Insta-Fire Shark Tank Net Worth 2023

Insta-Fire Shark Tank Net Worth

Konel and Frank appeared on Shark Tank, the popular TV show for entrepreneurs, hoping to secure a deal that would help them take their business to the next level.

In particular, they were seeking a $300,000 investment in exchange for 10% of their business, which would put the company’s overall valuation at an impressive $3 million.

After pitching their innovative product, Insta-Fire, to the Sharks, Konel and Frank received an offer from Mark Cuban and Lori Greiner, two of the show’s prominent investors. The deal proposed by Mark and Lori was for $300,000 in exchange for a 30% stake in the company, which brought the overall valuation down to $1 million.

Konel and Frank carefully considered the offer, taking into account the expertise and connections that Mark and Lori could offer, as well as the potential impact that the deal could have on their business.

Ultimately, they decided that the offer was too good to pass up and accepted it, marking a significant turning point in the history of their company. With the help of Mark and Lori, Konel and Frank were able to invest in new packaging machinery and expand their operations, resulting in increased sales and revenue.

What is Insta-Fire and Who is the Founder of Insta-Fire?

Insta-Fire is a user-friendly, waterproof fire starter that can be used daily in fireplaces, fire pits, stoves, ovens, and campfires, as well as for emergency heating and protection in unforeseen situations.

It was designed to perform in extreme weather conditions and to be highly reliable, which is why the US military has adopted it for various activities.

The company offers fire starter kits and buckets, as well as fire logs, emergency fuel, charcoal starters, stoves and lighters, and a limited selection of branded gear.

The final product is a coarse powder with added pellets, and it ignites in 1-3 seconds, producing an 8-inch high flame for 10-15 minutes with half a cup.

It is available for purchase on Amazon, Sears, ACE Hardware, and other independent stores in Utah, where the company is based. It can be bought in single-use pouches for around $5 for a three-pack or in bulk in two to five-gallon buckets for between $40 and $80.

Frank Weston and Konel Banner, both from Utah, founded the company. Frank graduated from Weber University with a B.S. in Broadcast Communications, and he has been the owner and president of Weston’s Special Services for almost 22 years.

Konel has been with R.K. Wholesalers Inc. since 1995, and he is currently the firm’s president, having worked there for over 26 years.

The idea for Insta-Fire came about after Konel’s sister and her family narrowly escaped the Teton Dam disaster in Idaho in 1976.

After this close call, Konel was concerned about how someone with limited survival and outdoor skills would start a fire in an emergency situation. This inspired the invention of Insta-Fire, a device designed for convenience but also with the potential to save lives.

Table: Insta-Fire Shark Tank Summary

ITEM	DESCRIPTION
Product	Insta-Fire, a waterproof, user-friendly fire starter
Founders	Konel Banner and Frank Weston
Pitch	Season 7, Episode 19 of Shark Tank
Offer	$300,000 for 30% equity from Mark Cuban and Lori Greiner
Valuation	$1 million
Revenue	Over $4 million annually as of August 2021
Sales	Available on Amazon, Sears, ACE Hardware, and independent stores in Utah
Future Sales Projection	Over $7 million within five years of their appearance on Shark Tank

Insta-Fire Shark Tank Pitch

Konel and Frank presented their business on season 7 episode 19 of Shark Tank, seeking a $300,000 investment in exchange for 10% of their company, which was valued at $3 million.

Their product, Insta-Fire, is a simple and efficient fire starter that uses a cellulose packet with a substance for igniting charcoal. They claimed that they did not invent fire, but rather refined it.

During the pitch, the Sharks were impressed with Insta-Fire’s sales, which had generated $2.1 million over the last seven years. They also praised the product’s versatility and potential for growth.

However, Kevin thought that the company was not worth $1 million, and offered $300,000 for 33.3% of the company. Daymond offered $300,000 for 20% of the company and 33.3% of online sales, while Lori offered to partner at $300,000 for 33.3% of the company.

After some negotiation, Mark and Lori closed the deal with Konel and Frank, purchasing the necessary packaging machinery and bringing credibility to the company.

With the Sharks’ support, Insta-Fire has continued to grow, with projected sales of over $7 million within five years of their appearance on Shark Tank. As of August 2021, the company’s revenues have exceeded $4 million annually.

Insta-Fire Shark Tank Updates

Insta-Fire is a product that helps start fires for camping or grilling. It is made of a mixture of volcanic rock, paraffin wax, and wood pellets.

Konel Banner and Frank Weston created Insta-Fire and appeared on Shark Tank in season 7, episode 19, seeking a $300,000 investment in exchange for 10% equity.

Mark Cuban and Lori Greiner made an offer of $300,000 for 30% equity, which Konel and Frank accepted. The deal went well, and they were able to purchase the new packing machines they needed.

After their appearance on Shark Tank, Insta-Fire’s sales increased significantly. In 2022, they were making over $4 million in annual revenue. The Sharks’ support helped Insta-Fire continue to grow, with projected sales of over $7 million within five years of their appearance on Shark Tank.

Insta-Fire is still in business and selling its products on Amazon and its website, and they have received overwhelmingly positive feedback.

Insta-Fire Net Worth

Konel and Frank appear on Shark Tank searching for $300,000 in exchange for 10% of their business. This indicates a $3 million appraisal.

They accepted an offer from Mark Cuban and Lori of $300,000 for a 30% stake thus bringing the valuation to $1 million.

Insta-Fire Competitors

There is no competitor identified for Insta-Fire.

Insta-Fire FAQS

What Is Insta-Fire Shark Tank?

Insta-Fire is a patented blend of volcanic rock, wood pellets, and paraffin wax that allows you to light a fire in any weather conditions. It is a natural fire igniter that instantly ignites charcoal without a match or the need for a lighter.

Konel Banner and Frank Weston created Insta-Fire to help people start fires for camping or grilling easily. Insta-Fire is also a must-have item for anyone engaging in outdoor activities like hiking, snowmobiling, backpacking, hunting, fishing, or mountain climbing.

Konel and Frank appeared on Shark Tank in season 7, seeking $300,000 for 10% equity in their business. They demonstrated their Insta-Fire product, which created a flame that was difficult to put out (unless you put it out with itself).

Mark Cuban and Lori Greiner invested $300,000 for 30% equity in the company. After their appearance on Shark Tank, Insta-Fire’s sales skyrocketed. Within five years of their initial Shark Tank appearance, the pair projected that Insta-Fire sales would grow to over $7 million.

As of 2022, Insta-Fire had already reached that figure and generated $4 million in revenue yearly.

How Does Insta-Fire Shark Tank Work?

Insta-Fire is a fire-starting product that uses a combination of wood pellets, volcanic rock, and paraffin wax to create a powerful flame that burns at 1000 degrees in just seconds.

The product was created by Frank Weston and John Konkel, who appeared on Shark Tank in season 7, episode 19, seeking a $300,000 investment in exchange for 10% of their company, which was valued at $3 million.

During the pitch, they demonstrated how the product works and claimed that they did not invent fire, but rather refined it.

Mark Cuban and Lori Greiner closed the deal with Konkel and Weston, purchasing the necessary packaging machinery and bringing credibility to the company.

After Shark Tank, Insta-Fire’s sales jumped to $2.1 million, and the company’s valuation was around $999,000. With the help of Mark and Lori, Insta-Fire is now available on various online platforms.

Insta-Fire is not just created as an emergency kit product, but it can also be used for camping, backyard fire pits, ATV-ing, dutch oven cooking, hunting, and more.

The product is granulated, so users can simply pour what they require into a pile on an inflammable surface and ignite it with a match or lighter.

Insta-Fire is an efficient and safe fire starter that avoids harmful fumes and high flames often associated with highly flammable starters.

What Happened To Insta-Fire After Shark Tank?

Insta-Fire is an instant fire starter that was pitched on Shark Tank in season 7, episode 19. The founders, Konel Banner and Frank Weston asked for $300,000 for 10% equity in their company, which was valued at $3 million.

They received offers from four of the Sharks and ultimately accepted Mark Cuban and Lori Greiner’s joint offer of $300,000 for 30% equity. Before appearing on Shark Tank, Insta-Fire had made sales of $1.2 million.

In the year before filming, they had $378,000 in sales, and in the year of filming, they were projected to earn twice that amount. After the Shark Tank show, their sales jumped to $2.1 million.

With the Sharks’ support, Insta-Fire has continued to grow, with projected sales of over $7 million within five years of their appearance on Shark Tank. As of August 2021, the company’s revenues have exceeded $4 million annually.

Insta-Fire is still in the market, and they are selling to the military as well. The product is made of a mixture of volcanic rock, paraffin wax, and wood pellets, making it waterproof and an instant fire starter.

Is Insta-Fire Shark Tank Still In Business?

Yes, Insta-Fire from Shark Tank is still in business. Insta-Fire is a wafer-proof, easy-to-use fire starter that is suitable for use in fireplaces, fire pits, stoves, ovens, and campfires on a daily basis, as well as an emergency source of heat and protection in the case of an unanticipated circumstance.

Konel Banner and Frank Weston created Insta-Fire and appeared on Shark Tank in season 7 episode 19 in quest of $300,000 in return for 10% ownership of their company. They received an investment of $300,000 for 30% equity from Mark Cuban and Lori Greiner.

After the Shark Tank show, their sales jumped to $2.1 million. Insta-Fire is still in operation and generates $4 million in yearly revenue. They sell their products on Amazon and their website, and they have received overwhelmingly positive feedback.

Insta-Fire is available on various online platforms with the help of Mark Cuban and Lori Greiner. They are currently selling to the military as well as Boy Scouts of America. Within five years after their first appearance on Shark Tank, the pair expects Insta-Fire sales to surpass $7 million.

What is the current valuation of Insta-Fire after Shark Tank?

Insta-Fire is a company that offers a water-repellent instant fire-starter solution for camping and outdoor activities.

The company appeared on Shark Tank in season 7, episode 19, in February 2016, seeking a $300,000 investment in exchange for 10% of their company, which was valued at $3 million.

Mark Cuban and Lori Greiner closed the deal with Konel Banner and Frank Weston, purchasing the necessary packaging machinery and bringing credibility to the company.

Insta-Fire’s net worth has increased significantly since its appearance on Shark Tank. As of 2022, the company’s net worth is $7.5 million.

In 2021, Insta-Fire was making over $4 million in annual revenue. Within five years after their first appearance on Shark Tank, the founders expect Insta-Fire sales to surpass $7 million.

In conclusion, Insta-Fire’s net worth after Shark Tank is $7.5 million, and the company has experienced significant growth since its appearance on the show.

How much were asking in the Shark Tank?

The pair asked for $300,000 in exchange for 10% of their business. This indicates a $3 million appraisal.

Did they get a deal?

Yes, they accept an offer from Mark Cuban and Lori Greiner.

How much was the deal?

They accepted $300,000 for a 30% stake.

Where does Insta-Fire sell?

Yes, they can buy Insta-Fire on Amazon, Walmart, Target, Home Depot, Ace, True Value, Gander, Meijers, Lowes, and more.

Where is the headquarters of Insta-Fire?

The headquarters of Insta-Fire is located at 535 W Stockman Way in Ogden, Utah.

What is the industry of Insta-Fire?

Insta-Fire is a manufacturer of Other Chemical Products and Preparations.

What is the phone number for Insta-Fire?

The phone number for Insta-Fire is (888) 482-4868.

What is the purpose of the Insta-Fire website?

The website for Insta-Fire is www.instafire.com.

What year did Insta-Fire begin?

Insta-Fire began operations in 2008.

What is the composition of instant fire?

Insta-fire is a completely natural fire starter that ignites quickly, burns fiercely, and is safe to carry and store. It is constructed with volcanic rock, wood pellets, and paraffin wax.

What percentage of Insta-Fire do they use?

Because Insta-Fire is granulated, users can simply pour what they require into a pile on an inflammable surface and ignite with a match or lighter.

If their wood is dry, use only a small amount. If the surface is damp or the object is bigger, add a bit extra.

How hot is the flame produced by Insta-Fire?

The flame is above 900 degrees due to the special components in Insta-Fire. That is why it may be used in place of kindling, boils water, dries and lights wet wood, and quickly ignites charcoal.

How much fire is produced by Insta-Fire?

Insta-Fire generates a 6–10 inch high flame that burns for around 5–7 minutes, depending on the conditions and the amount utilized.

What will they experience fighting it?

It will ignite similarly to a candle, producing a flame in about a second, and gradually increase in size from there, allowing them time to arrange their wood around the fire.

It may take up to three seconds, depending on the humidity and type of match or lighter used.

Is Insta-Fire dangerous – Will it explode?

Because Insta-Fire is not a dangerous combustible, there is no risk of explosion.

Because Insta-Fire contains wax, it is suggested that it be stored in a cold, dry location well below 160 degrees Fahrenheit to prevent the wax from melting.

Does Insta-Fire work if it gets wet?

Due to the wax component, Insta-Fire is water-resistant; it will continue to function even if it becomes wet. Indeed, it floats and burns on water.

Can they extinguish Insta-Fire and then re-use it?

Yes, they are free to extinguish the fire and re-use Insta-Fire at their leisure.