PolarPro Shark Tank Update | PolarPro after the Shark Tank Pitch
What is PolarPro?
PolarPro makes high-quality accessories for GoPro cameras, cellphones, and drones, such as microphones, tripods, cameras, mounts, extension poles, filters, and cases.
PolarPro is a California-based corporation that serves action sports fans and filmmakers all over the world. PolarPro operates on a straightforward business concept.
Jeff Overall created the firm with the intention of designing, manufacturing, and distributing accessories for popular cameras such as the GoPro.
Who is the Founder of PolarPro?
The creator and CEO of PolarPro, Jeff Overall, studied economics and accounting at the University of California, Santa Barbara.
His first business venture as a teen was collecting hermit crabs and selling them online to aquarium owners.
Overall is an adventure-seeking photographer who has turned his hobby into a profitable company.
Overall intended to use a GoPro to capture the ski team in action while in college.
Regrettably, his video was overexposed. He discovered polarized film and put it over the lens of his GoPro.
He put it to the test on his second try at recording the ski team and discovered that he’d addressed the exposure problem.
While his undergraduate buddies partied around him, Overall began cutting little circles out of polarized film sheets.
If the makeshift lens filters didn’t become soaked in beer, they’d fit snugly between the GoPro’s lens and shell.
During a class session, Overall found he wasn’t the only one who had overexposure issues with a GoPro.
He realized at the time that his polarized lens filter design may benefit other GoPro users. PolarPro’s modest beginnings would be based on this realization.
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What happen to PolarPro at the Shark Tank Pitch?
Jeff appears on Shark Tank Season 7 Episode 8 in search of $500K in exchange for 10% of his company. This represents a $5 million valuation. “DUDE!” exclaims Mark. He describes his product line.
The Polar Pole – the world’s only battery-powered selfie stick – a case that allows users to charge multiple devices, and photo filters for drones are now PolarPro’s three most popular items.
He inquires as to which Shark “wishes to surf this delectable wave?”
He claims to have profit margins ranging from 71 to 300 percent. Polar Pro presently has 31 items, all of which they create and produce.
“How much are the fillers worth?” Robert inquired. Jeff informed him that the filters were offered in several sizes. The three-pack cost $69.99, while the six-pack cost $149.99. It was about $12 to make.
They earned $8,000 in 2011. They made $2.8 million from there.
In 2015, the firm expects to make $5.6 million in sales. They haven’t earned much money since they reinvest in product development to keep up with the competition.
Polar Pro began while Jeff was recording ski team movies for UC Santa Barbara.
He was perplexed as to why his movies lacked resolution, and he learned that he lacked effective filters. He investigated filters and began creating his own using $2000 from his school loan.
Profits this year are just $300,000 since they spent more than $1 million on R&D at the time, with the majority of the money going into tooling and product design.
They have 1200 retail outlets, all of them are modest camera and diving stores. Polar Pro is the third largest aftermarket company for drones. Drone filters are a significant seller, and Jeff believes that with the growth of drones, the firm might reach a valuation of $40-$50 million.
Mr. Wonderful has decided to leave the consumer electronics industry because it is too crowded. Mark says he wants to make the best offer possible and doesn’t want to waste time, so he offers $500K for 10%. Jeff, out of deference, says he’d like to hear more proposals.
Daymond offers $500K for 15% equity, claiming that he can assist PolarPro with all of their licenses.
Lori claims she needs to be a good strategic partner and offers $500k in exchange for 10% of the company.
Robert says he’ll go in with Lori or Mark for an extra $500K for a 10% stake.
Jeff strikes a contract with Mark and Robert for $1 million in exchange for 20% – 10% for each Shark.
Deal with Mark and Robert for $1 million at a 20 percent discount.
PolarPro after the Shark Tank Pitch
The agreement with Robert and Mark never materialized, but the firm is still thriving. Annual revenue is expected to be $2 million in August 2021.
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.
