AquaVault Shark Tank Net Worth 2023
The company initially had a valuation of $625,000 when it was pitched for investment, but after Daymond’s investment the valuation dropped to $300,000.
Despite this initial decrease in valuation, by 2022 the company had grown its net worth to a staggering $20 million – showing a solid success story and extraordinary growth since the initial pitch.
This highlights how capital investments can pay off if managed correctly, with long-term consequential gains outweighing any momentary losses due to financial investment.
What is AquaVault?
AquaVault is a portable safe that can be attached to items like a beach chair or stroller. It keeps people’s belongings secure while they are swimming or enjoying themselves at the beach, pool, or waterpark. This provides holidaymakers with peace of mind that their valuables are safe from theft.
The creators of AquaVault are Jonathan Kinas, Avin Samtani, and Rob Peck. Kinas had a background in finance before launching AquaVault, while Peck was the owner and CEO of Blue Rise LLC. Samtani was previously a Managing Principal at Venetian Capital Partners.
Today, Samtani serves as the Chief Operating Officer of AquaVault, while Peck is the CEO. AquaVault is made of strong, high-impact plastic and is spacious enough to store items such as wallets, mobile phones, jewelry, and other valuable possessions.
Who is the founder of AquaVault?
Jonathan Kinas, Avin Samtani, and Rob Peck founded AquaVault. Before starting AquaVault, Kinas worked in finance, Peck was the owner/CEO of Blue Rise LLC, and Samtani was a Managing Principal at Venetian Capital Partners. Presently, Samtani serves as the Chief Operating Officer of AquaVault, while Peck is the CEO.
The idea for AquaVault was sparked when the three friends attended a wedding at a beach resort. While taking a swim, they hid their valuables behind their towels, only to find them stolen when they returned. Realizing the lack of a viable solution to this common problem, they decided to create their own.
AquaVault is a lockable, solid plastic container designed to hold wallets, mobile phones, keys, and other small items. It comes with a three-digit combination lock and can be attached to a pole or post with a diameter of up to two inches.
Users can easily secure their AquaVault to a bike, bike rack, or chair while enjoying a swim or grabbing a snack. Many beach hotels in Florida now offer AquaVaults and provide racks for safe storage.
Priced at around $40, AquaVault donates a portion of its proceeds to local Make-a-Wish Foundation chapters. The founders hope to make their device a standard piece of equipment for beachgoers and travelers worldwide.
What Happened to AquaVault at Shark Tank pitch?
Avin Samtani, Rob Peck, and Jonathan Kinas hope to secure funding when they present Aqua Vault, their outdoor safe, to the Sharks in episode 22 of season 6 of Shark Tank. They offer a 12% stake in their company, which is valued at $625,000, for $75,000.
The trio demonstrates how the AquaVault is a useful beach tool and offers it for wholesale at $22, with a production cost of $10, despite only having completed a small manufacturing run. They intend to sell directly to individuals and also to hotels, resorts, and cruise ships.
In the past six months, they have made $87,000 in sales and have a contract for an additional 1,000 units, bringing their total sales to over $100,000 in a year.
Robert suggests offering the software for free to hotels and taking a cut of recurring revenue, but the team explains that many hotels were unwilling to open their books to them as a new product.
Their goal is to continue selling to hotels and offer the product for in-room purchase so that customers can use it at the beach or pool.
Robert offers $75,000 for 25% equity shares, but the team believes this is excessive, so Robert decides to wait for further proposals. Daymond asks about water parks and offers $75,000 for 25% ownership shares, along with help in reducing manufacturing costs.
After selling 800 units to HSN, but only 200 through, the Sharks believe that online sales of 250 units are too low. Robert decides to leave because he is not pleased with what he has heard.
Mr. Wonderful backs out of the deal, and Daymond asks for an immediate response. The trio ultimately agrees to Daymond’s offer, and he advises them to focus more on sales since they were too focused on product development. They finalize the deal and leave the pitch with a new partner.
What Happened to AquaVault after Shark Tank?
After appearing on the show, AquaVault finalized a deal with Daymond and received an in-depth update on Beyond the Tank in episode 203. Additionally, in season nine, episode 911, the company announced their second product, the Flexsafe.
This safe is slash and water-resistant and includes RFID blocking to keep credit cards secure. AquaVault has also released other products, including the Flexsafe small, a waterproof phone cover, and a credit card-sized phone charger.
AquaVault can now be found in over 200 hotels, such as Marriott, Disney, Margaritaville, Universal Orlando, Atlantis, and Hilton. As of December 2021, the company is still in operation, having sold StartEngine shares for $1,069,663, at a price of $7 per share. The company’s total lifetime sales amount to $10 million.
Competitors of AquaVault
The company has many competitors in the market space. These are; United Commercial Capital, Gallaway Corp., Mgm Innova Capital, Intoxicating Beauty, Pleazeme, Inspired Bronze Inc., Calonet Tech Corp., Bromley&co. and S.h.e.d. Inco.
Net Worth of AquaVault
The company was valued at $625,000 during the pitch, after the investment done by Daymond the company valued at $300,000. In 2021 the company has a net worth of around $20 million.
AquaVault FAQs
What is AquaVault?
AquaVault is a portable safe that attaches to permanent objects such as a beach chair or a stroller and protects people’s belongings at the beach, pool, waterpark, and so on, giving vacationers peace of mind that their valuables are safe from theft while they go for a swim.
Who is the founder?
The founders of AquaVault are Avin Samtani, Rob Peck, and Jonathan Kinas.
How much were asking on Shark Tank?
They were asking for $75,000 for a 12% stake of their company at valuation of $625,000.
Did they have the deal?
Yes, they have the deal with Daymond John for $75,000 for a 25% equity share in their company.
Is AquaVault still in business?
Yes, as of December 2021.
Is AquaVault a publicly listed company?
The Inventors and Pioneers of the Portable Travel Safe, best known for securing a deal with Daymond John on Shark Tank, have now announced an Online Public Offering that allows the general public to participate in AquaVault, Inc. via the equity Crowdfunding platform.
What is the value of AquaVault?
The creators were recently featured in an update on Shark Tank, where they watched them grow their sales from $87,000 to millions, with a current valuation of approximately $20 million dollars.
Is the charge card genuine?
Charge Card is compatible with both iOS and Android.
Simply keeping it in their wallet will allow users to convince their pals that they have access to some pretty great futuristic technology.
What exactly is a charging cord?
A charging cord is a smartphone or other portable device. The cable features a device connection on one end and plugs into the socket of a USB charger on the other (Mini USB, Micro USB, Apple dock connector, etc.).
Is the charge card genuine?
To everyone’s dismay, social media users have determined that the ‘charge card’ is a forgery, and here’s why. To begin with, charging the iPhone with the card is scientifically impossible.
Is AquaVault a scam?
AquaVault is not a scam; it is a real product by real people who’ve made this an actual business.
Is AquaVault any good?
It seems to be according to the users. Despite charging issues, it is one of the best portable safes in terms of features and performances.
How do I order AquaVault?
It is easy to place an order for AquaVault on the official website of Aqua Vault.
What does the AquaVault Charge Card do?
The Charge Card is a real device that can be used to charge your smartphone, tablet or other device.
What payment methods did AquaVault accept?
The AquaVault Team accepts the following payment methods: Bank Transfer (wire transfer), Credit Card, Cash on Delivery (COD) and E-Cheque.
How long does it take to receive AquaVault?
The delivery time is approximately 5-7 business days.
What is the rating of AquaVault on Amazon?
The AquaVault Charge Card was rated 4.
What is the net worth of Avin Samtani?
The Net worth of Avin Samtani is unknown.
What is the net worth of Rob Peck?
The Net worth of Rob Peck is unknown.
What is the net worth of Jonathan Kinas?
The Net worth of Jonathan Kinas is unknown.
