Mighty Carver Electric Knife Shark Tank Net Worth 2023
Mighty Carver is an electric food carving knife that sounds like a chainsaw. It was founded in 2016 by Kim and Lance Burney. The couple appeared on Shark Tank Season 12 Episode 4, asking for $100,000 for 20% equity.
Daymond John offered $100,000 for 25% equity, which the Burneys accepted. Mighty Carver’s valuation was $500k before the Shark Tank deal.
According to a report, Mighty Carver’s net worth has increased to $450,000 in 2021 since receiving investment from Shark Tank.
After appearing on Shark Tank, Mighty Carver became the show’s best-selling product and generated revenue of $300 million as of 2022. The company sells its products on its website and other platforms such as Amazon.
What is Mighty Carver Electric Knife? Who is the founder of Mighty Carver Electric Knife?
The Mighty Carver is an electric carving knife that has a chainsaw-like appearance. It is the perfect gift for Father’s Day as it allows you to easily and quickly cut through various food items, including turkey, bread, vegetables, and cheese.
The knife’s stainless steel blades can be easily removed for cleaning, and it comes with a carving fork as well. The company behind this innovative product is Lankim LLC, co-founded by husband and wife team Kim and Lance Burney in 2016.
The Burneys were inspired to create the Mighty Carver after the passing of their grandfather just before Thanksgiving.
Their family had a tradition of using a chainsaw to clear trees and bushes after the holiday, and the Burneys wanted to create an electric carving knife that resembled a miniature chainsaw.
Kim played a significant role in the development of the product. She created, produced, and patented it in less than a year and sold it wholesale to well-known retailers such as Sharper Image, Ace Hardware, The Grommet, and Hammacher Schlemmer. The Mighty Carver is also available for purchase on Amazon for only $89.
The Burneys’ idea for the Mighty Carver caught the attention of a Shark Tank scout while they were showcasing their product at a housewares exhibition.
The product has been a hit, with 5000 units sold in 2019 alone. It is a fun and affordable way to add excitement to carving Thanksgiving turkey or any other meat.
Mighty Carver Electric Knife Shark Tank Pitch
Kim and Lance Burney pitch their electric carving tool, Mighty Carver, on episode 1205 of Shark Tank. They are seeking a $100,000 investment in exchange for a 20% stake in their company, which is valued at $500,000.
Their goal is to reduce production and distribution costs with the help of a Shark.
The Sharks are impressed with the product, which resembles a chainsaw and is perfect for holiday dinners. Kim has a patent for the invention, and they enjoy strong retail sales. However, due to the COVID-19 pandemic, they want to increase their direct-to-consumer sales.
All Sharks are interested in the product, with Mark and Barbara considering a joint deal. Kevin offers $100,000 for 33.3% equity, while Daymond offers $100,000 for 27.5% equity and initiates a countdown clock like Mark’s. Lori advises them to accept Daymond’s offer, and they ultimately do.
The Burneys thank Daymond and his team for helping them prepare for the “Shark Tank Effect,” and they finalize the deal. Daymond’s team works closely with the Burneys’ marketing team, helping them with vendor relationships.
This partnership results in a solid working relationship, and the company generates $8 million in annual revenue as of February 2022.
Net Worth of Mighty Carver Electric Knife
The company valuation was $500,000 during the pitch, after the investment done by Daymond John the company worth $400,000. Since then the company has a net worth of $450,000.
Mighty Carver Electric Knife FAQs
What is Mighty Carver Electric Knife?
Mighty Carver is a chainsaw-shaped electric carving knife. The ideal father’s day present enables you to cut effortlessly and swiftly through a variety of culinary products, including Thanksgiving turkey, bread, veggies, and cheese.
Who is the founder?
Kim and Lance Burney, a husband and wife team, are the company’s co-founders. The dynamic duo established Lankim LLC in 2016. Prior to this, Lance primarily worked as a side hustler in real estate and timber land management.
How much were they seeking on Shark Tank?
They were seeking for $100,000 for 20% stake in their firm, which was worth $500,000.
Did they have the deal?
Yes, they finalized deal with Daymond John.
How much was the deal?
Daymond offered $100,000 in exchange for 25% stake in the firm which was valued at $400,000.
Is Mighty Carver Electric Knife still in business?
Yes, the company is still in business as of February 2022.
How much was the revenue of Mighty Carver Electric Knife?
The company was had $8 million in annual revenue.
What is the price of Mighty Carver Electric Knife?
The product is priced at $89 only.
Where can I buy the Mighty Carver Electric Knife?
Customers can order them from their official website www.mightycorver.com.
What are the benefits of Mighty Carver Electric Knife?
The benefits of Mighty Carver Electric Knife are as follows: Quickly and Easily Cut Through Various Raw Materials
The Mighty Carver has a sharp, electric knife head ready to carve the entire turkey. One can easily slice up the bird with this brilliant tool.
More than that, they can easily get prepared for their Thanksgiving holiday by cutting through other roasted goods like sweet potatoes, pumpkin, or stuffing. One just needs to flip the device on, attach the blade and start carving.
Is Mighty Carver Electric Knife safe to use?
The Mighty Carver has a number of features that make this device safe to use. One can always turn it on and leave it alone. It does not overheat and does not burn the fingers as well.
How many times can I use Mighty Carver Electric Knife?
One can use it numerous times with the blade changing system.
Is Mighty Carver Electric Knife having precaution?
Yes, the device is not made for long-term use. One needs to have it a reasonable frequency of change of blade.
What is the best time to use Mighty Carver Electric Knife?
It can be used anytime of the year both at home and while traveling.
What is a good way to dispose the used batteries?
One can dispose them in a responsible manner by contacting the service department.
Does Mighty Carver Electric Knife have a warrant?
Yes, they have a one-year limited warranty.
Is Mighty Carver Electric Knife useful in other applications?
The device is not limited to turkey cutting and can be used for different purposes. For instance, it can be used to slice bread or other baked goods.
Besides that, one can use the device for the purpose of making homemade fruit rollups or vegetable chips. It makes an excellent helper for the preparation of meals at home.
Is Mighty Carver Electric Knife use for cutting bones?
No, it is not. The Mighty Carver is used to cut through vegetables, fruits and other raw materials.
Is Mighty Carver Electric Knife shipping?
Yes, the device is shipped in a box.
Is Mighty Carver Electric Knife easy to use?
One does not require any specific skill to use the device. It is not difficult to flip on the handle for cutting. Moreover, one does not require any tool for changing the blades because it has an automatic blade change system.
I received my product and how do I use it?
Change blades according to instructions and then follow operating instructions of the device.
What is the net worth of Kim Burney?
The net worth of Kim Burney is unknown.
What is the net worth of Lance Burney?
The net worth of Lance Burney is unknown.