Melni Connectors Shark Tank Net Worth 2023
Mark, Byron, and Armand appeared on Shark Tank season 6 episode 25 in search of $500K for a 5% stake in their company, which indicated a valuation of $10 million. After some negotiation and consideration, the trio accepted an offer from Mark Cuban for $500,000 in exchange for 12% stake in the company.
This brought their overall evaluation to $4.1 million; Fast forward to 2023 and the company is still operating with annual revenue at $3 million.
Following their appearance on Shark Tank, they have also managed to expand into further industries such as automotive, military, agricultural and renewable energy markets – all of which are listed on Mark Cuban’s website.
What is Melni Connectors?
The Melni Connector is an innovative electrical connector designed specifically for splicing secondary electrical lines in direct burial and submersible applications. This groundbreaking product has been named Product of the Year for its ability to make the splicing procedure faster, safer, and easier, without requiring expensive specialized tools.
To use the Melni Connector, simply strip the two ends of the cable to be linked and insert each side of the connection with the stripped ends. Ratchet down the connector to secure it and manually tighten the sealing caps to provide an environmental seal. The wire is now completely connected and can be buried or submerged as with a conventional connection.
The founder of the Melni Connector is Mark Melni, a visionary and inspirational individual who comes from a family-owned electronic business. Melni was inspired by both client issues and an old childhood toy, the Chinese Finger Trap, to create his first product in 2007.
This product featured an amazing new type of electrical connection that became increasingly tight as it was pulled apart. Melni secured a patent for his idea in 2010 after having it evaluated at Underwriters Laboratories.
Melni launched the Melni Connectors firm with the help of close friends Armand Eckert and Bryon Dunn. However, they faced some initial struggles in getting the company off the ground.
What happen to Melni Connectors at the Shark Tank Pitch?
On season 6 episode 25 of Shark Tank, Mark, Byron, and Armand pitched their business in search of $500K for a 5% stake, indicating a $10 million valuation.
Byron demonstrated the current method of crimping an electrical connection, which was time-consuming and difficult to perform. In contrast, the Melni connection took only 10 seconds to install and was much safer.
Each Melni connection cost around $15 to produce but retailed for $39. They had received a substantial order from Irrigation Components International for $585,000 and anticipated sales of $6 million the following year. Kevin doubted the valuation based on the single transaction, but Armand, who had invested $50,000 in the company, believed in the connector’s quality.
Mr. Wonderful was out, believing they had a superior product, but failed to convince him they had a sound strategy. Barbara Corcoran felt they hadn’t emphasized the product’s versatility, while Lori Greiner believed it was a superior mousetrap but challenging to market.
Robert loved the product but was unhappy with the team’s lack of focus, so he exited. Mark Cuban, despite having no experience in the industry, made an offer of $500K for a 12% stake, with an option to increase his investment to $1 million at a $15 million valuation. Mark Melni asked for permission to make a call, but Mark Cuban refused, and they struck a deal.
Melni Connectors after the Shark Tank Pitch
Melni Connectors has entered into an agreement with Mark Cuban, who has not only invested $1 million in the company but also provided access to a large electrical supply wholesaler. Since its inception, the company has been dedicated to obtaining an Underwriters Laboratory listing and securing seven foreign patents.
In early 2018, Melni Connectors commenced distribution of their products. In a Shark Tank update, Mark Cuban mentioned that the seven patents on Melni’s connections meant that it took three years to commence sales, as he wanted to ensure that all aspects of the product were in order before undergoing tests and certifications.
Fortunately, on December 27, 2017, Melni’s Splice Connector received UL certification, paving the way for distribution and resulting in a revenue of $3 million as of December 2021.
Melni Connectors Net Worth
Mark, Byron, and Armand appear on Shark Tank season 6 episode 25 in search of $500K in exchange for a 5% stake. This indicates a $10 million valuation. They accepted an offer from Mark of $500,000 for 12% stake thus brining valuation to be $4.1 million.
Melni Connectors Competitors
There is competitor identified for Melni Connectors.
Melni Connectors FAQS
What is Melni Connectors?
Melni Connectors is a device that provides an easy and quick way to join two wires or cables. They can make almost any type of electrical connection without the need for crimping or soldering.
Who are the founder of Melni Connectors?
Mark Melni is the founder of Melni Connectors but he partnered up with close friends Armand Eckert and Bryon Dunn to help get the business off the ground.
How much was they seeking in the Shark Tank?
They were seeking $500,000 for a 5% share in the company.
How much did they received from the Sharks?
They received a total of $500,000 investment for 12% stake with an option to increase his investment of $1 million from the Mark Cuban.
Where is Melni Connectors located?
Melni Connectors is located in Boise, Idaho.
What is Connectors Melni industry?
Melni Connectors is a manufacturer of Other Electrical Equipment & Components.
What is Melni Connectors phone number?
Melni Connectors may be reached at (208) 736-4276.
What is Melni Connectors website?
The Melni Connectors website is located at www.melniconnectors.com.
Who is Melni Connectors key principal?
Mark Melni is the primary principal.
How does Melni Connectors make their money?
They sell their products to the electrical and general market.
Is Melni Connectors a start-up company?
They are a start-up company but they have already built up a significant revenue through licensing deals with a number of electrical companies in North America and overseas.
They focus on connecting power cables and wires with ease to other power cables and wires.
Is Melni Connectors a private or a public Company?
They are a privately held company.
Is Melni Connectors water proof?
The Melni Connector is watertight, having sealing covers that compress a neoprene bushing around the cable, completely sealing the connection.
Is Melni Connectors still in business?
Yes, they are still in business and as of December, 2021, they are shipping product and have revenue of $3 million.
What is Melni Connectors revenue?
Melni Connectors generated $3 million in revenue per year.
What is the net worth of Mark Melni?
Mark Melni’s net worth is unavailable.
What is the net worth of Armand Eckert?
Armand Eckert’s net worth is unavailable.
What is the net worth of Bryon Dunn?
Bryon Dunn’s net worth is unavailable.
When was Melni Connectors founded?
It was founded in the 2007.
