Safety Nailer Framer Shark Tank Net Worth 2023
Drew Zirkle pitched the Safety Nailer on Shark Tank to get the support needed to make it a viable business and product. Unfortunately, the Sharks did not seem to want to take the bait with the product.
They were concerned that the product and business model does not seem entirely viable. However, Lori Greiner, Rohan Oza, and Mark Cuban invested $100,000 for 33% equity in Drew’s company.
The company valuation was $714,286 during the pitch. Since then the company is still operating and hence the company net worth might be higher than that of pitch.
Drew Zirkle and his friend Daniel Eifes created the Safety Nailer, a finger guard with a magnetic mechanism that holds the nail perfectly, allowing you to drive it without hitting your fingers.
The product is essentially a holding device that you wear on your index finger and thumb. It holds the nail in place magnetically and prevents injuries from bad swings by protecting your fingers. The material is a kind of hard plastic that is impact resistant and retains its shape even with a hard strike.
The net worth of Safety Nailer Framer is unknown as there are no search results available for this information.
What is Safety Nailer Framer? Who is the founder of Safety Nailer Framer?
Safety Nailer is a company that produces a product of the same name, which is their flagship offering. The Safety Nailer is a device worn on the thumb and pointer finger to protect users from the typical impact injuries that occur while woodworking, performing home repairs, or using a nail and hammer.
The device includes three guides of different sizes for nail insertion to ensure that nails are hammered accurately and safely.
Drew Zirkle, a civil engineer who worked as a Water and Wastewater Project Manager for HRD design firm for over fourteen years, and Kristen Eifes, an accountant who holds a Bachelor of Business Administration in Administration and Management from Old Dominion University and a Master of Education in Elementary Education and Teaching from the University of Phoenix, founded the company.
Daniel Eifes, Drew’s college friend and Kristen’s husband, designed and patented the product with Kristen’s collaboration after he was medically discharged from the Navy in 2012. Due to a medical condition, Daniel could not participate in the business, so Drew and Kristen worked together to bring the product to market.
The Safety Nailer is a small plastic barrier worn on the fingers and thumb that magnetically secures nails in place while minimizing damage from an off-target swing. It also works with screws and comes with a version intended for nails longer than half an inch, as well as a “tiny” version for use with smaller nails and screws.
The company received its initial funding through a Kickstarter campaign in July 2019, which raised $8663. Additionally, they received additional funding from their own pockets and a $5,000 award from the Start Peninsula entrepreneurial and innovator competition. Both versions of the product are available for purchase on Amazon for $8.99.
Safety Nailer Framer Shark Tank Pitch
Drew Zirkle appeared on episode 1117 of Shark Tank to pitch Safety Nailer, a device that uses magnets to secure nails in place and protect fingers.
The company aimed to get their product on the shelves of hardware and home center stores and hoped to secure distribution deals with the help of a Shark investor.
Drew was seeking a $100,000 investment for a 14% stake in the company, valuing it at $714,286. He explained to the Sharks how he started the business by purchasing his own injection molding equipment and had previously collaborated with another company that was not moving the product forward. Despite working full-time, Drew desired the assistance of a Shark investor to drive the business forward.
However, the Sharks expressed concerns that the company had a product but not a viable business plan. Drew realized he was about to lose them, so he pulled out a toy he had made using the nailers’ magnets. This caught the Sharks’ attention, and Mark expressed interest in forming a group to explore the possibility of licensing the product.
In the end, Mark, Lori, and Rohan offered $100,000 for a 33.3% equity stake in the company, which Drew accepted. However, the deal was never finalized. Safety Nailer products are still available on Amazon, and the product is now sold nationwide at Ace Hardware Stores.
After appearing on Shark Tank, Drew successfully financed Newton’s Spindle, the toy he showcased, on Kickstarter on May 2, 2020. The company’s website now offers pre-orders for three additional products, including the toy, a carpenter’s pencil sharpener, and a patent-pending sponge holder.
As of February 2022, the company is still in operation and generates around $2 million in yearly sales. It is worth noting that the Shark Tank episode aired on March 20, 2020, the day that most of the country shut down due to the COVID-19 pandemic.
Competitors of Safety Nailer Framer
The similar product to Safety Nailer Framer on the market includes a product called the nail magnet glove.
Net Worth of Safety Nailer Framer
The company valuation was $714,286 during the pitch. Since then the company is still operating and hence the company net worth might be higher than that of pitch.
Safety Nailer Framer FAQs
What is Safety Nailer Framer?
Safety Nailer is a firm that manufactures the Safety Nailer, which is their most well-known and namesake product.
The device is worn across the thumb and pointer finger to protect users’ fingertips from typical impact injuries sustained when woodworking, performing home repairs, or just using a nail and hammer.
Who is the founder?
Drew Zirkle, an engineer, and Kristen Eifes, an accountant, founded Safety Nailer Framer.
How much were they seeking on Shark Tank?
They were seeking for $100,000 for a 14% stake in their firm. The valuation of the firm at pitch was $714,286.
Who are the investors?
Mark Cuban, Rohan Oza and Lori Greiner joined together to invest $100,000 for 33.3% equity of Safety Nailer Framer.
Is Safety Nailer Framer still in business?
Yes, it is still in business as of February 2022.
Where is Safety Nailer Framer located?
The company is located in Virginia Beach, Virginia.
What is Safety Nailer Framer website?
The company has a website at www.safetynailer.com
Where can I buy Safety Nailer Framer?
Safety Nailer Framer items are available for purchase their website and Amazon.com.
What is Safety Nailer Framer business model?
Safety Nailer Framer is a home improvement firm that manufactures the Safety Nailer.
Is Safety Nailer Framer shipping?
Yes, the firm is shipping their products worldwide.
What is the difference between Safety Nailer Framer and nail magnet gloves?
The Safety Nailer and the nail magnet glove work differently. The Safety Nailer secures the nails in place, eliminating the need to put the finger over the head of a hammer or drill to stabilize nails against their vibrations. The nail magnet glove is worn on one hand and holds a single nail in place for more accurate driving.
Who are Safety Nailer Framer customers?
Safety Nailer Framers’ primary customers are woodworkers, carpenters, and home improvement store owners in the United States who use a hammer and nail to perform home repairs on their homes.
What is the return policy of Safety Nailer Framer?
Safety Nailer Framer offers a 30 day return policy for items that are unopened and unused.
What is Safety Nailer Framer warranty?
Safety Nailer Framer offers a one year warranty on the Safety Nailer, which must be requested at time of purchase.
What is Safety Nailer Framer price?
Safety Nailer Framers’ pricing is $8.99 for the Safety Nailer and $12.99 for the magnet glove. Customers that wish to purchase multiple items can create a single order for less per item.
What is Safety Nailer Framer revenue source?
Safety Nailers’ primary customers are woodworkers, carpenters and home improvement store owners in the United States. These customers use a hammer and nail to perform repairs on their homes.
How do I pay for Safety Nailer Framer?
Customers can pay for Safety Nailer Framers via Visa, MasterCard and American Express credit cards.
How long will Safety Nailer Framer last?
Safety Nailer Framers are built to last. The firm uses high quality components, and tests the products for durability at least once a year, according to the Safety Nailer Framer website.
What is the net worth of Drew Zirkle?
The net worth of Drew Zirkle is unknown.
