in magazines like Wired Magazine and Popular Mechanics.
- The Boy Scouts of America gave its approval to InstaFire Fire Starter.
In this post, we saw how to turn crisis into opportunity, which is what Konel Banner did. His ordeal prompted him to create a product that helps people, especially in times of emergency.
We also learned the importance of raising fresh capital for business expansion. That’s what InstaFire did when the duo appeared on Shark Tank, helping secure investments.
After that, it was all uphill from there!