Oru Kayak Net Worth 2023 | Oru Kayak Shark Tank Update
What is Oru Kayak?
Oru Kayak is an origami-folding kayak that fits in your bedroom closet. The material is both strong and light. The entire boat weighs only 26 pounds. The top seams are the only seams on the boat.
The Oru Kayak is fast and durable while also being comfortable, making it ideal for beginners. When founder and designer Anton Willis moved into a small apartment in San Francisco, he had the idea for Oru Kayak.
Because he didn’t have enough space in his own apartment, he had to store his fiberglass kayak. This prompted him to consider how he could store his kayak in his apartment while retaining all of its functionalities.
Who is the Founder of Oru Kayak?
Oru Kayak was founded by Anton Willis, Roberto Gutierrez, and Andy Sobhani in 2012. The idea for the company came to Anton Willis when he moved into a small apartment in San Francisco and realized he had no room for his traditional kayak.
He began experimenting with the concept of a foldable kayak using origami as inspiration, and built over 25 prototypes which he tested in local lakes. The company was successful in raising $443,000 on Kickstarter, with an initial ask of $80,000.
Anton Willis, the lead designer, is a lifelong paddler and graduate of Berkeley’s architecture program, and was joined by Sobhani, who holds an MBA in Design Strategy, and Gutierrez, a former competitive surf kayaker and outdoor products sales professional.
The Oru Kayak has received numerous awards and has been featured in various media outlets such as Popular Science, Fast Company, Gear Patrol, and CNN.
Oru Kayak Shark Tank Pitch?
The founders of Oru Kayak, Anton, Robert, and Ardy, appeared on Shark Tank in episode 28 of season 5 seeking $500,000 in exchange for a 12% stake in their company, which they valued at $4.2 million.
They highlighted the kayak’s ease of use and durability for beginners, and shared that they had been in business for nine months and were already shipping worldwide.
They had sold 1,228 kayaks at $1,100 each, for a total of $1 million. The Sharks were impressed by the design but had concerns about the manufacturing and scalability of the business.
Mark Cuban and Daymond John decided not to invest, and Kevin O’Leary felt that the $500,000 was not enough. Barbara Corcoran was also unsure about what to do with the business.
Robert Herjavec, however, was interested and offered $500,000 for 25% equity, which the founders countered with $500,000 for a 20% stake and a seat on the board.
They eventually came to an agreement with Robert Herjavec, but the details of the final deal were not specified on the show.”
After appearing on Shark Tank, Oru Kayak did not end up making a deal with Robert Herjavec. However, the company continued to grow and expand.
They collaborated with GetOutfitted, a startup that rents out outdoor equipment, and offered a rent-to-own program. Oru kayaks can also be found in select REI stores. The company has five models and offers financing options.
In September 2021, the company was acquired by Solo Stove for an undisclosed amount. Their annual revenue is estimated at $8 million and they compete with other kayak brands such as Folbot, Malibu Kayaks, Liquidlogic Kayaks, Wave Sport, Perception Kayaks, Necky Kayaks, NuCanoe, and Seaward Kayaks.
The net worth of the company was valued at $4.2 million during the Shark Tank pitch and has since increased based on the $8 million in sales as of 2021.
Competitors of Oru Kayak
The company competes with the following companies in the market space; Folbot, Malibu Kayaks, Liquidlogic Kayaks, Wave Sport, Perception Kayaks, Necky Kayaks, NuCanoe, and Seaward Kayaks.
Oru Kayak Net Worth
The company was valued at $4.2 million during the Shark Tank pitch; in 2021 the company has made a total of $8 million in sales. This justifies that the company valuation had increased.
Oru Kayak FAQs
What is Oru Kayak?
Oru Kayak is an origami-folding kayak that fits in your bedroom closet. The material is both strong and light. The entire boat weighs only 26 pounds. The top seams are the only seams on the boat.
Who is the founder?
Anton Willis is the founder, founder and designer of Oru Kayak as well.
How much were they asking on Shark Tank?
They were asking for $500,000 equity in exchange for 12% ownership of Oru Kayak.
Did they get the deal?
Yes, they got the deal from Robert Herjavec.
How much was the deal?
Robert Herjavec offered $500,000 in exchange of 25% equity shares but they never completed the deal.
Is Oru Kayak still in business?
Yes, they are still in business with annual sales of $8 million.
How much does one cost?
They are sold for $1,500 retail. Customers can rent them for $150 a week or buy one for $3,000 to $5,000.
Is Oru Kayak successful?
Yes, the company was valued at $4.2 million during their Shark Tank pitch. In 2021 the company has made a total of $8 million in sales.
What’s the current status of Oru Kayak?
Oru Kayak continues to expand and is sold at select REI stores. Their market capital is unknown as we are unable to access their financial records further than 2021.
Where are Oru Kayaks made?
The boats are made in Taiwan.
How often does Oru Kayak make new boats?
The company plans on making new boats every six months.
What is the purpose of the Oru kayak?
Its entirety is to offer a fast, well-built, small craft that is easy to learn on and can be used as well as replaceable by novice users.
It targets campers, amateur fisherman and beach goers who wish one whole thing would do all things.
Do Oru Kayaks have rudders?
No rudders are used on Oru Kayaks.
Are Oru Kayaks easy to use?
They are easy to use because of their origami-like folding capabilities.
How many people can fit in Oru Kayaks?
An average boat can seat two people but bigger boats can fit up to three or four.
Are they durable?
Oru Kayak boats are very durable. They are made with a honeycomb core, which makes it tough and light at the same time.
What is the net worth of Anton Willis?
Anton Willis net worth is $1.1 Million.