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 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 their 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 $500,000 Loan At 13% for 5% Equity after loan is repaid thus a $10 million valuation.
Mobile Klinik is the competitor of TekDry
What is TekDry?
TekDry is a patented technology that provides a more secure and expedient method of repairing damp phones.
Their patented technique “utilizes a mix of low-pressure, regulated heat, and unique beads to produce a safe environment capable of removing 100 percent of the moisture from their wet device” and is more effective than simply placing their phone in a bowl of rice.
Who is TekDry’s Founder?
Adam and Craig started the firm in 2014 with a $2.3 million seed round.
How much was they asking in the Shark Tank?
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 company valuation.
Did he get deal?
Kevin lend them the $500,000 at a rate of 13% in return for a warrant to purchase 5% of the firm. That’s the value he can add to TekDry as a Shark, and he requests repayment in 36 months.
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.
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 [email protected] 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.