Power Pot Shark Tank Net Worth 2023
Power Pot appeared on Shark Tank in 2014, seeking a $250,000 investment for a 10% stake in their company. This indicates a worth of $2.5 million.
The net worth of Power Pot is unknown as of 2023 since it was acquired by Thrasio in 2020. Since appearing on Shark Tank, Power Pot has experienced tremendous growth and success.
They have secured additional funding and partnerships, leading to an estimated net worth of $2.5 million USD. Caleb Light and David Toledo are the founders of Power Pot, but their individual net worths are unknown.
What is Practical Power/Power Pot? Who Founded Power Practical?
The Power Pot functions as a portable energy source and serves as a generator. It is versatile and can be used for various purposes such as boiling water during camping or outdoor activities using any type of heat source, be it gas, portable stoves, or hot springs.
Furthermore, the Power Pot comes equipped with a built-in USB charger, enabling users to charge their smartphones.
The founders of Power Pot, Caleb Light and David Toledo, possess strong business backgrounds before coming together to form their collaboration.
Light, who majored in business and entrepreneurship at Utah Valley University, was a partner at CupAd LLC before starting Power Pot.
Light and Toledo were inspired to develop the Power Pot after a weekend camping trip where they realized the potential of energy produced by a bonfire. Instead of letting the energy go to waste, they decided to channel it into something useful, such as electricity.
Their line of portable devices, including the flagship product, the Power Pot, uses this natural energy source. With earnings of over $200K in two consecutive rounds, Light and Toledo have become the latest Kickstarter entrepreneurs to join the Tank.
The Power Pot is available at various outlets across the country, including Amazon, Bass Pro Shops, REI, Cabella’s, and independent outdoor outfitters.
It is an excellent tool for campers, hikers, and anyone experiencing a prolonged power outage. In addition to the Power Pot, Power Practical also offers cables, lights, lithium batteries, and portable camp stoves.
Power Pot Shark Tank Pitch
Caleb and David appeared on Season 5, Episode 24 of Shark Tank to seek a $250,000 investment in exchange for a 10% stake in their firm, which was valued at $2.5 million.
During their pitch, they provided samples of their product and mentioned that they had pre-sold 100,000 units through Kickstarter, with an anticipated $2 million in annual sales.
When asked about their patent, David responded that it was still pending, which raised concerns from Kevin and the other Sharks about the value of the product.
Despite this, Caleb and David expressed their plans to increase sales, establish relationships with larger retailers, and expand their product line beyond the Power Pot.
While some Sharks, such as Kevin and Daymond, declined to invest due to their own experiences and the size of the business, Mark made an offer of $250,000 for a 20% stake in the firm.
After some negotiation, Caleb and David agreed to a deal that included a 12% equity stake, 3% in advisory options, and a seat on their board of directors.
Since their successful deal with Mark, the Power Pot team has expanded their retail distribution and continued to sell well on Amazon.
They have also been working to bring their product to Third World countries, where it can be used to charge mobile phones and lights using boiling water.
In March 2020, the firm was purchased by Thrasio for an unknown amount, and Caleb, David, and the rest of the crew continued to work as product development engineers.
However, they eventually ceased production of the Power Pot and shifted their focus to manufacturing the Luminoodle, a portable, USB-powered LED light rope and lantern that can be attached, bound, hooked, and hung on nearly anything.
The Luminoodle comes in both a five-foot and 10-foot length and can be hung from a hook, attached to metal surfaces using a magnet, or enclosed in a dry bag to create a lantern.
The Power Pot is an ideal partner for the Luminoodle, as it can be used to charge the light rope as well as anything with a USB connection.
In addition to the Luminoodle, the firm now manufactures television lights, stick-on outdoor lights, and plasma lighters.
Power Practical Net Worth
Caleb and David appear on Shark Tank season 5 episode 24 in return for a $250,000 investment and a 10% stake in their firm. This indicates a worth of $2.5 million. They accepted
an offer from Mark of $250K in exchange for a 12 percent equity stake plus 3% in “advisory options” thus bringing valuation to be 2.08 million.
Power Practical Competitors
Top Competitors of Power Practical are as follows;
Gillette Generators, Sone India, Technologies, Aixcon PowerSystems, Electrotek, MQ Power, Rush PCB and Zener Electric are the top Competitors of Power Practical.
Power Pot FAQS
What is Power Pot?
The Power Pot is a device that utilizes the heat generated by boiling water to charge any USB gadget. It has a capacity to charge an iPhone six times and can be used as a portable grill, barbecue, or stove.
Who founded Power Pot?
Caleb Light and David Toledo were the founders of Power Pot.
How much was they seeking in the Shark Tank?
Caleb and David appear on Shark Tank season 5 episode 24 in return for a $250,000 investment and a 10% stake in their firm.
Did they get the deal from the Sharks?
They accepted the offer from Mark of $250k in exchange for a 12% equity stake plus 3% in “advisory options” thus bringing valuation to be $2.08 million.
Is Power Pot still in business?
Thrasio purchased the firm in March 2020 for an unknown sum. Caleb, David, and the rest of the crew will continue to work for the firm as product development engineers. Their initial endeavour was a bathroom spray.
Fast forward to November 2021, and the firm has ceased production of Pots. They continue to manufacture Luminoodle lights.
Where is Power Pot?
Power Pot is based in Salt Lake City, Utah.
What episode was Power Pot aired on Shark Tank?
The founders of Power Pot, Caleb Light and David Toledo, appeared on Shark Tank season 5 episode 24.
How do people link their Luminoodle remote with their device?
Unplug and replug their light strip to link their remote with their Luminoodle.
After reconnecting the device, press and hold the brightness up button.
The lights will then blink to indicate that the device has been successfully linked.
Who is CEO of the Company?
David Toledo is the CEO of the company.
How did the Company raised through Kickstarter?
Caleb and the rest of the Power Practical crew have successfully funded over $1 million on Kickstarter for a variety of projects.
What is the net worth of Caleb Light?
Caleb Light’s net worth is unavailable.
What is the net worth of David Toledo?
David Toledo’s net worth is unavailable.
How much was Practical Power purchased?
Thrasio purchased the firm in March 2020 for an unknown sum. Caleb, David, and the rest of the crew will continue to work for the firm as product development engineers. Their initial endeavour was a bathroom spray.
How Power Pot Works
Power Pot was designed and built by Caleb Light and David Toledo of Salt Lake City, Utah; it is a device that utilizes the heat generated by boiling water to charge any USB gadgets.
