Frywall Shark Tank Net Worth 2023
When Frywall, a kitchen gadget designed to prevent oil splatters, was presented to the Sharks, it was valued at $1 million. This valuation was based on the founder, Yair Reiner’s request for $100,000 in exchange for a 10% stake in the company.
As of 2021, the exact net worth of Frywall is unknown. However, the company has since gone on to sell several million dollars’ worth of products worldwide, which is a significant increase from its initial valuation of $1 million on Shark Tank.
Despite the lack of information about Frywall’s current net worth, the company’s success in generating millions of dollars in sales globally is a clear indication of its continued growth and success in the market.
What is Frywall? Who is the Founder of Frywall?
Frywall is a clever kitchen invention consisting of a free-standing silicone cone that fits snugly over a frying pan. Its purpose is to prevent hot oil from splattering onto the cook or stove.
The idea for Frywall was conceived by Yair Reiner, who is based in Brooklyn, New York City and founded the company.
As an enthusiastic cook, Reiner became frustrated by the mess and splatters caused by cooking and sought a suitable splatter guard.
Unable to find a suitable product on the market, he decided to create his own by purchasing common silicone components online and putting them together.
After constructing the first prototype of Frywall, Reiner was laid off from his job, which led him to take the development of his invention more seriously.
He spent three months working on a second prototype before beginning mass production. Each Frywall cost him $5.50 to create and was sold for $25.00, resulting in a significant profit margin.
In 2016, Reiner launched a Kickstarter campaign, which exceeded its $10,000 goal by raising $16,443. By the time he appeared on Shark Tank in 2018, he had already made $800,000 in total sales of Frywall splatter protectors.
His product was available at 55 retail locations across the United States, and he successfully obtained a utility patent for his invention.
Frywall Shark Tank Pitch
Yair Reiner appeared on Shark Tank and offered a 10% stake in his firm for $100,000. He showcased his product to the Sharks, who showed interest.
Yair revealed that the cost of producing each item is $5.50, and they sell for $25. The majority of his sales, 70%, come from his website, and the remaining 30% from 55 independent stores. The company generated $800,000 in sales and was excited to collaborate with Bed Bath & Beyond.
However, Robert and Mark were not interested, and they pulled out of the deal. Kevin offered $100,000 for a 15% stake in the firm, and Daymond made the same offer.
Lori then offered $100,000 for a 10% stake in the firm, which Daymond matched later. Finally, Yair agreed to Lori’s offer of $100,000 for 10% equity in the company, and the deal was sealed.
After the deal, Frywall enjoyed significant success in terms of sales and recognition.
They became a household name in the splatter screen niche and were featured on various culinary shows and TV programs such as CNBC, Los Angeles Times, ABC, and QVC in 2019 and 2020.
The company also released more products with Lori’s help, leading to a rapid expansion of consumers, particularly on their website and Amazon.
Net worth of Frywall
Frywall was valued at $1 million when it was offered to the sharks.
This net worth was calculated based on Reiner’s request for $100,000 in exchange for 10% stock in the firm.
Frywall’s real net worth as of 2021 is unknown, however the firm has already sold several million dollars’ worth of items globally, much above its initial $1.5 million value when it featured on Shark Tank.
What is Frywall?
Frywall is an ingenious kitchen gadget that makes cooking easier. It is a silicone cone that fits over frying pans, preventing oil from splattering all over your stovetop.
This gadget is extremely useful for anyone who cooks often, especially for people who cook with oil on the stove often.
Yair Reiner, the founder of Frywall is a serial entrepreneur who had previously founded a used car business.
He began looking for a splatter guard after becoming frustrated with the splatters and spills he encountered while cooking.
What is their offer on Shark Tank?
Reiner was offered $100,000 for 10% equity shares.
How much did they receive?
Yair Reiner received $100,000 for 10% stake from Lori Greiner.
Is still in business?
Frywall is still in business and still sells products on their website.
Is this a real product?
Yes, this is a real product.
How is the business model?
The business model is sale of the fry wall product.
Where to buy?
Frywall can be bought from their website, as well as on Amazon.com.
Is safe to buy online?
Yes, shopping online is safe.
How does it work?
Frywall is a simple silicone cone that fits over frying pans, preventing oil from splattering all over the stovetop.
Is this product patent pending?
Yes, it is patented.
Is a Frywall private or public?
Frywall is a private company.
Are there any other products besides the Frywall?
Yes, Frywall also sells a fry wall splatter screen and other produce such as pans and casserole dishes that can be used to fry wall product.
Is this product comparable to Kickstarter?
Yes, it is comparable to Kickstarter because Reiner used crowd funding and Crowdfunding to get his idea and product off the ground.
How much in sales does this product have?
In 2017 the product had made $800,000 in sale.
What is the cost to make it?
In 2017, each item cost Reiner $5.50 to produce and sold at a retail price of $25.00, giving him a 70% profit margin.
What are the strengths?
The strengths of this product are that it is useful to many people and it has a large target audience.
What is a weak point of this company?
The weak point of this company is that the product had not been tested before Shark Tank.
Is their opportunity?
The opportunity is there for Yair Reiner to expand on his product and sell it online, so he can get the sales up even more.
Is there any other way this makes money?
The other way to make money is through licensing deals.
Is it legit?
Yes, it is legit.
Is this worth money?
Yes, the product is worth the $1 million.
What is their connection with Shark Tank?
Their connection with Shark Tank was that they appeared on season 9 of Shark Tank to see if they could get a deal for their business.