PolarPro Shark Tank Net Worth
PolarPro, a company that makes camera accessories, has an estimated net worth of $15 million as of 2023.
The founder of PolarPro, Jeff Overall, has a net worth of $12 million as of 2022. PolarPro appeared on Shark Tank and asked for $500,000 for their GoPro and camera accessories.
What is PolarPro and Who is the Founder of PolarPro?
PolarPro is a company that produces high-quality accessories for GoPro cameras, cellphones, and drones, including mounts, filters, microphones, cases, tripods, cameras, and extension poles.
The company serves action sports enthusiasts and filmmakers worldwide and is based in California. Its business concept is simple: design, manufacture, and distribute accessories for popular cameras like GoPro.
The founder and CEO of PolarPro are Jeff Overall, who studied economics and accounting at the University of California, Santa Barbara.
As a teenager, Overall’s first business venture was collecting hermit crabs and selling them online to aquarium owners. He is an adventure-seeking photographer who has turned his hobby into a profitable business.
Overall got the idea for PolarPro when he was in college and wanted to capture the ski team in action using a GoPro. However, his first video was overexposed. He discovered polarized film and placed it over the lens of his GoPro.
On his second attempt, he successfully addressed the exposure problem. While his friends partied, Overall started cutting little circles out of polarized film sheets to use as makeshift lens filters for his GoPro.
During a class session, Overall realized he wasn’t the only one having overexposure issues with a GoPro. He believed that his polarized lens filter design could benefit other GoPro users. This realization marked the start of PolarPro’s humble beginnings.
PolarPro Shark Tank Pitch
Jeff, the founder of PolarPro, appeared on Shark Tank Season 7 Episode 8 to pitch his company and raise $500K for 10% equity. He showcased his product line, which includes the Polar Pole, the world’s only battery-powered selfie stick, a charging case, and photo filters for drones, among others.
Mark was impressed with the product line and exclaimed, “DUDE!” He inquired about the profit margins, which Jeff stated ranged from 71% to 300%. Jeff also mentioned that they have 31 items, all of which they design and manufacture.
The Sharks were interested in the photo filters and asked about their price. Jeff replied that they were available in multiple sizes and that a three-pack costs $69.99, while a six-pack costs $149.99. The cost to make them was around $12. Jeff shared that the company had earned $8,000 in 2011 and $2.8 million to date, with projected sales of $5.6 million in 2015.
The Sharks made offers, with Mark offering $500K for 10% equity. Daymond offered $500K for 15%, Lori offered $500K for 10%, and Robert offered to team up with Lori or Mark for an additional $500K for 10% equity. Jeff struck a deal with Mark and Robert for $1 million in exchange for 20% equity, with 10% going to each Shark.
However, the deal with Mark and Robert never materialized, but PolarPro has continued to thrive. As of August 2021, the company is expected to generate $2 million in annual revenue.
Polar Pole, the charging case, and drone filters are now the company’s top-selling products. Jeff believes that with the growth of drones, PolarPro’s valuation could reach $40-$50 million.
PolarPro Net Worth
PolarPro has an estimated net worth of over $15 Million.
PolarPro Competitors
Top Competitors of PolarPro
Benro, Vocas Systems, LensCoat, Mila Wholesale, Kinotehnik, Gonoise, Olloclip and Aputure.
PolarPro FAQS
What is PolarPro?
PolarPro is an American manufacturer and designer of video equipment accessories and filters for GoPro, smartphones, and drones.
Who is the founder of PolarPro?
Jeff Overall is the founder of PolarPro.
How much was he asking in the Shark Tank?
He was asking for $500,000 for 10% of the company.
Did he get a deal from the Shark Tank?
Yes, He got a deal from the Shark Tank.
How much was the deal?
He got deal of $1 million investment in exchange of 20% of the Company.
Where is PolarPro located?
Polar Pro Filters Corporation is a company that operates in the Electronics and Appliance Stores industry and is based in Newport Beach, California.
What is the business model?
PolarPro operates on a straightforward business concept. It manufactures and sells video equipment accessories and filters for GoPro, smartphones, and drones
What is the net worth of PolarPro?
PolarPro has an estimated net worth of over $15 Million.
Is PolarPro still in business?
Yes, PolarPro is still in business with a yearly revenue of $2 million.
What is the annual revenue of PolarPro?
The yearly revenue of Polar Pro is $2 million.
Can they use the BaseCamp Matte Box with a lens that has a front diameter of 114mm?
Yes! The BaseCamp will clamp onto lenses with a 114mm front diameter without the use of adapters.
Can they use a wide-angle lens with the BaseCamp or Summit?
In general, lenses with a big bubble element or a non-removable hood on the front will not fit into the Summit or BaseCamp.
Can they make a purchase in person at the Costa Mesa location?
At the moment, their storefront is not available for walk-in purchases.
Do they sell individual parts for their mounts?
No. Mounts may only be purchased as-is and cannot be customized.
How long will it take for their order to be processed?
Please wait up to 24 business hours for all orders to be processed.
When will their order be delivered?
Orders ordered before 12:00pm PST (Monday – Friday) will ship the same day if the products are in stock. Saturday and Sunday are not shipping days.
What Shark Tank episode is Polar Pro in?
In Shark Tank Season 7 Episode 8, Jeff Overall presents Polar Pro, his brand of GoPro Camera filters and accessories.
Are PolarPro ND filters worth it?
Simply mentioned, these filters are well worth the money since they provide such precise colours and tonal clarity.
Not only are they competitive in terms of quality and price compared to other, more expensive filters, but they’re also getting two filters for the price of one if they use an ND-PL.
What is net worth of Jeff Overall?
Jeff Overall’s net worth is unavailable.
