Insta-Fire Shark Tank Update | Insta-Fire after the Shark Tank Pitch
What is Insta-Fire?
Insta-Fire is an easy-to-use, wafer-proof fire starter. It is appropriate for everyday use in fireplaces, fire pits, stoves, ovens, and campfires, as well as for use as an emergency source of heat and protection in the event of unforeseen situations.
The equipment was intended to perform in extreme weather circumstances and to be extremely dependable; as a result, the US military has included its usage into a variety of activities.
Insta-Fire sells 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 finished product resembles a coarse powder with pellets added.
It ignites in 1-3 seconds and produces an 8 inch high flames for 10-15 minutes with a half cup.
You can purchase it in single-use pouches for around five dollars for a three-pack or in bulk in two to five gallon buckets for between $40 and $80.
It is available for purchase on Amazon and at Sears, ACE Hardware, and other independent stores around the company’s home state of Utah.
Frank Weston and Konel Banner, both natives of Utah, created the corporation.
Frank graduated from Weber University with a B.S. in Broadcast Communications.
He began his career as the owner and president of Weston’s Special Services during the last years of his education.
He continues to work for the firm and has done so for almost twenty-two years.
Konel began his career with R.K. Wholesalers Inc. in 1995; he is presently the firm’s president and has been with the company for more than twenty-six years.
Insta-Fire was born out of an extraordinarily near call for Konel’s sister and her family.
Considered Idaho’s biggest tragedy, the Teton Dam failed in early June 1976, dumping eighty barrels of water into the Snake River Valley below.
As fate would have it, Konel’s sister and family were squarely in the line of the floodwaters during the tragedy.
For an entire week, the group was gone. They miraculously escaped unharmed; nonetheless, Konel was left rattled.
He worried how someone lacking in survival and outdoor abilities might make a fire in an emergency circumstance.
This is what inspired the invention of Insta-Fire—a device designed for convenience, but also with the ability to save lives.
Who is the Founder of Insta-Fire?
Konel Banner and Frank Weston.
What happen to Insta-Fire at the Shark Tank Pitch?
Konel and Frank appear on Shark Tank season 7 episode 19 in search $300,000 in exchange of 10% of their business. This indicates a $3 million appraisal.
They sought a simpler method of starting a fire and assert that “we did not invent fire; we refined it.”
Insta-fire is the world’s simplest fire starter. Konel ignites it and floats the burning substance on the surface of the water. They may even let it go on its own. It’s an excellent meal for igniting charcoal.
They contain a cellulose packet with a substance for igniting charcoal. In ten minutes, one cup of Insta-fire boils four cups of water.
Robert is curious about their vision. Their notion began as an emergency fuel but grew organically as they saw the product’s adaptability and untapped economic potential.
They have generated $2.1 million in sales during the last seven years. They grossed $378,000 last year and are on course to surpass that figure this year with $850,000.
Mark inquired as to the cost of production and the sale price. Connell informed him that the Firestarter cost $0.18 and was sold wholesale for $0.74 and retail at $1.49.
Robert is curious as to what is missing, and they claim they didn’t find out until the last year and a half. They are now available at large box retail establishments.
Profits were $238K last year, and they rewarded themselves $36K apiece. Robert asserts that they require massive volume and believes that $300,000 for 10% is excessive.
Kevin believes the business is not worth $1 million; he will offer $300,000 for 33.3 percent, while Daymond will offer $300,000 for 20% and 33.3 percent of online sales, respectively.
Mark inquires as to Lori’s willingness to partner at $300,000 for 33.3 percent. Lori has stated that she will handle retail sales while Mark will handle online sales.
After a brief pause, Daymond says that if they are not interested, they should inform him.
Kevin asserts that he is the king of QVC, while Lori asserts that he is the joker! After some back and forth, Daymond settles on 17.5% stake and 25% online for $300,000.
Kevin dips to 25% and Lori to 30%, extolling the benefits of having two Sharks.
Kevin drops below 20%, but they proceed with the agreement with Mark and Lori.
Insta-Fire after the Shark Tank Pitch
Mark Cuban and Lori Greiner closed the deal with Insta-Fire’s Konel Banner and Frank Weston. The couple were able to purchase the necessary packaging machinery, and having Sharks on their side has gave the firm gravitas.
“When we approach businesses, they are more receptive to our calls,” Konel explained to Forbes.
Within five years following their original appearance on Shark Tank, the couple anticipates that Insta-Fire sales will exceed $7 million.
With the assistance of the Sharks, Insta-fire is igniting the market and generating revenue for both the inventors and the Sharks.
They have exceeded that figure as of August 2021! Revenues total $4 million each year.
Insta-Fire Net Worth
Konel and Frank appear on Shark Tank searching $300,000 in exchange of 10% of their business. This indicates a $3 million appraisal.
They accepted an offer from Mark Cuban and Lori of $300,000 for 30% stake thus bringing valuation to be $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.