FireAvert Electric Auto Stove Shut-off Safety Device Shark Tank Update | FireAvert after the Shark Tank Pitch
What is FireAvert?
FireAvert is a device that helps prevent house fires caused by unattended kitchen ranges. It is easy to install and use, and it works by shutting off the electricity to the stove when it detects smoke from an unattended pot or pan.
This can help keep your home and family safe from a potentially tragic event. The device is small and portable, and it can be used with a variety of different types of outlets.
However, it is important to note that FireAvert should not be used in dusty or hot environments, and it is only intended for use with NEMA 10-50 outlets.
Who is the Founder of FireAvert?
Peter Thorpe, a professional fireman from Provo, Utah, founded FireAvert after witnessing the destruction caused by home fires.
Motivated to find a solution, he realized that stove fires were a major cause of emergency calls and developed a device that could link a stove and smoke alarm, shutting off the stove automatically in case of a fire.
He launched the product in 2014 and initially ran the company on his own, winning multiple tournaments and earning $100,000 in initial funding.
However, due to financial constraints, he sold shares to a friend, Jeff, who later became a strategic partner and helped expand the sales of FireAvert to multi-family housing institutions and nursing homes.
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What happen to FireAvert at the Shark Tank Pitch?
Peter goes on Shark Tank to seek an investment of $300,000 in exchange for 7% of his company, which he values at $4.2 million.
He is a fireman and entrepreneur, and pitches his product, Fire Avert, a device that prevents stove fires. He reveals that it has been on the market for 18 months and has a profit margin of 40%.
However, the Sharks are concerned about his ownership stake in the company, as well as the cost of the product.
In the end, Lori offers a $300,000 loan with a 15% royalty and Kevin offers a $300,000 loan with a 10% royalty, but Peter ultimately chooses Lori’s offer, which includes an option to recoup $400,000 and a 10% equity stake.
FireAvert after the Shark Tank Pitch
The price of the Fire Avert was lowered to $99 on both the company’s website and Amazon after the episode aired. The company generated $3.6 million in revenue by mid-2019 and continues to be successful in 2021.
It is projected to have an annual revenue of $4 million by November 2021.
FireAvert Net Worth
On Shark Tank Season 7 Episode 12, Peter sought an investment of $300,000 in exchange for a 7% stake in his company, which was valued at $4.2 million.
He ultimately accepted an offer from Lori, which included a $300,000 loan at a 5% interest rate, to be repaid until Lori recoups $400,000, as well as an additional 10% equity, bringing the valuation of the company down to $3 million.
FireAvert Competitor
There is no competitor identified for FireAvert Competitor.
FireAvert FAQS
What is FireAvert?
FireAvert is a fire prevention technology that detects smoke and sends a signal to stop their stove from cooking. It prevents fires from happening inside their home.
Who is the founder of FireAvert?
Peter Thorpe founded FireAvert.
How much was he seeking in the Shark Tank?
Peter was seeking $300,000 for a 7% stake in his company.
Did he get the deal from the Sharks?
He accepted an offer from Lori of $300,000 loan at 5% interest until she recoups $400,000, plus 10% equity.
Is FireAvert UL and CSA certified?
Yes, FireAvert has passed ETL testing and is certified to UL STD 498A and CSA STD C22.2 #42.
Is there a warranty?
Yes, all FireAvert items purchased from their website come with a Lifetime Warranty.
Does FireAvert work with Nest smoke alarms?
Yes, FireAvert is compatible with Nest smoke alarms.
Will FireAvert cause their stove to stick out?
No, FireAvert is designed to fit in the vacuum space beneath most stoves. They can order a pigtail from them if their outlet is in an unusual spot.
The pigtail serves as an extension cord, allowing them to move the FireAvert as needed to fit into the vacant area.
What if they accidentally set off my smoke alarm while cooking?
The FireAvert includes an intelligent ten second to one minute delay that allows individuals who aren’t the best chefs to clear out the smoke before the FireAvert turns off the electricity to the stove.
The delay gives them enough time to clear out the smoke or turn off the smoke alarm before the FireAvert turns off the power to the stove.
How can they reset the FireAvert?
The FireAvert is simply reset by turning off and on the breaker in their electrical panel.
They will never have to remove the stove again after installing the FireAvert. The FireAvert is also battery-free and requires no maintenance.
Will kid’s toys or loud music trip the FireAvert?
No, FireAvert is intelligent enough to discern between children screaming, loud music, children’s toys, and any other sound.
Only the real sound of their smoke alarm will cause the FireAvert to activate.
Is the FireAvert reusable?
Yes, the FireAvert may be used repeatedly. It never needs to be recharged or refilled.
Can they receive a discount on their insurance for installing the FireAvert?
This is determined by the policyholder. For further information, they should contact their particular insurance carrier.
What exactly does the FireAvert do?
FireAvert keeps their house safe against stove fires at all hours of the day and night.
The easiest approach to avoid or stop a stove fire is to simply switch off the stove before it catches fire, which is exactly what FireAvert accomplishes.
FireAvert intelligently shuts down the stove before it catches fire. FireAvert is always on the lookout for the sound of their smoke alarm.
Is the FireAvert necessary?
Yes, the FireAvert is a must-have for every home in the United States. In fact, a stove fire is recorded every 3.5 minutes.
The most common cause of house fires is cooking on an electric stove.
How do they reset FireAvert?
Reset the FireAvert by turning off the circuit breaker for 10 seconds and then turning it back on. Before using the FireAvert, it must be properly synchronized to a smoke detector.
What happened to FireAvert after shark tank?
The Fire Avert was reduced to $99 on the company’s website and Amazon the day after the episode aired.
He had $3.6 million in revenue by the middle of 2019, and the firm is still going strong in 2021.
What is net worth of Peter Thorpe?
Peter Thorpe’s net worth is unavailable.
What exactly is the Fire Avert website?
The website for FireAvert is www.fireavert.com.