Night Runner’s Net Worth
Night Runner 270’s net worth is estimated to be around $1 million as of 2022. The company was valued at $2.5 million during its Shark Tank pitch, but the deal with Robert Herjavec fell through.
What is Night Runner and Who is the founder of Night Runner?
Night Runner is a wearable device that uses LED lights to help runners avoid collisions during their nighttime jogs.
The device is a pair of waterproof LED lights that clip onto shoes and provide a 270-degree field of vision that illuminates the region 30 feet ahead of the runner. The product is also equipped with a red, rear-facing light to ensure that traffic can see the runner.
The idea for Night Runner Shoe Lights came about when Doug stumbled on a pothole during his marathon training in 2013 and sprained his ankle.
He hobbled home with the idea of creating a device that would reduce the risk of collision with objects after dark. Renata, an aspiring entrepreneur, and avid runner joined forces with Doug to create the product.
The couple began developing the product in 2013 and successfully raised $43,000 through a Kickstarter campaign in 2015 to fund the first round of manufacturing. The device weighs only 1.5 ounces and has a battery life of three to five hours, which can be recharged using a simple USB connector.
Doug and Renata have made over 100 prototypes of the Night Runner Shoe Lights for themselves and their friends to test.
Their primary goal is to reduce the risk of collision with objects after dark. The device has received positive reviews, with many customers appreciating its effectiveness in increasing visibility and reducing the risk of accidents.
Night Runner was founded by Doug and Renata, who met at a running store and share a passion for running. The product has been successful in the market, with annual sales reaching $5 million as of 2021. The device is currently priced at $59.95 per pair and is available for purchase on the company’s website.
Night Runner Shark Tank pitch
Renata and Doug appeared on Shark Tank to seek investment and support for their Night Runner product. They aimed to raise $250,000 in exchange for 10% ownership of their business, which was valued at $2.5 million. They shared their inspiration behind Night Runner, which was Doug’s accident while running in the dark.
During their pitch, they offered samples to the investors. Mark seemed unaware of their presence, but Kevin took an interest in the product.
They disclosed that the cost of production is $15.50, and they sell for $30 wholesale. The recommended retail price was $59.95, and they had generated $260,000 in sales in eight months, with expected revenue of $760,000.
The Sharks made various offers, with Robert offering $250,000 for a 30% stake, and Kevin undercutting him with an offer of $250,000 for a 15% stake.
Lori offered $300,000 for a 20% stake following a hiatus, and Robert changed his offer to $200,000 for a 15% stake and a loan of $150,000.
Mark offered $250,000 for 30% ownership and unlimited buy order credit. After some discussion, the Sharks agreed to invest $250,000 in exchange for 30% ownership, with Robert, Kevin, and Lori each owning 10%.
However, after leaving the pitch, Doug stated that he was only willing to give up a maximum of 20% equity. The Sharks later revised their offers, and the final deal was never executed.
However, Night Runner received significant attention after the show, earning $300,000 in the month following their appearance and $880,000 by the end of the year. They also received over 300 inquiries from firms interested in their industrial model.
In October 2021, the company rebranded as Night Tech Gear, and it now generates approximately $1.5 million in annual revenue.
Competitors of Night Runner
The primary competitor of Night Runner is Bright Response.
Net Worth of Night Runner
The company was valued at $2.5 million during the pitch, after the Robert investment the company was valued at $1.7 million. Since then the company had made a lot of sales with annual revenue of $1.5 million, this shows that the company’s net worth had raised in 2021.
Night Runner FAQs
What is Night Runner?
Night Runner is a pair of small, waterproof LED lights that clip onto shoes and illuminate the region 30 feet ahead of a runner.
Who is the founder?
Renata is an aspiring entrepreneur. She and Doug have been together for three years, after meeting at a running store.
How much were asking on Shark Tank?
They were asking for $250,000 for a 10% stake in their business, which is valued at $2.5 million.
Did they get the deal?
Yes, they got a deal with Robert Herjavec.
How much was the deal?
The deal was $250,000 for 15 percent plus a $100,000 loan.
Is Night Runner still in business?
Yes, they were successful. The company changed its name to Night Tech Gear in October, 2021. They made a lot of sales in the month after the debut air date and ended the year with a net worth of $1.7 million.
What were your sales prior to Shark Tank?
They’ve made $260,000 in sales in the eight months they’ve been in business. They anticipate $760,000.
What happened to Night Runner after Shark Tank?
The company changed its name to Night Tech Gear in October, 2021 and generates around $1.5 million in annual revenue as of June 2021.
How much is Night Runner?
The recommended retail price is $59.95.
What is the website?
There is no website, but one can learn more about them at http://nightrunnerlight.com/ or follow their Facebook page at https://www.facebook.com/nightrunnerlight/.
What is the primary goal of Night Runner?
The lights enable runners, walkers, and cyclists to see and be seen as they move through the dark. Cars can see the lights well, and the driver can avoid dangers like as curbs and potholes. Furthermore, there is a rear-facing red light to help traffic see you.
Are Night Runner Shoe Lights legal?
While the devices are legal to own and operate as intended, they fall under the definition of “street lamps” in Colorado State Statutes. Under this statute it is illegal to use the lights within 100 feet of any road or highway improvement.
How long are the batteries?
The batteries will last around 5 hours, depending on the power setting. The rear light has a lithium battery which lasts for 3 hours when it’s fanned.
What colors are available?
The Night Runner is available in 6 colors; blue, yellow, pink, green and red colors and black. The colors not only help the user to be seen by other drivers but also make them look fashionable while running or walking in the dark.
What can you do with Night Runner?
Night Runner has two main applications: Runners who want to increase their safety during nighttime running and runners who want to save energy from power-hungry headlights of cars.
What is the net worth of Renata Stoner?
The net worth of Renata Stoner is unknown.
What is the net worth of Doug Stoner?
The net worth of Doug Stoner is unknown.