TekDry Shark Tank Net Worth 2023
TekDry is a patented device that uses low pressure and heat to safely dry out electronics that fell into the water. The company was founded in 2014 by Adam Cookson and Craig Beinecke, who appeared on Shark Tank season 8 episode 3 in search of $500,000 in exchange for a 5% stake in their firm. This showed a $10 million valuation.
The deal between Kevin O’Leary and TekDry was finalized after the Shark Tank show. Following the broadcast, the firm obtained further funds.
They raised $3 million in a venture round in July 2019 and $1.5 million in March 2020.
By December 2021, the business will have installed machines at over 600 Staples locations, mostly on the East and West coasts. As of February 28th, 2023, TekDry is still in business with annual revenue of approximately $1 million.
What is TekDry? Who is TekDry’s Founder?
TekDry is a patented technology that offers a more effective and efficient solution for repairing wet phones. Their technique involves using low-pressure, regulated heat, and unique beads to create a safe environment capable of removing all moisture from a wet device.
This method is much more successful than the common practice of placing a phone in a bowl of rice.
TekDry’s procedure is secure, easy, and cost-effective, and can dry out any phone or gadget while restoring all data, contacts, images, and applications.
The company was founded in 2014 by Adam and Craig with a $2.3 million seed round, and they currently have their machines in over 80 Staples locations with plans for expansion.
Their devices have generated a lot of interest as they attract customers to the stores, and they also offer a mail-in service, where they only charge if they are able to repair the device.
According to the TekDry team, placing a wet phone in rice is only 15% effective, and they advise customers to reserve rice for their Kung Pao Chicken.
The TekDry machine takes 30 minutes to complete the drying process and adheres to the manufacturer’s requirements for a safe and effective repair.
TekDry charges $69 for a standard smartphone repair and $89 for a laptop repair.
TekDry Shark Tank Pitch
On season 8 episode 3 of Shark Tank, Adam, and Craig sought $500,000 in funding for a 5% stake in their firm, which had a company valuation of $10 million.
During their pitch, they demonstrated their ability to salvage phones that had been submerged in water, impressing all of the Sharks except Lori.
Despite some initial reluctance, Kevin made an offer to lend them $500,000 at a 13% interest rate in exchange for a warrant to purchase 5% of the company. Craig and Adam ultimately agreed to Kevin’s proposal, and he became a minority stakeholder in the company.
After the show aired, the firm received additional funding and expanded its business by installing machines in over 600 Staples locations on the East and West coasts, generating around $1 million in annual revenue.
TekDry Net worth
Adam and Craig appear on Shark Tank season 8 episode 3 in search of $500,000 in exchange for a 5% stake in their firm. This shows a $10 million valuation.
They accepted an offer from Kevin of a $500,000 Loan At 13% for 5% Equity after the loan is repaid thus a $10 million valuation.
TekDry Shark Tank Updates
TekDry is a mail-in device drying service that appeared on Shark Tank in Season 8 Episode 3. The founders, Adam Cookson and Craig Beinecke pitched their phone rescue machine and asked for $500,000 for 5% of their business.
All the Sharks except Lori were impressed, and Kevin O’Leary made a deal with them. After airing, the company raised more money, including $3 million in a venture round in July 2019 and $1.5 million in financing in March 2020.
As of June 2022, the company has machines in over 600 Staples stores, predominantly on the East and West coasts.
TekDry is still in business and seems to be doing quite well as of 2022. The deal between Kevin O’Leary and TekDry was finalized after the Shark Tank show, and Kevin helped the TekDry team to expand its services and even marketed the product on various platforms.
TekDry has grown substantially since its appearance on Shark Tank, raising funds to invest in developing new technology and expanding its operations. The company has progressed further and hired additional employees to service a more comprehensive network of stores.
Appearing on Shark Tank was the right move for TekDry, as the TekDry solution for wet phones, tablets, and laptops can help millions.
TekDry Shark Tank Summary:
| INFORMATION | DETAILS |
| Company Name | TekDry |
| Founders | Adam Cookson and Craig Beinecke |
| Founded | 2014 |
| Service | Patented device that uses low pressure and heat to safely dry out electronics that fell into the water. |
| Shark Tank Appearance | Season 8, Episode 3 |
| Shark Tank Pitch | $500,000 for 5% stake in their firm, which had a company valuation of $10 million. |
| Kevin’s Offer | $500,000 loan at 13% for 5% equity after the loan is repaid. |
| Additional Funding | $3 million in a venture round in July 2019 and $1.5 million in financing in March 2020. |
| Revenue | Approximately $1 million per year as of February 28th, 2023. |
| Number of Staples stores | Over 600 |
| Services provided by TekDry | Mail-in service and in-store machine drying service. |
| Pricing | $69 for a standard smartphone repair and $89 for a laptop repair. |
| Effectiveness of TekDry | Much more successful than the common practice of placing a phone in a bowl of rice. Placing a wet phone in rice is only 15% effective. |
| Mission | To provide a more effective and efficient solution for repairing wet electronics. |
TekDry FAQS
What Is Tekdry, Founder, And How Does It Work?
TekDry is a Denver-based company that provides a solution for wet electronics. It was founded in 2014 by Adam Cookson and Craig Beinecke. TekDry is a patented device that uses low pressure and heat to safely dry out electronics that fell into the water.
It works on smartphones, tablets, cameras, and larger devices like laptops and video game systems.
The process takes 30 minutes in the TekDry machine and it uses the device manufacturer’s specifications to ensure that the device is not damaged. TekDry has raised $2.3 million from investors to get the business going.
TekDry has gained attention for its innovative technology. It has been featured on Shark Tank and has been praised for its effectiveness. TekDry has also volunteered to aid the people of Texas affected by Hurricane Harvey.
The company has managed to get its proprietary dryer into 82 Staples nationwide. Retailers are interested in TekDry for competitive reasons as it brings customers to a store.
Adam Cookson is the CEO and co-founder of TekDry. Craig Beinecke is the VP of sales and co-founder of TekDry.
How Much Was Tekdry Asking In The Shark Tank?
TekDry appeared on Shark Tank in Season 8 Episode 3, asking for $500,000 for 5% equity in their company. While most of the sharks were not interested, Kevin O’Leary made an offer of $500,000 as a loan at 13% interest plus 5% equity for himself.
Adam Cookson and Craig Beinecke, the co-founders of TekDry, liked the structure of the deal and accepted it.
TekDry is a patented device that uses low pressure and heat to safely dry out electronics that fell into the water. The company charges $69 for a standard smartphone repair and $89 for a laptop repair.
At the time of the pitch on Shark Tank, TekDry had a unit in 82 stores and was set to roll out to a few more stores later that year.
In 2015, the company had done $29,000 in sales, but since expanding in 2016, TekDry was on track to do $650,000 in sales. As of 2021, TekDry is still in business and seems to be doing quite well.
Did Tekdry Get A Deal?
Yes, TekDry did get a deal on Shark Tank. During their appearance on Season 8, Kevin O’Leary offered them a deal of $500,000 as a loan at 13% interest plus 5% equity for himself, which the founders Adam Cookson and Craig Beinecke accepted.
The deal was finalized after the show, and TekDry obtained further funds by raising $3 million in a venture round in July 2019 and $1.5 million in March 2020. As of 2021, TekDry is still in business and seems to be doing quite well, with machines installed at over 600 Staples locations.
TekDry is a patented device that uses low pressure and heat to safely dry out electronics that fell into the water. The company was founded in 2014 and had a valuation of $10 million during its Shark Tank appearance.
At the time of the pitch, TekDry had a unit in 82 stores and was set to roll out to a few more stores later that year. In 2015, the company had $29,000 in sales. However, since expanding in 2016, TekDry was on track to do $650,000 in sales.
What Happened To The Tekdry Aired After Shark Tank?
TekDry is a patented device that uses low pressure and heat to safely dry out electronics that fell into the water. Adam Cookson and Craig Beinecke pitched their phone rescue machine on Shark Tank episode 804, seeking $500,000 for 5% of their business.
Kevin O’Leary made a deal with TekDry, and the deal was finalized after the show. Kevin helped the TekDry team to expand its services and even marketed the product on various platforms.
After airing on Shark Tank, the company raised more money. In July 2019, they raised $3 million in a venture round, and in March 2020, they secured $1.5 million in financing.
As of June 2022, the company has machines in over 600 Staples stores, predominantly on the East and West coasts. The company has expanded its team, adding more employees. TekDry is still in business and seems to be doing quite well.
Is Tekdry Still In Business?
By December 2021, the business will have installed machines at over 600 Staples locations, mostly on the East and West coasts.
What Are Tekdry Competitors?
TekDry is a company that has developed a solution for water-damaged phone repairs. TekDry’s competitors include GadgetDrop, iRepair Kanab, iSpecialize, Group Micro, DryBox, Redux Inc.,
Mobile Klinik, MetaWholeSale, Cell Phone Repair, Ctrl Alt Repairs, iMend, WayBlazer, and Beelinetv.com. However, it is important to note that these lists may not be exhaustive and there may be other competitors in the market.
When was TekDry aired on Shark Tank?
TekDry was aired on October 7, 2016.
What episode of Shark Tank was TekDry aired?
TekDry was aired on season 8 episode 3 of Shark Tank.
Where is TekDry located?
TekDry is headquartered in Denver Colorado.
What is website of TekDry?
Their website is www.tekdry.com
How much does TekDry costs?
TekDry costs $69 for a phone.
How can they contact them?
TekDry can be emailed through info@tekdry they can also follow them on Facebook, Twitter and Instagram accounts.
What payment method do they accepts?
They accept payment through American Express, Visa, MasterCard and American Express.
What is business model for TekDry?
TekDry provides mobile phone repair services.
What are strengths of TekDry?
TekDry has developed a patented process that will dry any electronic device in a few hours, including cell phones and tablets.
The process uses low-pressure and regulated heat to draw all the moisture out of a phone or tablet.
What is net worth of Craig Beinecke?
Craig Beinecke’s net worth is unavailable.
What is net worth of Adam Cookson?
Adam Cookson’s net worth is unavailable.
Is Staples TekDry-compatible?
They can assist them in restoring normalcy to their soaked phone. All it takes is 30 minutes with their in-store TekDry water removal system. And there is no price if it does not work.
