Oru Kayak Shark Tank Update | Oru Kayak after Shark Tank
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 began when founder and designer Anton Willis moved into a small San Francisco apartment.
He began reading about origami, which inspired him to design a folding kayak. Anton Willis spent a lot of time sketching paper models for his foldable kayak concept before designing and building full-scale prototypes.
In fact, he built over twenty-five full-scale prototypes and tested them in lakes throughout San Francisco and the Bay Area.
Anton Willis, Roberto Gutierrez, and Andy Sobhani founded the company on December 19, 2012, after their Kickstarter project was successfully funded. On an $80,000 ask, the three men raised a whopping $443,000!
Anton, a life-long paddler from the lovely Mendocino County region and a Berkley architecture graduate, designed the Oru Kayak after he relocated to San Francisco and didn’t have enough place in his small flat to keep his old, fiberglass kayak.
He was an origami enthusiast who began experimenting with the creation of a folding kayak. Willis was joined in the firm by Sobhani, who holds an MBA in Design Strategy from CCA, and Gutierrez, a former competitive surf kayaker and outdoor products sales pro.
For their creative design, the Oru Kayak received several honors and was featured in Popular Science, Fast Company, Gear Patrol, CNN, and a variety of other media sites.
What Happened to Oru Kayak at Shark Tank pitch?
Anton, Robert, and Ardy decided to present their idea on Shark Tank in episode 28 of season 5 of Oru Kayak to provide them with funds for merchandise.
Anto, Robert, and Ardy enter the pitch seeking $500,000 for a 12% stake in their company valued at $4.2 million.
They emphasized to the Sharks that the Oru Kayak is quick and sturdy while still being comfortable, making it ideal for novices. They also stated that they debuted nine months before appearing on Shark Tank and are currently shipping all over the world.
They sold 1228 at $1,100 apiece for a total of $1 million. The most popular boat in the same price range is $1049.
The current cost of construction is $505, but they believe they can lower it to $305. They anticipate a four-million-dollar profit in the coming year.
Mark Cuban thinks it’s gorgeous, but he’s not much of an outdoorsman and has never been in a kayak. He’s out. Daymond John wants to give them the money, but the manufacturing is an unknown. It’s too early, and he’s out.
Because of the expense of the equipment, Kevin O’Leary believes that $500,000 is insufficient. He’s not sure how it will scale. He’s out.
Barbara Corcoran has two kayaks that she never uses; she longs to own one, and she enjoys becoming engaged in her enterprises; yet, she is unsure what to do with this one. She is out.
Robert Herjavec is perplexed as to why people aren’t prepared to pay more for the yacht, which is stunning.
Robert declares that he is unquestionably a consumer; he invested in a firm that did well, and he also invests because he thinks it is cool.
However, Robert is still a Shark. He offers $500,000 for 25% ownership of the firm, thereby slashing the worth in half. They countered with a $500,000 for a 15% stake and a seat on the board.
However, Robert Herjavec has set a hard price of $500,000 for 25% equity shares. They counter with $500,000 for a 20% stake, but Robert Herjavec still says no. They struck a deal with Robert Herjavec and left the pitch with a deal.
What Happened to Oru Kayak after Shark Tank?
Unfortunately, the deal with Herjavec never came to fruition. Oru, on the other hand, continues to expand.
They did collaborate with GetOutfitted, a startup that lends out outdoor equipment. Oru offers a rent-to-own scheme in which the $150 rental charge is used toward the purchase of a new kayak after six days.
They are sold at select REI stores. Oru organized a solo kayak trip from Havana, Cuba to Key West, Florida in 2017.
It was a solitary kayaker’s first voyage (a tandem kayak had previously made the journey). They have five models and provide financing as of August 2021.
The company’s annual revenue is $8 million. Solo Stove purchased the firm in September 2021 for an unknown sum.
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.
Net Worth of Oru Kayak
The company was valued at $4.2 million during the pitch; in 2021 the company has made a total of $8 million in sales. This justify that the company valuation had increase.
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. Customer 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.
