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.
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 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.
There is no competitor identified for Insta-Fire.
What is Insta-Fire?
Insta-Fire is an innovative and ingenious device that enables its user to start a fire in any condition.
Who is the founder of Insta-Fire?
Konel Banner and Frank Weston.
How much were asking in the Shark Tank?
The pair asked for $300,000 in exchange of 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 of $300,000 for 30% stake.
Is Insta-Fire still in business?
Insta-Fire is still in business and making annual revenue is $4 million.
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 are 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 lighting 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.